The total profit of ALL US health insurance companies added together was $9bln in 2024: https://content.naic.org/sites/default/files/2024-annual-hea.... This is a profit margin of 0.8% down from 2.2% in the previous year.

Meta alone made $62bln in 2024: https://investor.atmeta.com/investor-news/press-release-deta...

So it's weird to see folks on a tech site talking about how enormous all the profits are in health insurance, and citations with numbers would be helpful to the discussion.

I worked in insurance-related tech for some time, and the providers (hospitals, large physician groups) and employers who actually pay for insurance have signficant market power in most regions, limiting what insurers can charge.