Why when Health Point Insurance made 2.3 Bil. in profits last year are they increaing rates 39%?

I'm a conservative and support the free-market system, but I'm always aware that we must have rules and oversight to keep things in perspective. I have no problem with what a CEO makes, and I have no problem with a business making profits. I do have a problem with businesses gouging consumers just because they can. While I don't agree with Obama's health care plan, I do realize that there's need for improvement, I just don't think socialized medicine is the answer. I do think there needs to be caps placed on the insurance companies when they start hiking prices that much without a clear need for it other than to gouge customers. I was livid when I learned of the 39% increase because there's nothing to indicate that it was necessary to do this in order to maintain a fair profit margin. I own a business and I'm all about capitalism, but one can still run a business and make a profit while adhering to morals & ethics and being humane.