[Vision2020] Some are doing well

[Ron Force]

Health insurers boost profits, reserves
By VANESSA HO
SEATTLEPI.COM STAFF

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.

Both companies attributed the earnings to stronger investment markets and fewer 
people using medical care than was expected. Premera spokesman Eric Earling said 
last year's flu season was less severe than anticipated and fewer people were 
having kids, possibly due to the economy. ..

...Premera president and CEO, H.R. Brereton "Gubby" Barlow, made $2.2 million, 
including a $1.2 million bonus. That's slightly less than last year.

Regence president and CEO Mark Ganz earned $748,140 in Washington, a bump up 
from his $575,885 earnings the year before. Those figures do not include Ganz's 
Oregon and Idaho earnings.

Last year, Ganz' compensation in Washington and Oregon alone was nearly $1.1 
million.

Story: http://www.seattlepi.com/local/436714_insurance07.html


      
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