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IBC reports 25 percent drop in profits
#1
Quote:IBC reports 25 percent drop in profits

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Independence Blue Cross' profits tumbled last year to their lowest level since the region's largest health insurer lost money in 2008 and 2009, according to IBC's annual report on its web site.

The Center City company reported net income of $142.6 million in 2013, down by a quarter from $191.5 million in 2012, despite a 5 percent increase in revenue, the annual report's barebones financial statement said.

Total revenue was $11.05 billion, up from $10.48 billion, the company said.

"Amid dramatic changes in health care, we are pleased to report a year of financial stability," M. Walter D'Alessio, chairman of IBC's board of directors, and Daniel J. Hilferty, the company's chief executive, said in a commentary at the beginning of the annual report.

In May 2013, IBC held a teleconference for reporters and issued a news release for its 2012 financial results. This year the report was posted on the web site with no fanfare.

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#2
My heart sank there for a second....glad to see this isn't about root beer....
"What you're feeling now ain't the worst pain. The worst thing is not feeling the hurt anymore."
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#3
Technically speaking the Blues are non-profit companies. There are no owners or shareholders and no dividends are paid. They do keep large financial reserves to keep operations running smoothly and handle any spikes in claim activity.

What this release shows is a decrease in revenues which could be due to a decrease in paid membership or an increase in indigent membership. What the article does not mention is if revenues were sufficient to cover expenses. If that is the case then Independence (or any other Blue) will be ok.
Ammunition, it's the new lead bullion. Buy it cheap and stack it deep.
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#4
Hopefully they would have to give up their suite at flyers games, I would miss the great buffet and top shelf drinks.
Dave, proudly annoying members of pa2a.org since Sep 2012.
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