Point32Health reported an adjusted net income of $248 million in the first quarter, a sharp reversal from a $21 million adjusted net income a year prior.
The insurer, parent company of Harvard Pilgrim Health Care and Tufts Health Plan, said the Q1 results included an operating income of $86 million, investment income of $6 million, and a gain from the sale of its Integra Partners subsidiary. Revenues were $2.4 billion and membership was nearly 2 million.
In the first quarter of 2025, the company reported an operating loss of $39 million and investment income of $61 million, on revenues of $2.4 billion and membership of approximately 2 million.
“While we are optimistic for the remainder of the year, we recognize that medical and pharmaceutical cost trends remain volatile and will continue to present challenges,” CFO Michael Marrone said.
The Q1 results follow a difficult 2025 for the insurer, which posted a $301 million operating loss for the full year, offset by $167 million in investment income for an adjusted net loss of $141 million. To help address those losses, the company cut GLP-1 coverage for weight loss and reduced its workforce by more than 460 employees across two rounds of layoffs last year.
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