PacificSource Health Plans Reports 2016 Annual Results
Health insurer reports breakeven operating results for year in 2016
(SPRINGFIELD, Ore.) Mar. 8, 2017— PacificSource Health Plans announced consolidated financial results for the year ended December 31, 2016, reporting breakeven GAAP earnings before taxes, on $1.1B of revenue. As a tax paying entity, PacificSource also reported an income tax expense of $10 million.
“2016 was an eventful year for PacificSource as we executed our affiliation with Legacy Health and experienced strong membership growth for 2017,” said Peter Davidson, executive vice president and CFO of PacificSource. “We were satisfied with our overall results given that the market for individual policies continues to be challenging for all insurers. Our diversified mix of business across the Northwest, with a range of Commercial, Medicare Advantage, and Medicaid products has allowed us to maintain and grow our strong capital position.”
While the company continues to meet its targets across a wide array of fully insured, administrative service, and government plan products, the company continued to report substantial losses on its individual commercial policies.
About PacificSource Health Plans:
PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource is based in Eugene with local offices throughout Oregon, and in Idaho and Montana. The PacificSource family of companies employs more than 900 people, serves more than 300,000 individuals, and has 3,900 employer clients throughout the Northwest. For more information visit pacificsource.com.
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