Which ASX200 health insurance stock does Macquarie tip to underperform?

NIB Holdings Ltd (ASX: NHF) is an ASX200 listed company and national provider of private health insurance.

It has risen 23.91% already in 2025, however broker Macquarie has raised some red flags for its future. 

For context, S&P/ASX 200 Health Care Index (ASX:XHJ) is…