Excellus BlueCross BlueShield and other Blue plans in Massachusetts, Michigan and North Carolina reported mixed financial results for fiscal year 2016.
Excellus BCBS in Rochester, N.Y., reported a revenue on premium of $6 billion in 2016, according to sycracuse.com. The insurer also saw a net income of $99.5 million in 2016, up from $58 million in 2015. The insurer said the increase reflected reduced administrative costs.
Boston-based BCBS of Massachusetts reported a net income of $78.1 million for 2016. The insurer attributed the results to an operating and other income of $10.8 million, income of $65.3 million and income tax benefit of $2 million.
BCBS of Michigan in Detroit recorded a revenue of $25.9 billion, according to a MiBiz report. The insurer's net income jumped to $122 million in 2016 after a $68 million net loss the year prior. Despite the upturn, BCBS of Michigan reported a $180 million net loss in 2016 on its health insurance business.
Durham-based BCBS of North Carolina reported a revenue of $7.8 billion, a year-over-year decrease of 5 percent. While the insurer's net income rose to $185 million in 2016, up from $500,000 in 2015, BCBS of North Carolina saw a $38 million operating loss attributed to its ACA health plan business.
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