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N.C. Blue Reports Lower 2002 Net Income

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NU Online News Service, Feb. 28, 12:17 p.m. – Blue Cross and Blue Shield of North Carolina, Chapel Hill, N.C., is reporting $76 million in net income for 2002 on $2.9 billion in revenue, compared with $86 million in net income on $2.1 billion in revenue for 2001.

Some of the revenue increase is due to a large acquisition, and net results include $26 million in losses on investments sold and written-off in 2001.

The company ended 2002 providing or managing major medical coverage for 2.7 million people. It averaged about $1,070 in revenue per major medical member.