April 1st, 2010

Reports the Patriot-News:

Health insurer Highmark Inc. doubled its profits in 2009, according to financial results announced this morning. Highmark said it had net income of $187.7 million, up from $94.1 million in 2008.

Net profit amounted to 1.4 percent of total income, up from 0.7 percent the previous year. Highmark reported total revenue of $13.7 billion, up from $13 billion. Highmark said 90 percent of health insurance premiums went toward medical care for members.

Highmark, which is based in Pittsburgh and has extensive operations in Cumberland County, attributed the profit growth to improved investment returns and strong performance and growth among its subsidiaries, which include companies that provide vision and dental benefits.

Highmark also said that, despite the poor economy and widespread job losses, the number of people with health insurance through Highmark has remained fairly steady. The company said it had ended 2009 with 4.7 million health insurance members, down from 4.8 million at the end of 2007.

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