Did Health Insurance Stocks Really Rise 1,000% Under Trump?
Former President Donald Trump often makes bold claims about his economic record. One of his recent statements—that health insurance companies’ stock prices surged 1,000% due to his policies—has raised eyebrows. But does this claim hold up under scrutiny? A deep dive into the data shows a much more modest reality.
Trump’s 1,000% Claim: What He Said
During a campaign rally, Trump declared:
“Under my leadership, health insurance stocks went up 1,000%. Nobody talks about that.”
If true, this would represent an unprecedented boom in the healthcare sector. But financial records tell a different story.
Fact Check: How Much Did Health Insurers’ Stocks Actually Rise?
We analyzed the stock performance of the five largest U.S. health insurers from Trump’s inauguration (January 2017) to his departure (January 2021):
1. UnitedHealth Group (UNH)
- Jan 2017: ~$157
- Jan 2021: ~$350
- Increase: ~123%
2. Anthem (Elevance Health) (ANTM)
- Jan 2017: ~$152
- Jan 2021: ~$290
- Increase: ~90%
3. Humana (HUM)
- Jan 2017: ~$207
- Jan 2021: ~$400
- Increase: ~93%
4. Cigna (CI)
- Jan 2017: ~$145
- Jan 2021: ~$230
- Increase: ~58%
5. Aetna (Acquired by CVS in 2018)
- Jan 2017: ~$123
- Nov 2018 (Acquisition): ~$212
- Increase: ~72%
Key Finding:
The average increase across these insurers was ~87%, far below Trump’s claimed 1,000%. Even the top performer (UnitedHealth) saw a 123% gain—nowhere near tenfold growth.
Why Did Trump Say 1,000%?
Trump’s exaggeration may stem from his broader narrative that deregulation (like repealing the ACA’s individual mandate penalty) and corporate tax cuts boosted business success. While insurers benefited, stock growth was steady, not explosive.
How Have Stocks Performed Under Biden?
For context, here’s how the same insurers fared under President Biden (2021-2024):
– UnitedHealth: ~$350 → ~$520 (~48% rise)
– Humana: ~$400 → ~$350 (~12% drop due to Medicare challenges)
This suggests market trends depend on broader economic factors, not just presidential policies.
Experts Weigh In
Financial analysts and fact-checkers agree: Trump’s claim is misleading.
– FactCheck.org: “No major insurer saw a 1,000% rise during Trump’s term.”
– CNBC: “Strong gains? Yes. 10x growth? No.”
Final Verdict: Trump’s Claim Is False
While health insurance stocks performed well under Trump, the 1,000% surge is a massive exaggeration. Investors saw 80-120% gains over four years—solid but not historic.
Politicians often inflate economic data for effect, but investors should rely on verified market reports, not campaign rhetoric.
What do you think? Was Trump’s statement misleading, or does it reflect optimism about his policies? Share your thoughts below.
