Having worked in medicine, I agree about providers. People who probably got in it to help people burn out immediately and become like the rest of us looking for the best paycheck with a tolerable workplace.
Insurance companies make plenty of money though. Cigna makes $7-8B per year and pays a decent dividend.
They pay a 2% dividend and the stock is up 10% in 5 years.
That's a D tier stock.
I don't think how it relates to other stocks is meaningful to the question of whether or not insurance companies make money.