NOTE: Numbers may not add up due to rounding.
For the fifth consecutive year, we have shown positive financial results, allowing us to contribute almost $18.9 million into reserves, money we set aside for the protection of all our members to pay future claims.
In 2021, statutory reserves that we held for the protection of our members totaled $434.7 million at year-end.
In 2021, we recorded $1.8 billion in premiums from members (individuals and employers). We also recorded a $17.1 million gain on investment revenue.
From total revenue, more than $1.5 billion was used for medical and dental claims for our members. This amount accounted for 85.9% of premium revenue collected. The company spent $238.9 million (including premium taxes) on expenses to support the core operations of our business, or 13.3 % of premiums. An additional $17.9 million was spent on other expenses, including $3.3 million on assessments required by the Affordable Care Act.
Overall, total revenue stood at just over $1.8 billion, and expenses were just under $1.8 billion in 2021, resulting in a net gain of almost $13.2 million.
This formulation represents unaudited results utilizing Statutory Accounting Principles. The Blue Cross and Blue Shield Association licenses Blue Cross & Blue Shield of Rhode Island to offer certain products and services under the Blue Cross and Blue Shield brand names. Blue Cross & Blue Shield of Rhode Island is an independent organization governed by its own Board of Directors and solely responsible for its own debts and other obligations. Neither the Association nor any other organization using the Blue Cross and Blue Shield brand names acts as a guarantor of Blue Cross & Blue Shield of Rhode Island’s obligations. A copy of Blue Cross & Blue Shield of Rhode Island’s most recent financial statements is available at the state Department of Business Regulation.