Blue Cross and Blue Shield of Minnesota posted net income of $177.6 million in 2018, up from $20.2 million in the previous year, according to the Star Tribune.
BCBS of Minnesota’s net income grew in part because of a turnaround in its managing care unit for Minnesota’s Medical Assistance and MinnesotaCare Medicaid programs.
In addition, the insurer saw its individual market business income offset by expenses related to changes within its Medicare unit.
Stella, the parent company of BCBS of Minnesota, posted a loss of $93 million despite strong results in its health insurance arm. The loss primarily stemmed from poor investment returns.
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“We experienced meaningful improvement in operating performance in 2018, as we stabilized our Medicaid business and completed our operating model transformation,” Craig Samitt, president and CEO of Stella and BCBS of Minnesota, said in a statement to the Star Tribune.
Date: April 15, 2019