This story is based on a report from an activist group, Heath Care for America Now, a coalition of liberal advocacy groups and labor unions. Its agenda is to push through health care reform.

The information is attributed to 2009 SEC filings.

The full story says industry representatives say that 2009 was an atypical year because of the economy and soaring health care costs.

The Los Angeles Times

“As the nation struggled last year with rising healthcare costs and a recession, the five largest health insurance companies racked up combined profits of $12.2 billion — up 56% over 2008, according to a new report by liberal healthcare activists.

“Based on company financial reports for 2009 filed with the Securities and Exchange Commission, the report said, insurers WellPoint Inc., UnitedHealth Group, Cigna Corp., Aetna Inc. and Humana Inc. covered 2.7 million fewer people than they did the year before.

“The report released Thursday also said some of the five insurers cut the proportion of premiums they spent on their customers’ medical care, committing relatively more to salaries, administrative expenses and profit.”

Source: Los Angeles Times, November 11, 2010