Excellus posts $33M gain

March 8, 2011 Updated Mar 8, 2011 at 9:28 AM EDT

By Business First - by Tracey Drury

March 8, 2011 Updated Mar 8, 2011 at 9:28 AM EDT

Excellus Health Plan, the Rochester-based parent of Univera Healthcare, has reported a 0.6 percent operating gain -- or $33 million -- for fiscal 2010.

The company, which filed its annual reports with the State Insurance Department, reported net income of 0.9 percent or $44.5 million on $5.2 billion in revenue last year.

In a company press release, Excellus CFO Zeke Duda said nearly all of the net income and increased reserves came from investment income, rather than premium increases, "breaking even" on premium revenue for the third consecutive year.

The plan spent on average 88 percent of its premium revenue on medical care for members, with total enrollment through Dec. 31 of nearly 1.8 million members for health insurance and self-funded business. Enrollment for dental products represented another 647,000 members.

Companywide, Excellus processed more than 49 million claims, paying $4.6 billion to more than 18,000 Upstate physicians, 130 hospitals, 61,000 pharmacies and other providers.

Three corporate officers received salaries topping $1 million: David Klein, CEO, $1.9 million; Zeke Duda, CFO, $1.36 million; and Christopher Booth, COO, $1.05 million.

The company pointed out that compensation for the three top officers declined for the second consecutive year due to financial performance in prior years. A portion of compensation paid to management comes from sources of revenue from subsidiary companies, not just health plan premiums.

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