Health Insurance and Benefits Management Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT

Health Insurance and Benefits: Two Halves, One Label

How forward earnings pricing separates the risk-bearing plans from the administration and analytics businesses that sit alongside them.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT

   Cover page for the Health Insurance and Benefits Management sector outlook, dated September 28, 2026.

   We're opening this sector outlook on Health Insurance and Benefits Management, benchmarked as of 2026-09-28. The pages that follow separate the risk-bearing plans from the services layer that sits alongside them.

   Everything on this page

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH INSURANCE AND BENEFITS MANAGEMENT Health Insurance and Benefits: Two Halves, One Label How forward earnings pricing separates the risk-bearing plans from the administration and analytics businesses that sit alongside them. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix.

   We've structured this report so the bottom line comes first: a reader who stops after section one still leaves with the whole story. The remaining sections build out the landscape, valuation, precedent transactions and strategic implications in turn. Use this map to jump straight to what matters most to you.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Earnings Streams Under One Sector Label 02 The Landscape Three Groups, Three Different P&Ls 03 Valuation & Situations The Premium Survives a Forward Lens 04 Precedent Transactions What Buyers Agreed to Pay, Across Carriers and Platforms 05 Strategic Implications What the Range Means from Where You Sit 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Health Insurance and Benefits Management Trades as Two Businesses: Risk-Bearing Plans and a Services Layer

   This page summarizes the report's core finding that the sector splits into risk-bearing plans and a services layer.

   The forward earnings range across the 8 rated companies runs from 16.2x down to 6.7x, on a P/E (CY2027E) basis. Government-sponsored plans price at 13.3x while the administration technology names sit at 7.7x — same sector label, two different earnings streams. That gap is the organizing idea for everything that follows, so we treat it as the starting point rather than a footnote.

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   01 · THE BOTTOM LINE Health Insurance and Benefits Management Trades as Two Businesses: Risk-Bearing Plans and a Services Layer The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Range Inside One Sector Label Is Very Wide The top of the range sits at 16.2x forward earnings and the bottom at 6.7x, across the 8 companies with a CY2027E estimate. A forward multiple already credits the forecast, so a premium that survives it points to earnings durability rather than a one-year recovery. 2 The Government Program Plans and the Administration Platforms Are Priced Apart Government-sponsored managed care plans, 5 of the 8 companies, sit at 13.3x forward earnings; the 2 back-office administration technology names sit at 7.7x. Same label, two different earnings streams: underwriting margin on one side, contracted fee income on administered lives on the other. 3 The Higher Multiples Sit with the Slower-Growing Names The 4 names with faster revenue growth sit at 10.2x forward earnings; the 4 slower ones sit at 12.6x. Premium revenue is gross of medical costs, so top-line expansion on its own is associated with the lower half of the range here. 4 The Transaction Record Spans a Far Wider Band than Today's Trading Range Across the 9 recorded transactions, announced EV/EBITDA runs from 19.6x down to 6.2x. Payer technology and specialty benefit targets — TriZetto Corp. and Catalyst Health Solutions, Inc. — sit at the upper end of that record. 11.2x Sector median P/E CY2027E consensus · 8 rated of 8 companies 16.2x Premium end P/E vs 6.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 13 Transactions with disclosed terms 22 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section covering the sector's three business groups.

   We're moving into the landscape: risk-bearing plans, administration platforms and one payer-facing analytics name. Three groups, three different earnings profiles worth separating before we get to valuation.

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   SECTION 02 02 THE LANDSCAPE Three Groups, Three Different P&Ls Risk-bearing plans, administration platforms and one payer-facing analytics name. 02 of 06 Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of the Set Carries Underwriting Risk; The Balance Sells into It

   This page groups the 8 approved companies by business segment and shows median forward P/E per group.

   Most of this set carries underwriting risk; the balance sells into it. Grouping the names by segment shows the median forward multiple sits differently depending on which earnings stream a company reports. That grouping is what lets us compare like with like on the pages that follow.

