Blue Cross Blue Shield of Massachusetts Announces Second Quarter 2024 Financial Results

BOSTON August 15, 2024 — Blue Cross and Blue Shield of Massachusetts, Inc. and Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. (collectively, “Blue Cross”) today reported second quarter combined after-tax net income of $39.5 million on revenue of $2.4 billion (1.64% net profit margin). These results reflect an operating and other loss of $14.2 million (-1.14% operating profit margin) and investment income of $53.7 million.

Year-to-date, Blue Cross reported a combined net loss after tax of $2.0 million on revenue of $4.8 billion (-0.04% net margin). These results reflect an operating and other loss of $94.0 million (-2.24% operating margin) and investment income of $92.0 million.

“We continue to experience higher than expected claims volumes in both our private and Medicare members, including a rapidly growing number of claims for GLP-1 weight loss drugs,” said Chief Financial Officer Ruby Kam. “We expect this increased claim volume to continue into the second half of the year, which will further impact our financial performance. Our investment income is currently significantly higher than last year, helping to offset operating losses.”

Blue Cross is the leading private health insurer in Massachusetts with 3 million members.

About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (bluecrossma.org) is a nonprofit, tax-paying health insurance plan based in Boston that serves the community. We are committed to serving everyone as if they were the only one and guiding our members to the exceptional health care they deserve – affordable, equitable and seamless. In keeping with our commitment, we rank among the best health insurance plans in the country for member satisfaction and quality. Connect with us on Facebook, ÞjórsárdenYouTube and LinkedIn.