Printer Friendly

BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED POSITIVE FINANCIAL RESULTS

 BLUE CROSS AND BLUE SHIELD OF FLORIDA
 REPORTS CONTINUED POSITIVE FINANCIAL RESULTS
 JACKSONVILLE, Fla., July 28 /PRNewswire/ -- Blue Cross and Blue Shield of Florida announced today a $24.1 million increase in policyholders' equity at the end of the second quarter of 1992. At the end of the second quarter of 1992, policyholders' equity was $352.6 million compared to $328.5 million at the end of the first quarter.
 Richard Thomas, senior vice president of finance said, "Our company is strong and growing and our continued positive financial results assure that our customers are protected. An important measure of the company's strength is policyholders' equity, which equals 2.6 months of claims and operating expense, well within the range of state standards."
 Thomas said, "We are increasing the equity to match growth in our customer base of 6.5 percent for the first half of the year. Equity provides a safety net for the future. We also use the equity to provide start-up costs needed to create innovative new programs that will continue to manage our customers' medical costs.
 "The reason for the good results was the strong performance of the company's investment portfolio and its HMO program," said Thomas. Revenue for the HMO group increased by 25.3 percent over the second quarter of 1991. "The HMO has been very successful at managing health care costs for our customers. Additionally, our investment portfolio includes no junk bonds or real estate ventures," said Thomas.
 Blue Cross and Blue Shield of Florida realized net income of $24.4 million for the second quarter of 1992. Investment and related income was $9.9 million for the quarter. Corporate revenue for the second quarter increased by 12.2 percent over the same period a year ago, from $420.7 million to $472.0 million.
 Blue Cross and Blue Shield of Florida is rated "A+" by Standard and Poors.
 BLUE CROSS AND BLUE SHIELD OF FLORIDA
 FINANCIAL SUMMARY
 (in millions)
 2Q YTD 2Q YTD
 1992 1992 1991 1991
 Revenue $472.0 $934.1 $420.7 $830.7
 Claims Expense 355.8 699.7 328.9 630.4
 Total Expense 450.6 883.8 412.5 792.3
 Operating Income 21.4 50.3 8.2 38.4
 Investment &
 Related Income 9.9 24.3 9.9 20.6
 Provision for
 Income Tax 6.9 16.6 1.7 5.5
 Net Income 24.4 58.0 16.4 53.5
 Total Assets 828.1 828.1 701.2 701.2
 Policyholders'
 Equity 352.6 352.6 247.8 247.8
 -0- 7/28/92
 /CONTACT: Marianne Elden, 904-791-8075 or Patrick McCabe, 904-791-6123, both of Blue Cross and Blue Shield of Florida/ CO: Blue Cross and Blue Shield of Florida ST: Florida IN: INS SU: ERN


AW-JB -- FL005 -- 4010 07/28/92 10:56 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1992
Words:471
Previous Article:INTELLIGENT SYSTEMS ANNOUNCES SECOND QUARTER RESULTS
Next Article:BOTTOM BETTER(R) NOW AVAILABLE IN 13 ADDITIONAL STATES THROUGH AGREEMENT WITH ECKERD DRUG STORE
Topics:


Related Articles
BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE
BLUE CROSS AND BLUE SHIELD OF FLORIDA'S PPO SAVED MORE THAN $150 MILLION IN HEALTH CARE COSTS IN 1991
BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE
BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE
BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE
BLUE CROSS AND BLUE SHIELD OF FLORIDA ACHIEVES RECORD GROWTH OF MANAGED CARE PROGRAMS IN 1993
BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED GROWTH AND SUCCESS OF MANAGED CARE PROGRAMS
AFTER 50 YEARS OF SERVICE, BLUE CROSS AND BLUE SHIELD OF FLORIDA IS WELL-POSITIONED TO CONTINUE MEETING CUSTOMER NEEDS
BLUE CROSS AND BLUE SHIELD OF FLORIDA CONTINUES STRONG GROWTH IN MANAGED CARE
Blue Cross and Blue Shield of Florida Reports Solid Growth and Strong Financial Performance in 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters