Molina Healthcare

Molina Healthcare achieves 30% lower administrative costs than the average industry peer, operating at an expense ratio of just 5.9% on $38 billion revenue—75% less than #6 Centene. The insurer serves 5.6 million members across 20 states, nearly matching Aetna’s total enrollment with a 94% focus on Medicaid and ACA marketplace plans. Its 4.2-star CMS quality rating for dual-eligible members exceeds the federal average by 0.6 stars, validating its low-cost government-sponsored model.