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Article: Blue Cross and Blue Shield of North Carolina Reports 1997 Financial Performance
- Article from:
- PR Newswire
- Article date:
- March 5, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DURHAM, N.C., March 5 /PRNewswire/ -- Blue Cross and Blue Shield of North Carolina, the state's largest and oldest health insurer, reported revenues of $1.6 billion for the year ending December 31, 1997. This represents a 4.7 percent or $73 million increase over the previous year. Total earnings, after taxes, were $25.2 million, up $7 million from 1996.
Increased medical costs coupled with ongoing work on computer systems, customer service improvements and new markets contributed to a net operating loss of $62.5 million, representing an additional loss of $16.7 million over 1996. However, the company's investment income was up over 30 percent in 1997, ...