Blue Shield of California lost $910 million in 2022 as medical costs rose, according to the company's 2022 annual report.
Medical benefits cost the company $22.1 billion in 2022, up from $20.1 billion in 2021 and $18 billion in 2020, according to the report, published May 4.
The company's total revenue in 2022 was $23.9 billion, accounting for a $189 million loss in investment income.
In 2021, the company posted $237 million in net income, and $680 million in net income in 2020.
The nonprofit health plan had 4.8 million members in 2022.