Blue Cross Net Income Rises 64% for 9 Months
Blue Cross of California, the state’s largest health insurer, said its profit for the first nine months of this year jumped 64% from a year earlier, to $200.9 million from $122.5 million a year earlier.
The Woodland Hills-based company does not technically earn profits, because it is a nonprofit operation. But the net-income gains nonetheless indicate how much extra money Blue Cross is able to set aside for paying future claims. And in the quarter ended Sept. 30, Blue Cross said it added $73 million to its reserves. That lifted Blue Cross’ tangible net equity--the amount of assets it has minus what it expects to pay in claims--to $601 million, up sharply from $365 million a year earlier.
Blue Cross, which has 5.4 million members, listed assets of $1.48 billion as of Sept. 30, up from $1.16 billion a year earlier.
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