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   02 · MARKET MAP Most of the Set Carries Underwriting Risk; The Balance Sells into It 8 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 GOVERNMENT-SPONSORED MANAGED CARE PLANS 5 cos median 13.3x UnitedHealth Group (UNH) Cigna (CI) Elevance Health (ELV) Centene (CNC) Oscar Health (OSCR) Risk-bearing plans whose economics turn on bid discipline, medical loss ratio and star ratings; 5 of the 8 companies sit here. ADJACENT: INSURANCE AND BENEFITS BACK-OFFICE ADMINISTRATION TECHNOLOGY 2 cos median 7.7x SS&C (SSNC) Health In Tech (HIT) Fee-based platforms paid on contracts and administered lives, with contracted income rather than underwriting margin. BENEFITS DATA, RISK ADJUSTMENT AND UTILIZATION ANALYTICS 1 cos 10.5x · 1 rated Evolent Health (EVH) One name in the set, selling risk adjustment and utilization work back into the payer wallet.

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   02 · LANDSCAPE

   Where the Earnings Come from Splits This Set into Three Groups

   This page details the three groups by where their earnings come from.

   Where the earnings come from splits this set into three groups: risk-bearing plans, administration platforms, and one analytics name. Each group carries a different mix of underwriting margin versus fee income, and that mix is what the market is pricing. We use this split as the lens for every valuation comparison in the sections ahead.

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   02 · LANDSCAPE Where the Earnings Come from Splits This Set into Three Groups Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Government-sponsored managed care plans 5 63% 13.3x UnitedHealth Group Incorporated (UNH) · Cigna Corporation (CI) · +3 more Underwriting earnings at scale. 5 of the 8 companies, 62% of the set, are risk-bearing plans at 13.3x forward earnings. Value here turns on bid discipline, medical cost trend against pricing, risk adjustment that is audit-defensible, and star ratings through the annual cycle. Adjacent: insurance and benefits back-office administration technology 2 25% 7.7x SS&C Technologies Holdings, Inc. (SSNC) · Health In Tech, Inc. (HIT) Contracted fee income. SS&C Technologies Holdings, Inc. (SSNC) and Health In Tech, Inc. (HIT) sit at 7.7x forward earnings. They are paid on contracts and lives administered rather than premium, so retention, go-live milestones and payer concentration matter more than medical loss ratio. Benefits data, risk adjustment and utilization analytics 1 13% 10.5x n=1 Evolent Health, Inc. (EVH) One name, payer-facing data. Evolent Health, Inc. (EVH) is the single analytics name in the set, at 10.5x forward earnings. In the transaction record, what buyers agreed to pay for payer technology sits at the upper end — Cognizant Technology Solutions Corp.'s announced deal for TriZetto Corp. was recorded at 19.0x EV/EBITDA.

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   SECTION 03

   03

   This divider introduces the section on public market valuation.

   We're now testing whether the premium survives a forward lens. All 8 companies carry a CY2027E earnings estimate, so the ranking that follows sits on one consistent basis.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Survives a Forward Lens 8 of the 8 companies on the page carry a CY2027E earnings estimate, so the ranking sits on one basis. 03 of 06 Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds Its Multiple Even After the Forecast Is Credited

   This page ranks all 8 rated companies by forward P/E and shows the sector median.

   The premium end holds its multiple even after the forecast is credited — the sector median sits at 11.2x on a P/E (CY2027E) basis. Because a forward multiple already prices in the forecast, a premium that survives it points toward earnings durability rather than a one-year bounce. That distinction matters for how we frame the names at either end of the range.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds Its Multiple Even After the Forecast Is Credited P / E (CY2027E) · all 8 rated companies, sorted descending · sector median 11.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.2x CORE · median 11.2x DISCOUNT · median 6.7x Sector median 11.2x WHAT SEPARATES THE TWO ENDS The top of the range. The 2 names at the premium end sit at 16.2x forward earnings against a middle of the range at 11.2x. On a CY2027E lens the forecast is already credited, so a premium that survives it is a statement about durability rather than about next year's recovery. The bottom of the range. The 2 names at the discount end sit at 6.7x: a large diversified carrier and a small administration platform. The two ends of this range hold different kinds of business, and the buyers for those businesses come from different groups. Eight names, one standard. 8 of the 8 companies on the page carry a CY2027E earnings estimate, so the ranking sits on one basis. The spread inside this single sector label sits alongside segment mix more closely than it sits alongside size.

