The four largest health insurers in Massachusetts posted large net earnings in 2011, surpassing profits in 2010 thanks to fewer individuals pursuing healthcare treatments, according to a Boston Globe report.
Here are the 2010 and 2011 net earnings of each health insurer in addition to the 2011 compensation of each health insurer's CEO, according to the report:
*Last year, BCBS of Massachusetts paid former CEO Cleve Killingsworth $11 million in total compensation after he abruptly resigned. Current CEO Andrew Dreyfus said in 2011 he would limit his salary to $800,000, including incentive pay.
Operating margins at each of the health insurers were: 0.7 percent for BCBS of Massachusetts, 3.3 percent for Harvard Pilgrim Health Care and 2 percent for Tufts Health Plan. In the third quarter of 2011, the operating margin for Fallon Community Health Plan was 3.2 percent.
Here are the 2010 and 2011 net earnings of each health insurer in addition to the 2011 compensation of each health insurer's CEO, according to the report:
|
Health Insurer |
2011 Profit |
2010 Profit (Loss in Parenthesis) |
CEO Compensation in 2011 |
|
Blue Cross Blue Shield of Massachusetts |
$136.1 million |
$13.4 million |
* |
|
Harvard Pilgrim |
$93.5 million |
$49.6 million |
Eric Schultz: $1.2 million |
|
Tufts Health Plan |
$87.6 million |
$58.8 million |
James Roosevelt Jr.: $1.7 million |
|
Fallon Community Health Plan |
$38.5 million |
($8.8 million) |
W. Patrick Hughes: $810,000 |
*Last year, BCBS of Massachusetts paid former CEO Cleve Killingsworth $11 million in total compensation after he abruptly resigned. Current CEO Andrew Dreyfus said in 2011 he would limit his salary to $800,000, including incentive pay.
Operating margins at each of the health insurers were: 0.7 percent for BCBS of Massachusetts, 3.3 percent for Harvard Pilgrim Health Care and 2 percent for Tufts Health Plan. In the third quarter of 2011, the operating margin for Fallon Community Health Plan was 3.2 percent.
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