Publicly traded health insurance companies enjoyed a profitable first quarter in 2023.

Industry leader UnitedHealth Group was the most profitable, with net income increasing 16% to $8.1 billion and revenue up 15% to $91.9 billion.

The company’s insurance arm UnitedHealthcare saw net income rise 14% to $4.3 billion, boosted by higher Medicare Advantage and exchange membership and lower medical expenses. UnitedHealthcare had 47.6 million U.S. members, up 4.6%.

Healthcare services subsidiary Optum's net income rose 19% to $2.7 billion as revenue grew 25% to $54.1 billion, driven by higher volumes of OptumHealth patients and OptumRx prescriptions. Optum is the largest employer of physicians at 70,000, and expects to add another 10,000 this year. The company last week submitted an all-cash bid of nearly $3.3 billion for Amedisys, the second-largest home health provider.

Elevance Health reported net income growth of 16.6% to $2.8 billion on revenues of $41.8 billion, driven by growth in government-sponsored insurance and its PBM, CarelonRx.

The insurer, which sells Blue Cross and Blue Shield policies in 14 states, had 48.1 million members as of March 31, the most of any carrier.

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Alignment Healthcare's net loss shrunk 8.4% to $37.3 million and revenue increased 27.1% to $439.2 million as Medicare Advantage membership grew.

Clover Health enrollment fell slightly because the company scaled back its ACO REACH participation. The insurer's net loss declined 3.8% to $72.6 million and revenue fell 39.6% to $527.8 million.

Bright Health revenue increased 23% to $756.3 million and its net loss improved 42% to $94.7 million, but the company is in the midst of completely exiting the health insurance business amid severe financial problems.

Oscar Health's net loss went down 48.7% to $39.6 million and revenue went up 51% to $1.4 billion after the company hiked premiums, improved risk-code capture and renegotiated vendor contracts