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BLUE CROSS REPORTS STRONG THIRD-QUARTER FINANCIAL RESULTS

 BLUE CROSS REPORTS STRONG THIRD-QUARTER FINANCIAL RESULTS
 CLEVELAND, Dec. 5 /PRNewswire/ -- Blue Cross & Blue Shield of Ohio today released third quarter financial results consistent with exepctations for an exceptionally strong finish for 1991.
 "Blue Cross showed strong performance during the first half of the year, and the numbers indicate an even stronger second half in terms of net income and reserves," said Kent W. Clapp, Blue Cross senior vice president and chief financial officer.
 Reserves for the protection of policyholders have increased 58 percent ($54.6 million) to $149.3 million at Sept. 30, versus $94.7 million a year earlier, in accordance with Generally Accepted Accounting Principles. The third quarter reserve level already surpasses last year's year-end reserves of $130.2 million by nearly $20 million.
 Net income was $17.3 million at Sept. 30, up $22.3 million from a loss of $5 million at the end of September 1990. For the third quarter alone, net income was $12.9 million versus $10.5 million the year before.
 Investment income increased to $12.5 million at Sept. 30 versus $11.5 million for 1990. For the third quarter alone, investment income was $4.5 million versus $4.8 million the year before.
 Clapp noted that, as a non-profit mutual health insurance company, Blue Cross pays no dividends to shareholders, but it does pay taxes as do commercial insurers.
 "Earnings and savings accrue strictly to the benefit of policyholders, especially in terms of increased reserves," Clapp said. "Our main goal is to provide quality coverage to the greatest number of people at the lowest cost."
 -0- 12/5/91
 /CONTACT: Paula Slimak of William Silverman & Co., 216-696-7750; for Blue Cross & Blue Shield of Ohio/ CO: Blue Cross & Blue Shield of Ohio ST: Ohio IN: HEA SU: ERN


LC -- CL006 -- 9642 12/05/91 11:45 EST
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Publication:PR Newswire
Date:Dec 5, 1991
Words:307
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