Blue Cross and Blue Shield of North Carolina reported a net income of $36 million in 2022, for a thin net operating margin of .33 percent.
In its 2022 financial report published March 1, the nonprofit reported per-member medical costs declined by 3.3 percent in 2022, excluding prescription drug costs.
Drug costs increased by 5.1 percent overall, and 9 percent for specialty drugs.
Blue Cross NC reported a $78 million loss in its investment portfolio because of "inflationary pressures and high market volatility." The company's operating income ratio was -1.6 percent for 2022.
As a nonprofit, net income is invested back into the company. Blue Cross NC currently has 5.3 months in reserve cash, according to the report.
"The economies of the U.S. and beyond continue to bring significant fluctuations in financial markets and a general rise in overall consumer prices," Mitch Perry, Blue Cross NC's CFO, said in a news release.
At the end of 2022, Blue Cross NC had 4.4 million members, according to the earnings report.