Blue Cross remains well below its state-imposed reserve maximum
DETROIT (AP) -- Blue Cross Blue Shield of Michigan says it earned $222 million on revenues of $19.2 billion in 2010.
The non-profit insurer said Tuesday that its bottom line was helped by good returns on investments and efforts to control administrative costs. Blue Cross lost $168 million overall in its insurance business, with heavy losses coming in its policies to supplement Medicare.
The Detroit-based insurer says it maintained a $2.76 billion surplus or reserve in 2010. Blue Cross remains well below its state-imposed reserve maximum.
The Blues say chief executive Dan Loepp earned $2.75 million in 2010 including performance incentives, up from $1.76 million in 2009.
Blue insurer says Loepp's 2009 income was lower in large part because he voluntarily returned $340,000 that year.
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