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Major health insurers appear to be off to an encouraging start this year — but a crucial test for the sector is still ahead.

Solid first-quarter results have helped lift investor sentiment, even as insurers continue to grapple with higher medical costs. Companies including UnitedHealth , Elevance , Cigna and Humana all beat estimates for the quarter, with some hiking their 2026 outlooks.

Those results were largely expected due to seasonal factors such as a milder flu season and weather disruptions that temporarily suppressed medical costs, said Barclays analyst Andrew Mok.…