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BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE

 JACKSONVILLE, Fla., March 1 /PRNewswire/ -- Blue Cross and Blue Shield of Florida (BCBSF) reported today an $81.9 million net gain and a 28.5 percent increase in policyholders' equity for 1992. Policyholders' equity increased from its 1991 level of $296.5 million to $380.9 million in 1992. The company also generated $107.1 million in income before taxes in 1992.
 Policyholders' equity is an important measure of the company's ability to meet its obligations during times of economic uncertainty or when claims expenses are higher than anticipated. The equity is also used to develop innovative new managed care programs that will continue to control customers' health care costs and provide for the growth and development of the business. BCBSF's policyholders' equity exceeds minimum levels required by the state of Florida.
 "BCBSF's growing strength lies in its ability to build policyholders' equity at a pace matching the growth of our customer base," said Richard Thomas, senior vice president of finance. "We continue to increase policyholders' equity so we have the resources required to serve the needs of new customers and to invest in managed care programs that will continue to control our customers' health care costs."
 In 1992, BCBSF incurred $25.2 million in income tax, a 142.3 percent increase over the $10.4 million paid in 1991. The increase was due to the company's earnings being taxed at a higher effective rate.
 Thomas attributed the growing financial strength of the company to its success in managed care. "Our commitment to managed care has enabled us to develop the largest network of physicians and hospitals in the state, which provides our customers with increasing access to high quality health care services at affordable cost," said Thomas.
 BLUE CROSS AND BLUE SHIELD OF FLORIDA CONSOLIDATED FINANCIAL SUMMARY
 (in millions)
 4Q 4Q YTD YTD
 1992 1991 1992 1991
 Revenue 470.9 439.2 1,881.3 1,690.9
 Claims Expense 358.8 334.4 1,417.3 1,280.4
 Total Expense 474.0 433.9 1,814.4 1,628.2
 Operating Income - 3.1 5.3 66.9 62.7
 Investment &
 Related Income 2.2 11.4 40.2 44.4
 Income Before
 Income Tax - 0.9 16.7 107.1 107.1
 Provision for
 Income Tax - 0.3 2.0 25.2 10.4
 Net Gain - 0.6 14.7 81.9 96.7
 Total Assets 924.3 743.0 924.3 743.0
 Policyholders'
 Equity 380.9 296.5 380.9 296.5
 -0- 3/1/93
 /CONTACT: Patrick McCabe, 904-791-6123, or Scott Barker, 904-791-6699, both of Blue Cross and Blue Shield of Florida/


CO: Blue Cross and Blue Shield of Florida ST: Florida IN: INS SU: ERN

JB-AW -- FL008 -- 1522 03/01/93 14:41 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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