Excellus Blue Cross Blue Shield is reporting its financial results from last year, and the health insurer says it made a profit of one percent, which amounts to about $58 million in net income, or an operating gain of $23.4 million.
That's an improvement from the previous year, when it saw an operating loss of just over $55 million
The company says the net income goes into Excellus’ reserves to protect members from higher-than-expected claims expenses or lower than anticipated revenues.
Excellus took in premium revenue of $5.9 billion in 2015. The company says that 88 percent of its revenue from health premiums last year was spent on paying for medical benefits.
Administrative costs to run the business declined $13 million dollars compared to the prior year. An Excellus spokesperson says the costs were reduced with the help of efficiencies made in the business.
In terms of executive compensation, CEO Chris Booth, had annual compensation of $1.9 million last year, which was up nearly four percent from the year before.
Other Excellus salaries in 2015 included just over $1 million for chief financial officer Dorothy Coleman and just over $786,000 for chief administrative officer and general counsel, Stephen Sloan.
Excellus says that compensation, which is set by the company’s board of directors, is based on market-based data and performance.