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   03 · VALUATION DRIVERS

   Faster Growth Sits at the Lower End of the Forward Range

   This page splits the rated names into growth and margin cohorts and compares median forward P/E.

   Faster growth sits at the lower end of the forward range: the 4 faster-growing names trade at 10.2x versus 12.6x for the 4 slower ones. Because premium revenue is gross of medical costs, top-line expansion on its own is associated with the lower half of this range, not the upper half. That's an association worth testing against a company's own cost trend before drawing conclusions.

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   03 · VALUATION DRIVERS Faster Growth Sits at the Lower End of the Forward Range Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 5% · EBITDA-margin split at 5% The Four Faster Growers Sit Below the Four Slower Ones Split at 5% revenue growth, the 4 names above sit at 10.2x forward earnings and the 4 below at 12.6x. On earnings-based pricing, premium growth on its own is associated with the lower half of the range in this set. Margins Run from Thin Insurance Economics to Software Economics SS&C Technologies Holdings, Inc. (SSNC) reports a 40% margin against 2% at Centene Corp. (CNC). Those are two different P&Ls under one label: fee income on administered lives in one case, and in the other the underwriting margin left after medical costs, where rebate floors cap what can be kept. Rate and Utilization Cycles Move the Forecast the Multiple Credits A CY2027E multiple credits a forecast that still runs through the annual bid, state Medicaid re-procurement and medical cost trend against pricing. In this set, growth above 5% arrives with thinner earnings cover, and that is the risk sitting inside the forward number.

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    03 · SITUATION MAP

    The Higher Multiples Sit with the Big Plans; Faster Growth Sits Below the Middle

    This page maps each company by forward P/E versus the sector median and revenue growth versus the covered median.

    The higher multiples sit with the big plans; faster growth sits below the middle. This is a map of where each name sits today, not a recommendation — it frames the question rather than answering it. We use it to set up the growth-versus-profitability view that follows.

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    03 · SITUATION MAP The Higher Multiples Sit with the Big Plans; Faster Growth Sits Below the Middle Cut on P / E vs the sector median (11.2x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 1 names Oscar Health, Inc. (OSCR) Oscar Health, Inc. (OSCR) is the 1 name above the middle of the set on both the forward multiple and revenue growth. Exchange-led membership carries enrollment volatility, so the premium here sits alongside a growth profile that moves with subsidy and special enrollment policy. Priced up on Slower Growth Above-median multiple · below-median revenue growth 3 names UnitedHealth Group Incorporated (UNH) · Elevance Health Inc. (ELV) · Centene Corp. (CNC) UnitedHealth Group Incorporated (UNH), Elevance Health Inc. (ELV) and Centene Corp. (CNC) sit above the middle on the multiple with revenue growth below it. The premium here sits alongside scale in provider contracting and diversified fee-based earnings rather than top-line expansion. Growth Without the Multiple Below-median multiple · above-median revenue growth 3 names SS&C Technologies Holdings, Inc. (SSNC) · Evolent Health, Inc. (EVH) · Health In Tech, Inc. (HIT) SS&C Technologies Holdings, Inc. (SSNC), Evolent Health, Inc. (EVH) and Health In Tech, Inc. (HIT) grow faster than the middle of the set while trading below it. Evolent Health, Inc. (EVH) grows at 25% and Health In Tech, Inc. (HIT) at 67%; the open question on these 3 names is whether fee income converts into earnings the market credits. Below the Middle on Both Below-median multiple · below-median revenue growth 1 names Cigna Corporation (CI) Cigna Corporation (CI) is the 1 name below the middle of the set on both measures, at 8.1x forward earnings with 4% revenue growth. Its earnings mix leans on services alongside underwriting, and the forward number sits at the bottom of this range.

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    03 · GROWTH VS PROFITABILITY

    Two Names Clear Both Bars, and Both Sit at the Lower End of the Range

    This page plots each company on revenue growth versus EBITDA margin, both cut at the covered median.

    Two names clear both the growth and margin bars, and both sit at the lower end of the forward range. That combination — durable growth alongside margin — is rare in this set, which makes it worth a closer look wherever it appears. The remaining quadrants show where growth or margin shows up without the other.

