This release presents Adjusted EBITDA, a non-GAAP financial metrics, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. A live audio webcast and a supplemental presentation will be available via the Investor Relations page of Oscar’s website at ir. Oscar will host a conference call to discuss the financial results today, Novemat 5:00 p.m.
OSCAR HEALTH STOCK UPDATE
Management does not assume any obligation to update these estimates. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Actual results may differ materially depending on a number of factors. The foregoing statements represent management's current estimates as of the date of this release. For more information regarding Adjusted EBITDA, please see “Key Operating and Non-GAAP Metrics” below. As such, any associated estimate and its impact on GAAP net loss could vary materially. These items, which could materially affect the computation of forecasted GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of Oscar’s control. These items include, but are not limited to, stock-based compensation expense. Oscar has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because Oscar is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The InsuranceCo Administrative Expense Ratio increased by 70 bps YoY, largely driven by the impact of RADV on the denominator as well as higher SEP distribution costs. The MLR increased 920 bps YoY to 99.7% in 3Q21 from 90.5% in 3Q20, primarily driven by higher net COVID costs as compared to the net benefit in 3Q20, an unfavorable prior year Risk Adjustment Data Validation (RADV) result, and the impact of significant SEP membership growth. Oscar’s InsuranceCo Combined Ratio, which is the sum of its Medical Loss Ratio (“MLR”) and the InsuranceCo Administrative Expense Ratio, increased 990 bps YoY to 122.8% largely reflecting a higher MLR. Premiums earned in the quarter were up 345.6% YoY, driven both by membership growth and lower quota share cession rates in 2021. Total direct and assumed policy premiums were $899.2 million in the quarter, up 53.8% year-over-year (“YoY”), driven primarily by higher membership growth, including increased enrollment from SEP, and business mix shifts. With respect to 2022, we took a disciplined approach to pricing, balancing growth and margin improvement for our insurance business and are well-positioned heading into Open Enrollment.” "Our best-in-class member engagement and tech-driven ethos continues to drive demand and provide value for our members.
"Oscar saw meaningful growth across its insurance business in the third quarter, and we experienced volatility on our Medical Loss Ratio as short term pressures from COVID, Special Enrollment Period (“SEP”) membership growth and prior year risk adjustments created headwinds in the quarter,” said Mario Schlosser, CEO and Co-Founder of Oscar. (NYSE: OSCR) today announced its financial results for the third quarter ended September 30, 2021. NEW YORK-( BUSINESS WIRE)-Health insurtech company Oscar Health, Inc.
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