BCBS Vermont posted a net income of $63.3 million in 2025, along with an underwriting gain of $47.3 million, the insurer confirmed to Becker’s.
The insurer reported a $53 million operating gain and a 2.7% operating margin for 2025, according to a March 2 earnings release. Total revenue was $2 billion, with the company paying $1.8 billion for member health expenses.
The company attributed performance to aligned premium and medical expenses, a disciplined operating budget, and resolved negotiations with Burlington-based University of Vermont Medical Center and BCBS Vermont’s pharmacy benefit manager.
The insurer also repaid a $30 million surplus note from parent organization BCBS Michigan that elevated reserves during a claims surge.
The company said in October it would exit Medicare Advantage in 2026. The decision was due to pressures stemming from other payers leaving, CMS funding and high utilization, CFO Ruth Greene said on a media call. BCBS Vermont CEO Beth Roberts previously told Becker’s the state’s healthcare landscape lends itself to hospital care, another cost driver. For 2024, BCBS Vermont had a $62 million underwriting loss, with 2025 marking a significant improvement.
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