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Blue Cross reports $12M in net income for 2009

By AP

LANSING, MI –

Blue Cross Blue Shield of Michigan reports $12 million in net income for 2009.

The company says Monday its bottom line was boosted by investment returns of $241.5 million. Blue Cross also took steps to cut costs last year, including a voluntary severance program that reduced its workforce by about 1,000.

Blue Cross says it's still losing money on health insurance policies for people buying their own coverage.

The nonprofit reports net underwriting losses of $257 million for 2009. Blue Cross says it had a $280 million net underwriting loss on individual policies, including those for people under age 65 who aren't covered by employer plans and in Medicare
supplemental policies.

Blue Cross covers more than 4 million Michigan residents, although membership dropped by 6% last year.

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