Annual Report
Financials

PDF Complete Audited Financial Report includes AUDITED STATUTORY-BASIS FINANCIAL STATEMENTS for Blue Cross and Blue Shield of Massachusetts, Inc. Years Ended December 31, 2010 and 2009 with Report of Independent Registered Public Accounting Firm. The report also includes the AUDITED STATUTORY-BASIS FINANCIAL STATEMENTS for Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. Years Ended December 31, 2010 and 2009 with Report of Independent Registered Public Accounting Firm.

Balance Sheet | Income Statement

 

Blue Cross and Blue Shield of Massachusetts, Inc. Combined Statutory-Basis Balance Sheets

(In thousands)

 

December 31

 

2010

2009

Admitted assets

 

 

Bonds

$1,069,125

$936,547

Preferred stock

2,699

750

Common stock

305,622

273,090

Properties occupied by the company

225,542

228,963

Cash, cash equivalents and short-term investments

55,434

178,301

Receivable for securities

8,595

4,789

Other invested assets

929,410

826,346

Total cash and invested assets

2,596,427

2,448,786

 

 

 

Accrued investment income

7,333

7,929

Premiums receivable

136,382

81,666

Reinsurance recoverable

8,200

7,013

Amounts receivable related to uninsured plans

172,435

157,648

Income tax recoverable

7,291

1,335

Net deferred tax asset

22,157

14,585

Data processing equipment

7,619

8,647

Receivable from affiliates

1,150

517

Health care and other amounts receivable

34,154

35,037

Other assets

41,749

35,714

     

Total admitted assets

$3,034,897

$2,798,877

 

 

 

Liabilities and surplus

 

 

Health care claim reserves

532,669

542,092

Accrued medical incentive pool and bonus payments

113,564

55,611

Aggregate policy reserves

94,250

31,341

Premiums received in advance

170,987

181,675

Federal income taxes payable

-

3,340

Accounts payable and accrued liabilities

214,028

209,796

Borrowed funds

25,012

-

Ceded reinsurance payable

9,335

8,502

Payable for securities

13,097

15,708

Liability for amounts held under uninsured plans

315,475

270,539

Liability for post-retirement benefits

55,158

50,547

Total liabilities

1,543,575

1,369,151

 

 

 

Surplus

1,491,322

1,429,726

 

 

 

Total liabilities and surplus

$3,034,897

$2,798,877

     

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Blue Cross and Blue Shield of Massachusetts, Inc. Combined Statutory-Basis Statements of Income

(In thousands)

 

Year Ended December 31

 

2010

2009

 

 

 

Premiums earned

$6,313,728

$6,718,983

 

 

 

Health care benefits

5,715,760

6,117,608

Claim adjustment expenses

357,979

391,972

General and administrative expenses

313,027

323,552

Change in premium deficiency reserve

27,000

-

Total expenses

6,413,766

6,833,132

 

 

 

Underwriting loss

(100,038)

(114,149)

 

 

 

Net investment income

78,828

77,408

Net realized capital gains (losses), less capital gains tax (benefit) of $2,973 and $(1,135) in 2009 and 2008, respectively

32,557

(110,548)

Total investment gains (losses)

111,385

(33,140)

 

 

 

Other income

773

317

 

 

 

Net income (loss) before federal income tax expense

12,120

(146,972)

 

 

 

Federal income tax (benefit) expense

(1,269)

2,244

Net income (loss)

$ 13,389

$ (149,216)

     

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BLUE CROSS BLUE SHIELD OF MA

Blue Cross Blue Shield of Massachusetts is an Independent Licensee of the Blue Cross and Blue Shield Association.
® Registered Marks of the Blue Cross and Blue Shield Association.
© 2014 Blue Cross and Blue Shield of Massachusetts, Inc., and Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc.
Landmark Center, 401 Park Drive, Boston, MA 02215-3326 | 1-800-262-BLUE (2583)