...`Large' Market Position and Size/Scale National health insurers Aetna, Inc. (Aetna); Cigna Corp. (Cigna); UnitedHealth Group, Inc. (UnitedHealth); and WellPoint, Inc. (Anthem) are categorized by Fitch Ratings as having large market position and size/scale. Large insurers are typically consistent with higher Insurer Financial Strength (IFS) ratings (`AA' to `A' category). These companies reported membership that is significantly greater than health insurers in other segments. Commercial Business More Profitable Over three-quarters of approximately 125 million members among national peers was commercial business as seen in the pie chart in the right margin. Commercial business is considered by Fitch to have a higher credit quality than government-sponsored business such as Medicare and Medicaid. Mixed Financial Leverage and Interest Coverage Ratios The four national health insurers had financial leverage ratios in the mid-30% range at year-end 2014. Cigna and UnitedHealth showed a stronger...
