BOSTON, Nov. 15, 2016 /PRNewswire/ -- Blue Cross Blue Shield of Massachusetts, Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. (Blue Cross), announced its third quarter 2016 financial results today and reported a combined after-tax net income of $71.1 million. The results reflect operating income of $57.8 million, which includes an estimated $5 million in taxes and fees to support the Affordable Care Act (on top of the $88 million recorded in the first two quarters). The results also include $13.3 million in investment income, other income, and income taxes. Blue Cross is the leading private health plan in Massachusetts with 2.8 million members.
Year to date, Blue Cross reported an after-tax net income of $14.6 million (0.3% net margin), based on an operating loss of $40.4 million (-0.8% operating margin), and investment income, other income, and income taxes of $55 million.
"Our modest operating margin this quarter reflects our commitment to keeping premiums affordable in an intensely competitive environment," said Blue Cross Chief Financial Officer Andreana Santangelo. "We continue to aggressively manage expenses while we comply with regulatory requirements."
Santangelo noted that Blue Cross:
Blue Cross continues to be one of the highest-performing health insurers in the United States, according to the National Committee for Quality Assurance's Health Insurance Plan Ratings 2016–2017:
Blue Cross' Medicare Advantage HMO also received a top rating of 5 stars from the Centers for Medicare & Medicaid Services, putting us among the top 14 plans in the nation, and our Prescription Drug Plan received 5 stars, putting us among the top 6 plans in the nation.
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (www.bluecrossma.com) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are the trusted health plan for more than 31,500 Massachusetts employers and are committed to working with others in a spirit of shared responsibility to make quality health care affordable. Consistent with our corporate promise to always put our 2.8 million members first, we are rated among the nation's best health plans for member satisfaction and quality. Connect with us on Facebook, Twitter, YouTube, and LinkedIn.
SOURCE Blue Cross Blue Shield of Massachusetts