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    03 · GROWTH VS PROFITABILITY Two Names Clear Both Bars, and Both Sit at the Lower End of the Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (5% growth, 5% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). SSNC plotted at the chart edge. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 0% 10% 20% 30% MARGIN ONLY median 15.1x BALANCED median 7.7x NEITHER median 10.0x GROWTH ONLY median 13.0x CNC ELV UNH CI SSNC OSCR EVH HIT x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The grid splits the 8 names on revenue growth and margin at the cut-offs the chart marks. SS&C Technologies Holdings, Inc. (SSNC) and Health In Tech, Inc. (HIT) clear both, and both are administration platforms trading at the lower end of the forward range. The 2 names with margin above the cut and growth below sit at 15.1x, the top of the four groups; the 2 with growth above and margin below sit at 13.0x, and the 2 clearing neither sit at 10.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (SSNC, HIT).

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    03 · THE AGENDA

    The Decision Is Which Earnings Stream You Are Growing

    This page frames the decision facing owners and acquirers: which earnings stream to grow.

    The decision is which earnings stream you are growing: underwriting margin or contracted fee income. Framing it this way turns the valuation spread into a set of questions an owner or acquirer can actually act on. We carry that framing into the strategic implications section.

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    03 · THE AGENDA The Decision Is Which Earnings Stream You Are Growing NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Decide Which Half of the Sector Your Next Dollar of Earnings Comes From Underwriting margin and contracted fee income are priced at different points in this set. A mix shift toward ASO, level-funded and administered-lives income changes which comparison your business is read against. What changes the answer: A rising share of earnings from fee-based and administered lives rather than premium. Protect the Forecast the Forward Multiple Already Credits A CY2027E lens prices earnings two years out, and that forecast runs through the annual bid, star ratings and Medicaid re-procurement. Bid discipline and medical cost trend against pricing are the parts of it a board can act on. What changes the answer: Medical cost trend running ahead of pricing assumptions for two consecutive quarters. Test Whether Growth in Lives Is Showing up in Earnings The faster-growing names in this set sit below the middle on forward earnings while the slower ones sit above it. Growth in lives covered that does not convert into underwriting or fee margin is associated with the lower half of the range here. What changes the answer: Membership growth arriving without a matching move in per member per month earnings. Choose Build or Buy for Risk Adjustment and Administration Capability In the recorded transactions, payer technology and specialty benefit assets changed hands at the upper end on EBITDA while provider-side services sat well below. That gap frames what buying capability costs against building it inside the plan. What changes the answer: A capability gap in risk adjustment or utilization management that internal build keeps missing.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions.

    We're turning to what buyers have actually agreed to pay across carriers and platforms. Nine recorded transactions with announced terms, framed on EV/EBITDA, ground this section.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay, Across Carriers and Platforms 9 recorded transactions, announced terms, framed on EV/EBITDA. 04 of 06 Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay Spans Carriers, Platforms and Benefit Managers

    This page tells three deal case studies drawn from the precedent transaction list.

    What buyers agreed to pay spans carriers, platforms and benefit managers. Announced multiples in the recorded transactions run from 19.6x down to 6.2x, with payer technology and specialty benefit targets — TriZetto Corp. and Catalyst Health Solutions, Inc. — sitting at the upper end. These are LTM multiples at announcement, not directly comparable to the CY2027E public basis, so we draw no spread between the two here.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay Spans Carriers, Platforms and Benefit Managers 3 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 21 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2020 n/a Churchill Capital Corp III acquires MultiPlan, Inc. EV / LTM revenue n/a EV / LTM EBITDA 15.4x WHY THE DEAL HAPPENED Churchill Capital Corp III moved for MultiPlan, Inc. in Oct-2020; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Sep-2020 n/a September 2020 acquires ProAssurance EV / LTM revenue n/a EV / LTM EBITDA 12.2x WHY THE DEAL HAPPENED September 2020 moved for ProAssurance in Sep-2020; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Apr-2018 n/a April 2018 acquires Humana Inc., TPG Inc., Welsh, Carson, Anderson & Stowe EV / LTM revenue n/a EV / LTM EBITDA 15.0x WHY THE DEAL HAPPENED April 2018 moved for Humana Inc., TPG Inc., Welsh, Carson, Anderson & Stowe in Apr-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    This divider introduces the section on strategic implications.

