PacificSource Reports 2017 2nd Quarter Results
Health insurer continues to report strong operating results in 2017
(SPRINGFIELD, Ore.) August 17, 2017— PacificSource announced consolidated financial results for the first six months of the year ending June 30, 2017, reporting $37M of GAAP earnings before taxes, on $687M of revenue. As a tax paying entity, PacificSource also reported income tax expense of $15 million to achieve Net Income of $22M for the period.
“PacificSource has adopted a diversified approach across our different insurance markets and geographies and that has helped us meet our goals during a challenging time in the industry,” said Peter Davidson, Executive Vice President and CFO of PacificSource. “We continue to see steady growth in our commercial lines of business as well as improvements in the performance of the individual and small employer group markets. Additionally, we’ve had great success this year in helping Self-Insured employers with their company health plans.”
PacificSource’s strong operating results for 2017 have led to Net Income tracking right on budget through June 30, 2017, at a net margin of 3%.
PacificSource is an independent, not-for-profit community health plan serving the Northwest. Through its subsidiaries, the company provides a wide array of fully insured, administrative service, and government health plan products. Founded in 1933, PacificSource is based in Springfield, Ore. with local offices throughout the state, as well as 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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