Wrong.

Health insurance company margins are meaningless. All the large insurers are actually "pay-viders", meaning they own huge (and growing) chunks of the physicians (providers) they pay out.

Go read STAT's Colossus investigative series on the myriad ways UnitedHealth Group abuses this structure. All the other pay-viders do the same.

Pay-viders can "generate x% profit" for any value of x. They control all the relevant levers, which also by coincidence eliminates any incentive in the entire system to reduce costs.

They are required by law to only make a certain value of x, and so, surprise surprise, they all make x!