Despite pandemic-fueled low patient volumes at its health system unit, Allegheny Health Network, Highmark Health ended 2020 with net income of $1 billion, which includes a one-time gain related to a court settlement.
Three things to know:
1. In its 2020 financial results, Pittsburgh-based Highmark reported net income of roughly $1 billion. That total includes $450 million in excess revenue over expenses, plus a $500 million settlement related to the ACA's risk corridors program, according to the Pittsburgh Post-Gazette.
2. Highmark reported $18 billion in revenue for 2020 and an operating gain of $490 million. The results were largely driven by positive performance in its health insurance business and offset by lower patient volumes at Pittsburgh-based AHN.
3. For its part, AHN saw a $121.8 million net loss in 2020, compared to net income of $98.2 million in 2019.