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 |
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) |
Quick Links
