PacificSource Health Plans Reports Second Quarter Results
Health insurer reports $5.2 million in net income through the first six months of 2016
(SPRINGFIELD, Ore.) Aug. 29, 2016— PacificSource Health Plans announced consolidated year-to-date financial results through the second quarter of 2016, reporting GAAP earnings of $13.5 million, before taxes, on $620 million of revenue. As a tax paying entity, PacificSource also reported year-to-date net income of $5.2 million, after taxes.
“We are pleased with our solid earnings results for the first six months of 2016,” said Peter Davidson, executive vice president and CFO of PacificSource. “While the market for individual policies continues to be challenging for all insurers, our diversified business approach across the Northwest, coupled with a full range of Commercial, Medicare Advantage, and Medicaid products has meant that we are able to produce the necessary earnings to support our members and add to 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 did experience a loss in the individual commercial market.
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 750 people, serves more than 275,000 individuals, and has 3,900 employer clients throughout the Northwest. For more information visit pacificsource.com.
PacificSource Media Contact:
Lee Dawson: 503-210-2554, email@example.com