2022 Financial Results
Blue Cross & Blue Shield of Rhode Island realized an after-tax net gain of $21 million in 2022. In part this reflects greater-than-expected enrollment in health plans throughout the year. This allows our not-for-profit company to reinvest in serving members and the community, addressing needs in areas such as food security, housing, and health equity.
$21,043,000
Overall Profit/LossOverall Profit/Loss
This positive financial result allowed us to contribute $21 million into reserves, money we set aside for the protection of all our members to pay future claims. This helped to offset a reduction in the reserves due to investment declines.
$408,955,000
Statutory Reserves as of 12/31/2022Statutory Reserves
In 2022, statutory reserves that we held for the protection of our members totaled almost $409 million at year-end. This reflects a reduction of $25.7 million due to investment declines.
$1,883,598,000
Premium Revenue$7,028,000
Investment Revenue$1,890,626,000
Total RevenueTotal Revenue
In 2022, we recorded almost $1.9 billion in premiums from members (individuals and employers). We also recorded a $7 million gain on investment revenue.
$1,631,116,000
Payments to Providers$237,857,000
Administrative Expenses$610,000
Other Expenses$1,869,583,000
Total ExpensesTotal Expenses
From total revenue, more than $1.6 billion was used for medical and dental claims for our members. This amount accounted for 86.6% of premium revenue collected. The company spent almost $237.9 million (including premium taxes) on expenses to support the core operations of our business, or 12.6% of premiums.
$21,043,000
Net GainNet Gain
Overall, total revenue stood at just over $1.89 billion, and expenses were nearly $1.87 billion in 2022, resulting in a net gain of just over $21 million.
NOTE: Numbers may not add up due to rounding.
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.