I believe insurance company profit is limited as a percentage of their revenues by the ACA. That's why some people get checks from their health insurance provider; the provider collected too much in premiums, and was left with more than their allowed profit.

They want you to use the insurance, so they can raise premiums and that % profit they're allowed to have is a larger absolute dollar amount.

That’s not really true. Insurance companies use intercompany eliminations to bypass the rules. Look at United Healthcare’s record-breaking profit.https://www.axios.com/2021/07/16/unitedhealth-optum-provider...