Priority Health's net income in 2022 was nearly three times higher than earnings recorded in 2021, MiBiz reported March 10.
Priority is the insurance arm of Corewell Health, which is dually headquartered in Grand Rapids and Southfield, Mich. Corewell was formed by the merger of Spectrum Health and Beaumont Health in February 2022.
The health plan recorded $209.9 million in net income in 2022 compared to $76.4 million in the year prior. Premium revenue in 2022 was $6.21 billion compared to $5.8 billion in 2021.
Last year, the company recorded an operating income of $59.4 million from health plan sales compared to $33.4 million in 2021. Investments generated $150.8 million in 2022 compared to $43 million in 2021, according to the report.
Priority's CFO Nick Gates told MiBiz that the 2022 results were "really a great accomplishment when looking at how the industry has performed, particularly other Michigan health plans. For 2023, we're optimistic that we are well-positioned for growth. We have a very strong balance sheet."
In March, BCBS Michigan reported a $777 million loss for 2022, driven in part by the ongoing cost of the COVID-19 pandemic and pricing pressures in Medicare Advantage.