While insurers have complained that participating in the Patient Protection and Affordable Care Act (PPACA) individual marketplace has largely been an unprofitable endeavor, we've heard far fewer complaints from them about the PPACA's dramatic expansion of Medicaid, which has turned out to be a major business opportunity for the biggest players in the insurance industry.

According to an analysis by Fitch Ratings, the expansion of Medicaid led to a 34 percent growth in Medicaid-related revenue for the insurance industry in 2014, the first full year of the PPACA.

The largest for-profit insurer in the country, UnitedHealth Group, is the leading Medicaid insurer as well. It took in 15 percent of the $115 billion in Medicaid premiums written in 2014.

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