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August 09, 2001 at 08:00 PM
NU Online News Service, Aug. 9, 4:35 p.m. – Blue Cross and Blue Shield of North Carolina, Chapel Hill, N.C., is reporting $34 million in net income for the first half on $1.1 billion in revenue, up from $25 million in net income on $1 million in revenue for the first half of 2000.
Operating nearly doubled, to $35 million, from $18 million.
Enrollment held steady at 2.1 million, and commercial insured enrollment increased 4%, to 712,585.
The company generated an average of $16 in net income and $524 in revenue per member, compared with $13 in net income and $488 in revenue per member for the first half of 2000.
Although premium revenue was up, investment income fell to $18 million, from $24 million. The decrease was due in part to the need to make allowances for possible losses on California utility bonds, the company says.
One cost that rose significantly was commissions paid to brokers: broker commissions for the half rose 18%, to $28 million.
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