As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the health insurance providers industry, including Elevance Health (NYSE: ELV) and its peers.

Upfront premiums collected by health insurers lead to reliable revenue, but profitability ultimately depends on accurate risk assessments and the ability to control medical costs. Health insurers are also highly sensitive to regulatory changes and economic conditions such as unemployment. Going forward, the industry faces tailwinds from an aging population, increasing demand for personalized healthcare services, and advancements in data analytics to improve cost management. However, continued regulatory scrutiny on pricing practices, the potential for government-led reforms such as expanded public healthcare options, and inflation in medical costs could add volatility to margins. One big debate among investors is the long-term impact of AI and whether it will help underwriting, fraud detection, and claims processing or whether it may wade into ethical grey areas like reinforcing biases and widening disparities in medical care.

The 12 health insurance providers stocks we track reported a slower Q4. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 16.3% since the latest earnings results.

Elevance Health (NYSE: ELV)

Formerly known as Anthem until its 2022 rebranding, Elevance Health (NYSE: ELV) is one of America's largest health insurers, serving approximately 47 million medical members through its network-based managed care plans.

Elevance Health reported revenues of $49.31 billion, up 9.6% year on year. This print fell short of analysts’ expectations by 1.2%. Overall, it was a softer quarter for the company with a significant miss of analysts’ full-year EPS guidance estimates and a slight miss of analysts’ revenue estimates.

"Elevance Health delivered fourth quarter results in line with our outlook, reflecting disciplined execution in a dynamic environment. As we enter 2026, our focus is on advancing affordability and making healthcare easier to access and navigate for the members we serve. Through pricing discipline and targeted investments, we are strengthening the earnings power of our diversified platform and remain confident in our ability to return to at least 12% adjusted EPS growth in 2027."

Unsurprisingly, the stock is down 11.5% since reporting and currently trades at $285.95.

Is now the time to buy Elevance Health? Access our full analysis of the earnings results here, it’s free.

Best Q4: Clover Health (NASDAQ: CLOV)

Founded in 2014 to improve healthcare for America's seniors through technology, Clover Health (NASDAQ: CLOV) provides Medicare Advantage plans for seniors with a focus on affordable care and uses its proprietary Clover Assistant software to help physicians manage patient care.

Clover Health reported revenues of $487.7 million, up 44.7% year on year, outperforming analysts’ expectations by 4.4%. The business had a strong quarter with a solid beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

Clover Health achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The company added 4,577 customers to reach a total of 113,803. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 20.6% since reporting. It currently trades at $1.71.

Is now the time to buy Clover Health? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Molina Healthcare (NYSE: MOH)

Founded in 1980 as a provider for underserved communities in Southern California, Molina Healthcare (NYSE: MOH) provides managed healthcare services primarily to low-income individuals through Medicaid, Medicare, and Marketplace insurance programs across 21 states.

Molina Healthcare reported revenues of $11.38 billion, up 8.3% year on year, exceeding analysts’ expectations by 3.7%. Still, it was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ full-year EPS guidance estimates.

As expected, the stock is down 25.6% since the results and currently trades at $131.54.

Read our full analysis of Molina Healthcare’s results here.

Alignment Healthcare (NASDAQ: ALHC)

Founded in 2013 with a mission to transform healthcare for seniors, Alignment Healthcare (NASDAQ: ALHC) provides Medicare Advantage health plans for seniors with features like concierge services, transportation benefits, and technology-driven care coordination.

Alignment Healthcare reported revenues of $1.01 billion, up 44.4% year on year. This print surpassed analysts’ expectations by 1%. Taking a step back, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations significantly.

The company added 6,700 customers to reach a total of 236,300. The stock is down 17.2% since reporting and currently trades at $16.92.

Read our full, actionable report on Alignment Healthcare here, it’s free.

Cigna (NYSE: CI)

With roots dating back to 1792 and serving millions of customers across the globe, The Cigna Group (NYSE: CI) provides healthcare services through its Evernorth Health Services and Cigna Healthcare segments, offering pharmacy benefits, specialty care, and medical plans.

Cigna reported revenues of $72.5 billion, up 10.4% year on year. This number topped analysts’ expectations by 3.8%. Aside from that, it was a mixed quarter as it also produced an impressive beat of analysts’ revenue estimates but full-year revenue guidance slightly missing analysts’ expectations.

Cigna had the weakest full-year guidance update among its peers. The company added 71,000 customers to reach a total of 16.42 million. The stock is down 5% since reporting and currently trades at $258.12.

Read our full, actionable report on Cigna here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.