    We're closing with what the valuation range means depending on where you sit. Owners, boards and investors read the same spread differently, and this section frames each perspective.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What the Range Means from Where You Sit Owners, boards and investors read the same spread differently. 05 of 06 Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Read the Range as a Map of Earnings Durability

    This page frames the valuation range as a map of earnings durability for owners, boards and investors.

    Read the range as a map of earnings durability, not just a ranking. The questions this raises — which earnings stream to grow, what tests the forecast, and how wide the range really is — set the agenda for the next twelve months. We treat these as observations for the room to work through, not recommendations.

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    05 · STRATEGIC IMPLICATIONS Read the Range as a Map of Earnings Durability NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Comparison Your Business Is Held Against The 5 government-sponsored plans and the 2 administration technology names sit at different points on forward earnings. Where your earnings come from — underwriting margin, administered-lives fees, or analytics — is the first thing a buyer or an investor lines up against this set. FOR BOARDS The Forecast Inside the Multiple Runs Through the Bid Cycle A CY2027E earnings multiple credits two more years of delivery. Reserve development, days claims payable and star ratings are where that forecast gets tested, and they move faster than the multiple does. FOR INVESTORS The Spread Inside One Sector Label Is Wider than It Looks On the 8 companies with a CY2027E estimate, the forward range runs across a wide band and segment mix sits alongside most of it. Reading the sector as a single group blends two different earnings streams into one number.

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    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    We close with the full comparables set, the methodology behind every figure, and where each underlying disclosure lives. This is the reference section for anyone who wants to trace a number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    This page lists all 8 rated companies grouped by valuation tier against the sector median.

    This table carries all 8 rated companies on the P/E (CY2027E) basis used throughout the report, shaded above and below the 11.2x sector median. It's the reference page behind every ranking shown earlier. Use it to check any single name against the group it sits in.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (11.2x); amber marks below · 8 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.9x · median 16.2x · 2 companies UnitedHealth Group Incorporated UNH Government-sponsored managed care plans $397B 16.8x 3% 7% 10 Oscar Health, Inc. OSCR Government-sponsored managed care plans $2.6B 15.6x 9% 5% 14 CORE — 9.5x–13.9x · median 11.2x · 4 companies Elevance Health Inc. ELV Government-sponsored managed care plans $80.7B 13.3x 2% 5% 7 Centene Corp. CNC Government-sponsored managed care plans $23.6B 11.9x -1% 2% 0 Evolent Health, Inc. EVH Benefits data, risk adjustment and utilization analytics $1.3B 10.5x 25% 5% 30 SS&C Technologies Holdings, Inc. SSNC Adjacent: insurance and benefits back-office… $26.0B 10.0x 5% 40% 45 DISCOUNT — <9.5x · median 6.7x · 2 companies Cigna Corporation CI Government-sponsored managed care plans $95.2B 8.1x 4% 4% 9 Health In Tech, Inc. HIT Adjacent: insurance and benefits back-office… $42M 5.3x 67% 10% 78

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, ordered from most recent.

