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BCBS MI reports $222M net income for 2010

The Detroit News, March 2, 2011

A surge in the value of its investment portfolio helped Blue Cross Blue Shield of Michigan avoid a financial loss in 2010, but the nonprofit continued to lose money on its insurance business. Blue Cross said Tuesday it made $222 million in 2010 on revenue of $19.2 billion, slightly below 2009's profit of $233 million. But the state's insurer of last resort lost $168 million on its insurance lines, driven by a $200 million loss on its Medicare supplemental business and a $51 million loss on individual policies for those under 65, said Paul Mozak, the Blues' vice president of finance. Some products were profitable, including the company's group insurance plans, he said.

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