Blue Cross Blue Shield of Massachusetts, the state's largest health insurer with 2.8 million enrollees, said its first quarter operating loss stemmed from the ACA's insurer fee and federal tax reform.
BCBS of Massachusetts posted a $97.2 million operating loss in the first quarter of 2018. Andreana Santangelo, the insurer's CFO, said the results met expectations: "They reflect a highly competitive marketplace, reinforcing the need for us to continue to effectively manage both administrative and medical spending while continuing to offer exceptional, affordable health plans to our employer customers and members."
BCBS of Massachusetts generated net income of $57.5 million on revenue of $2 billion in the first quarter of this year. BCBS of Massachusetts also recorded $12.2 million in investment income during the first quarter.