Blue Cross of California Marks 3rd Profitable Quarter
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Blue Cross of California reported a profit of $700,000 for its first quarter that ended March 31, compared to a net loss of $31.1 million for the same period a year earlier. It marked the third consecutive quarterly profit for the Woodland Hills-based health insurer.
In the first quarter Blue Cross’ premium income was $441.4 million, down 9% compared to the year-earlier quarter. Premium income in the insurance industry is similar to revenue.
Blue Cross of California, a nonprofit organization that provides health insurance coverage to 5 million Californians, has been cutting costs and has sold some assets as it tries to rebound from sizeable losses in past years.
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