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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
 JACKSONVILLE, Fla., Feb. 28 /PRNewswire/ -- Blue Cross and Blue Shield of Florida announced today $23.6 million in operating income for the year by its Health Maintenance Organizations (HMO) -- Health Options, Inc. and Capital Health Plan. In the fourth quarter of 1991, the HMO group posted $9.3 million in operating income.
 Overall, Blue Cross and Blue Shield of Florida experienced operating income of $5.3 million for the fourth quarter of 1991. Corporate revenue for the fourth quarter increased by 14.8 percent over the same period a year ago, from $382.5 million to $439.2 million. At the end of the fourth quarter of 1991, policyholders' equity was $296.5 million, an increase of $17.6 million for the quarter.
 Policyholders' equity is a measure of the company's strength and its ability to meet its obligations during times of economic instability or when claims expenses are higher than anticipated. "Blue Cross and Blue Shield of Florida is building the level of policyholders' equity to match the growth of our business and our customer base. The equity provides a safety net for the future and enables us to develop new systems and to do the research and development necessary to create innovative new managed care programs for our customers," said Richard Thomas, senior vice president of Finance.
 "Growing strength in the company's managed care operations is the primary reason for our good performance," added Thomas. "We have the largest managed care enrollment and the largest managed care network in the state. As a result, we are able to provide more value to customers," said Thomas.
 BCBSF FINANCIAL SUMMARY (in millions)
 4Q 4Q YTD YTD
 1991 1990 1991 1990
 Revenue $439.2 $382.5 $1,690.9 $1,509.9
 Claims Expense 334.4 296.5 1,280.4 1,167.5
 Total Expense 433.9 382.6 1,628.2 1,485.3
 Operating Income 5.3 (0.1) 62.7 24.6
 Investment &
 Related Income 11.4 10.6 44.4 36.7
 Provision for
 Income Tax 2.0 0.3 10.4 1.3
 Net Gain 14.7 10.2 96.7 60.0
 Total Assets 743.0 644.9 743.0 644.9
 Policyholders'
 Equity 296.5 191.0 296.5 191.0
 -0- 2/28/92
 /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-JJ -- FL005 -- 3827 02/28/92 15:28 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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