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BLUE CROSS REPORTS IMPROVED RESERVES, INCOME

 BLUE CROSS REPORTS IMPROVED RESERVES, INCOME
 CLEVELAND, Sept. 22 /PRNewswire/ -- Blue Cross & Blue Shield of Ohio


(BCBSO) today released second quarter financial results that show strong performance for the first half of 1992, especially the building of reserves to more than $184 million.
 "The good news for policyholders is that Blue Cross & Blue Shield of Ohio is financially strong and getting stronger," said Kent W. Clapp, BCBSO president and chief operating officer. "We're ahead of projections in some major areas."
 BCBSO cited downward trends in some significant measures of utilization for June 1992 versus June 1991:
 -- Average hospital length of stay declined from 5.14 days to 4.85 days.
 -- Number of cases per thousand subscribers declined from 86.07 to 77.07.
 -- Hospital days per thousand subscribers declined from 442.05 to 373.97.
 "Clearly, cost-containment measures are having a very positive effect for BCBSO and its policyholders, especially in terms of reduced utilization and provider charges," said Clapp.
 Second quarter revenue increased $29.4 million (up 8.2 percent), investment income increased 12.7 percent and net income improved $9.3 million, a 215 percent increase from the prior year. Net revenue totaled $386.8 million for second quarter 1992 versus $357.3 million a year ago. Quarterly net income was $13.6 million versus $4.3 million the year before.
 The following first half (year-to-date) results are in accordance with Generally Accepted Accounting Principles (GAAP):
 -- Reserves for the protection of policyholders increased 35.3 percent ($48.1 million) to $184.4 million at June 30, versus $136.3 million a year earlier.
 -- Net income was $17.5 million, up $13.2 million from $4.3 million recorded for the first six months of 1991.
 -- Income from BCBSO investments rose to $8.6 million for the second quarter of 1992 versus $8.1 million for the corresponding period in 1991.
 -- Net revenue (premiums earned) increased $50.3 million to $758.8 million at June 30, 1992, versus $708.5 million at June 30, 1991.
 -- Income from underwriting of $9.9 million compared favorably with the loss of $3.6 million for the same period the year before.
 -0- 9/22/92
 /EDITOR'S NOTE: For further information or a copy of the quarterly financial statement, contact Paula Slimak, 216-696-7750.
 /CONTACT: David Eden or Paula Slimak, both of William Silverman & Co., 216-696-7750, for Blue Cross & Blue Shield of Ohio/ CO: Blue Cross & Blue Shield of Ohio ST: Ohio IN: INS SU: ERN


BM -- CL007 -- 2114 09/22/92 11:00 EDT
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Date:Sep 22, 1992
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