Group 1: Company Performance - Oscar Health reported a second-quarter loss of $228 million, or 89 cents per share, marking a $285 million swing from a profit of $56.2 million, or 20 cents per share, in the same quarter last year [5] - Total membership increased by 28% to over 2 million, contributing to a 29% rise in total revenue, which reached nearly $2.9 billion in the second quarter [4] - The medical loss ratio surged to 91.1% in the second quarter, up from 79% in the previous year, indicating higher costs associated with a sicker patient pool [7] Group 2: Industry Context - The health insurance industry is facing challenges due to an influx of sicker-than-expected patients, leading to increased costs and lowered profit forecasts [5][6] - Rising costs in the health insurance sector are attributed to pent-up demand for healthcare following the COVID-19 pandemic, with many patients delaying treatment [6] - Health insurers, particularly those providing government-subsidized coverage, are planning to increase rates next year to manage the costs associated with a sicker patient demographic [5] Group 3: Future Outlook - Oscar's CEO, Mark Bertolini, remains optimistic about the individual health insurance market, believing it has long-term growth potential [8][9] - The company anticipates a market stabilization in 2026 and expects to return to profitability by that year [9] - Oscar is focused on building the individual market into a comprehensive healthcare marketplace for consumers and businesses [9]