    This is the first page of the complete list of transactions with disclosed terms behind the case studies shown earlier, ordered newest first. Multiples here are LTM at announcement, not the same basis as the public forward multiples used elsewhere in the report. Use it alongside the case studies for the full transaction record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 21 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2020 Churchill Capital Corp III → MultiPlan, Inc. n/a n/a 15.4x Churchill Capital Corp III's announced combination with MultiPlan, Inc. in Oct-2020 was recorded at 15.4x EV/EBITDA. MultiPlan sits in the claims-pricing and cost-containment layer that carriers buy capability in rather than build, and the multiple sits in the upper… Sep-2020 September 2020 → ProAssurance n/a n/a 12.2x The Sep-2020 transaction recorded for ProAssurance was announced at 12.2x EV/EBITDA. Risk-bearing insurance assets in this record sit in the low-to-mid teens on EBITDA, with statutory capital and reserve adequacy part of what the buyer underwrites. Apr-2018 April 2018 → Humana Inc., TPG Inc., Welsh, Carson, Anderson & Stowe n/a n/a 15.0x The Apr-2018 transaction recorded for Humana Inc., TPG Inc., Welsh, Carson, Anderson & Stowe was announced at 15.0x EV/EBITDA. Pairing a national plan with sponsor capital is a recurring structure where a care services asset sits alongside the carrier rather than… Nov-2016 WellCare Health Plans, Inc. → Universal American Corp. n/a 17.6x 17.6x WellCare Health Plans, Inc. announced its acquisition of Universal American Corp. in Nov-2016, and what the buyer agreed to pay was recorded at 17.6x EV/EBITDA. Medicare Advantage lives and star-rated contracts change hands through state change-of-control filings, so… Jul-2015 Aetna, Inc. → Humana Inc. n/a n/a 12.6x Aetna, Inc. announced its acquisition of Humana Inc. in Jul-2015. Carrier-to-carrier pairings of this kind run through antitrust review and state insurance approval, which is why timeline and closing certainty sit alongside the earnings in the negotiation. Nov-2014 Cognizant Technology Solutions Corp. → TriZetto Corp. n/a 19.0x 19.0x Cognizant Technology Solutions Corp. announced its acquisition of TriZetto Corp. in Nov-2014, recorded at 19.0x EV/EBITDA. Claims and core administration software for health plans is contracted, multi-year revenue, and that revenue shape sits alongside the multiple. Aug-2012 Aetna Inc. → Coventry Health Care Inc. n/a 7.9x 7.9x Aetna Inc. announced its acquisition of Coventry Health Care Inc. in Aug-2012 at 7.9x EV/EBITDA. Government program and commercial group membership changed hands at the lower end of this record, a reminder of how wide the carrier band runs. Apr-2012 SXC Health Solutions Corp. → Catalyst Health Solutions, Inc. n/a 18.2x 19.6x SXC Health Solutions Corp. announced its acquisition of Catalyst Health Solutions, Inc. in Apr-2012 at 19.6x EV/EBITDA. Specialty benefit managers are underwritten on contracted scripts and retention, and this deal sits at the top of the announced record. Nov-2009 RehabCare Group, Inc. → Triumph HealthCare Holdings, Inc. n/a n/a 6.2x RehabCare Group, Inc. announced its acquisition of Triumph HealthCare Holdings, Inc. in Nov-2009 at 6.2x EV/EBITDA. Provider-side services in this record sit well below payer technology, which frames the gap between owning delivery and owning the administration layer.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the precedent transaction list with disclosed terms, ordered from most recent.

    This second page completes the transaction list carried from the prior page, again ordered newest first. The same caution applies: these are LTM multiples at announcement, not directly comparable to the CY2027E public basis shown earlier in the report. Together the two pages give the full disclosed-terms record behind the case studies.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 21 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2005 WellPoint, Inc. → WellChoice, Inc. n/a n/a 12.6x Oct-2004 Coventry Health Care, Inc. → First Health Group Corp. n/a n/a 6.5x Apr-2004 UnitedHealth Group, Inc. → Oxford Health Plans LLC n/a n/a 7.8x Apr-2002 Anthem, Inc. → Trigon Healthcare, Inc. n/a n/a 13.0x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, assumptions and data-quality notes.

    Every figure in this report links back to the record it was taken from, and where it doesn't, the appendix names its source and basis. This is where we document what was included, what was excluded, and why. It's the page to check before quoting any figure from this report elsewhere.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Health Insurance and Benefits Management and it clears the coverage gate with 8 of 8 companies (100%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 6 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 238 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (237) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across the 8 Names, Where the Earnings Come from Sits Alongside Where the Price Sits.

    This closing page restates that where earnings come from sits alongside where price sits across the 8 names.

    Across the 8 names, where the earnings come from sits alongside where the price sits. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    Across the 8 Names, Where the Earnings Come from Sits Alongside Where the Price Sits. NeuraCap AI — Health Insurance and Benefits Management Coverage September 2026 · Prepared by NeuraCap AI · Confidential Health Insurance and Benefits Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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