Tufts Health Plan Announces Second Quarter 2018 Financial Results

Tufts Health Plan reported a net income of $60.1 million for the second quarter

August 15, 2018  

Watertown, MA – Tufts Health Plan today reported a net income of $60.1 million for the second quarter ended June 30, 2018, on a GAAP basis. This amount comprised investment income of $12 million and operating income of $48.1 million, with revenues of $1.4 billion. Membership was 1,165,000 at the end of the second quarter.

“Our operating results were favorable in the second quarter, with all of our major business lines performing better than our expectations,” said Umesh Kurpad, chief financial officer. “We owe a great deal of gratitude to our employees, who work hard to bring high quality, affordable health plans to our customers and members. Despite a successful quarter, there is still much regulatory and legislative uncertainty, and we continue to stay close to potential changes locally and nationally which may affect our business.”

These results compare to a year ago when Tufts Health Plan reported a net income of $19.7 million for the second quarter, comprising investment income of $14.2 million and operating income of $5.5 million, with revenues of $1.2 billion. Membership was 1,115,000 at the end of second quarter 2017.

For the six months ended June 30, 2018, Tufts Health Plan reported a net income of $33.2 million, comprising investment income of $21.2 million and operating income of $12.0 million, with revenues of $2.7 billion. For the six months ended June 30, 2017, Tufts Health Plan reported a net income of $20.7 million, which was comprised of investment income of $23.4 million and an operating loss of $2.7 million, with revenues of $2.4 billion.