For years, WRAL News has reported on Blue Cross Blue Shield of North Carolina’s finances, rising premiums and executive bonuses. Despite the lingering impact of the pandemic, 2021 turned out to be very healthy year for the insurer’s bottom line.
“We had a good year, and I’m very proud of our year,” Chief Financial Officer Mitch Perry told WRAL News. He says the state’s largest insurer stands on solid ground for its increasing membership base and employees.
Perry says the worldwide, two-year year battle with COVID-19 is proof that insurance companies always need to be prepared, “I think the pandemic is an unfortunate example, but it’s also a very strong example of why it’s important for us to be financially stable,” he said.
According to an annual report filed with the state’s Department of Insurance, BCBSNC had $10.7 billion in annual revenue in 2021, including nearly $570 million in net revenue, often considered profit for a non-profit company. That’s a 118% jump from 2020 and a 16% increase from pre-pandemic 2019.