Blue Cross and Blue Shield of North Carolina saw its net income fall by $234 million in 2020, primarily because of COVID-19 claim costs, the insurer said March 2.
BCBS of North Carolina recorded more than $200 million in COVID-19 claim costs in 2020. Other costs that contributed to a decrease in net income were premium reductions for ACA marketplace plans and investments.
"While we are encouraged by recent COVID-19 trends, we expect the pandemic to cause continued uncertainty in 2021," Mitch Perry, CFO of BCBS of North Carolina, said in a news release.
BCBS of North Carolina ended 2020 with net income of $260.5 million, down from $492 million in 2019.