Health Care Service Corporation, the parent company of BCBS Illinois, Texas, New Mexico, Oklahoma and Montana, posted a net income of nearly $1.5 billion last year, according to the company's 2022 annual report published May 15.
HCSC reported an underwriting gain of $964 million in 2022, compared to $485 million in 2021, with company growth and lower COVID-19 claim severity supporting the strong results.
Premium revenues were $49.3 billion in 2022, up 7.4 percent from $45.9 billion in 2021. Net income was up more than 19 percent, growing from $1.2 billion in 2021.
In total, the company serves more than 17.5 million members across five states.