Excellus Blue Cross Blue Shield is reporting its financial results from last year, and the health insurer says it made a profit of 1 percent, which amounts to about $58 million.
The company says the net income goes into Excellus’ reserves to protect members from higher-than-expected claims expenses or lower-than-anticipated revenues.
Excellus took in premium revenues of $5.9 billion in 2015.
Administrative costs to run the business declined $13 million compared to the prior year. An Excellus spokesperson says the costs were reduced with the help of efficiencies made in the business.
CEO Chris Booth’s annual compensation last year was $1.9 million, an increase of a little less than 4 percent from the year before.
Other Excellus salaries in 2015 included just over $1 million for chief financial officer Dorothy Coleman and just over $786,000 for Stephen Sloan, chief administrative officer and general counsel.
Excellus says compensation, which is set by the company’s board of directors, is based on market-based data and performance.
