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Net income drops for Excellus BlueCross BlueShield

Rochester Business Journal
March 1, 2013

Excellus BlueCross BlueShield on Friday reported 2012 net income of $106 million, down 52.5 percent from $223 million in 2011.

Excellus, the largest health insurance firm in the Rochester market, posted an operating gain of $44 million on revenues of $6 billion, it stated in its annual report filed with the state Department of Financial Services.

Its 2012 operating gain dropped 72 percent from $157 million in 2011 on revenues of $5.7 billion, largely because of a drop in new subscribers to 15,000 in 2012 compared with 85,000 in 2011.
 
Total membership as of Jan. 31 was 1.85 million, Excellus reported.

Membership in Medicare programs has increased 13.6 percent, to 126,000 as of Jan. 31, it reported.

“The fact our membership numbers are strong in what continues to be a challenged economy shows how competitively priced our products are,” Excellus CEO Christopher Booth said in a statement.

Spending for medical benefits increased 8.4 percent, to $410 million, last year, Excellus reported. Administrative expenses and operating income declined 14.7 percent, to $116.7 million.

David Klein, who retired as CEO at the end of 2012, received $3.8 million in total compensation last year, Excellus reported. Booth, president and chief operating officer until taking over for Klein, received $1.6 million.

Chief Financial Officer Dorothy Coleman was the company’s third-highest paid at $826,000.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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