Market value is not always a proxy for reserve strength
UnitedHealth, with a market capitalization of $431 billion, holds just $1.1 million in carried reserves, highlighting the limited relevance of reserve levels for diversified health and insurance conglomerates. By contrast, Travelers, with a market cap less than one-seventh that of Progressive, carries more reserves than any other group in the sample. The median reserve-to-market-cap ratio across the top carriers is 0.45, with a mean of 0.37, illustrating the broad range of capital structures and reserve philosophies at play.
