New Report Details Kaiser Permanente’s $67 Billion in Financial Reserves

FOR IMMEDIATE RELEASE
October 20, 2025

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Press@unacuhcp.org

New Report Details Kaiser Permanente’s $67 Billion in Financial Reserves

A new analysis highlights the scale of Kaiser Permanente’s financial position, reporting that the health care system is currently holding $67.4 billion in reserves, up from $40 billion just four years ago. The findings provide new context for ongoing conversations about the role and structure of large nonprofit health care systems in the United States.

Kaiser reported total gains of $5.5 billion from investments and other income in 2024, including $569 million in operating income, per The Center for Media and Democracy’s report, published Saturday. A notable portion of this growth is tied to investment activity: between December 2023 and June 2025, Kaiser’s allocations to hedge funds increased by $1.1 billion, and private equity holdings rose by $1.9 billion.

The report notes that Kaiser’s large reserve levels are uncommon in scale among nonprofit health systems. Analysts suggest that this could contribute to ongoing discussions about how nonprofit health care organizations manage and deploy financial resources to support care delivery, infrastructure, and community investment.

Executive compensation is also outlined in the analysis. In 2023, CEO Greg Adams received nearly $13 million in total compensation. 18 additional executives earned more than $2 million, and three earned over $4 million. Such figures, while not unprecedented for large health systems, are likely to draw interest from policymakers and industry observers tracking trends in nonprofit governance and leadership pay.

Kaiser Permanente operates as an integrated health care system, combining health insurance, hospital services, and physician care under a single structure. While the health plan and hospitals are legally nonprofit entities, the affiliated medical group operates as a for-profit entity. The organization’s governance includes leaders from across the private and nonprofit sectors.

The Center for Media and Democracy’s analysis suggests that the size of Kaiser’s reserves may play a significant role in future strategic and policy discussions, particularly as health systems face growing demands for investment in patient care, workforce development, and community health initiatives.

Kaiser Permanente is one of the largest integrated health care systems in the United States, headquartered in Oakland, California. Founded as a nonprofit health system, Kaiser serves more than 12 million members across multiple states and employs over 300,000 people.

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United Nurses Associations of California/Union of Health Care Professionals (UNAC/UHCP) represents more than 40,000 registered nurses and healthcare professionals in California and Hawaii, including optometrists; pharmacists; physical, occupational and speech therapists; case managers; nurse midwives; social workers; clinical lab scientists; physician assistants and nurse practitioners; hospital support and technical staff. UNAC/UHCP is affiliated with the National Union of Hospital and Health Care Employees (NUHHCE) and the American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO.