FT News Briefing US health insurer stocks call in sick
93 snips
Jan 28, 2026 
Richard Milne, an Oslo-based Nordic and Arctic security reporter, and Patrick Temple West, a US health insurance analyst, discuss trembling US insurer stocks after proposed Medicare rate changes. They also cover NATO ramping up Arctic forces and the EU-India trade deal cutting billions in tariffs. Short, timely deep dives on markets, geopolitics and trade.
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Flat Medicare Rates Spooked Markets
- CMS proposed effectively flat Medicare Advantage rates for 2027, surprising markets and investors.
- Patrick Temple West explains this threatens insurer revenues because Medicare payments total hundreds of billions.
Medicare Advantage Is A Major Revenue Stream
- Medicare Advantage payments are a huge revenue source, with insurers paid nearly $540bn in 2025.
- Patrick Temple West notes that withholding expected increases can materially dent insurers' profits and valuations.
UnitedHealth's Tumultuous Year
- UnitedHealth endured a bad earnings report, a CEO replacement, a cyberattack, and an executive's murder over the past year.
- These events combined to send the company's shares tumbling and erode investor confidence.