Is it morally right to gouge people for their health care just to make $119 million profit? Looking at the news online today, I came across an interesting article at Seattle PI. Two of the three health insurers showed a profit. Group Health showed a $32 million loss but an increase of 40,000 members and the CEO took a pay cut. I am not sure if those number match up. But the article says they are trying to do the right thing and bring down health care cost. (And I have a bridge for sale)
Jock
Health insurers boost profits, reserves
Washington's largest health insurers mostly bounced back from the recession last year, with bigger profits and reserves, according to annual statements filed this month.
Regence BlueShield continued its upward trend, with a $51.3 million profit and $956.5 million surplus, a record high in a decade. The insurer posted an underwriting gain of $10.5 million, reversing a two-year slide in insuring activities.
Premera Blue Cross also reversed its downward course, with $119 million in profit and $879.4 million in surplus. The company's net income was a significant rise over its 2009 earnings of $21 million, and higher than its pre-recession profits of 2006 and 2007. Like Regence, Premera's surplus also hit a 10-year high.
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By VANESSA HO
SEATTLEPI.COM STAFF
