Blue Cross of California, one of the...

Blue Cross of California, one of the state’s biggest health insurers but struggling financially, said it lost $20.5 million in the second quarter, giving it a $51.6-million loss for the first six months of 1988. However, Woodland Hills-based Blue Cross said the six-month loss, which came on premium income of $1 billion, narrowed from the $66.9 million it lost in the first half of 1987. Meanwhile, Blue Cross confirmed that on June 30 it signed a definitive agreement to sell its TakeCare health maintenance organization to an investor group for an undisclosed price. The deal is expected to be completed by year’s end.