Blue Cross Earnings for Quarter Jump 89%
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Blue Cross of California said its first-quarter net income soared 89% to a record $45.4 million from $24 million a year earlier.
The health insurer’s improved earnings technically are not profits, as the Woodland Hills-based concern is a nonprofit organization. But the net gains nonetheless illustrate Blue Cross’ continued rebound from major losses in the mid- to late 1980s.
The latest gains came on an 11% increase in Blue Cross’ premiums earned--an insurance gauge of total revenue--to $563.7 million from $507.5 million.
Blue Cross also said it added $45.4 million to its reserves in the latest quarter, compared with a $24-million addition in the first quarter of 1990. The reserves, which totaled $288.1 million as of March 31, are Blue Cross’ cushion against future losses.
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