Six biggest insurers on track to set record profits

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The six largest investor-owned health insurance companies are on pace to post record profits this year.

All six saw 22 percent increase in combined net income during the third quarter of 2010, according to figures complied by Health Care for American Now, a lobbying group in favor of health care reform.

SEC filings show the top six insurers made a toal of $3.4 billion in profits, $611 million more than they did during he same period last year.

Wellpoint, UnitedHealth Group, Aetna, Humana, Cigna and Coventry Health Care were examined in the review. The six have a combined enrollment of 85 million people, and profits continue to grow even as they saw a decrease in commercial enrollment of 3.4 million people during the past two years.

On average, each of the six devotes 20 cents on the dollar to non-medical services, compared to 16.5 percent last year and 5 cents in 1993.