PacificSource Reports 2021 3rd Quarter Results
Health insurer reports operating results and growth in capital balance
(SPRINGFIELD, Ore.) November 12, 2021 — PacificSource announced consolidated financial results for the first nine months of the year ending September 30, 2021, reporting $51M of GAAP earnings before taxes, on $2.3B of revenue. As a tax-paying entity, PacificSource also reported income tax expense of $14 million to achieve Net Income of $37M for the period.
“While financial performance has remained strong on a consolidated basis, the company has seen a steady increase in utilization and in Covid-19 testing and treatment costs. This escalation in claims expense has put some pressure on earnings, especially in our Commercial line of business. We anticipate those trends to continue, at least through the 4th Quarter of 2021,” said Peter Davidson, Executive Vice President and CFO of PacificSource. “PacificSource has built a strong level of capital reserves over the last decade and is in an excellent position to support our members and communities through the difficult period of the pandemic.”
PacificSource reported consolidated Net Income through September 30, 2021 at a net margin of 1.6%.
PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource has local offices throughout Oregon, Idaho, Montana and Washington. Through its subsidiaries, the company provides a wide array of fully insured, administrative service, and government health plan products. The PacificSource family of companies employs more than 1,500 people and serves over 600,000 individuals throughout the Greater Northwest. For more information, visit PacificSource.com.