Tufts Health Plan Announces Third Quarter 2018 Financial Results

Tufts Health Plan reported a net income of $61.6 million for the third quarter of 2018

November 15, 2018  

Watertown, MA – Tufts Health Plan today reported a net income of $61.6 million for the third quarter ended September 30, 2018 on a GAAP basis. This amount comprised investment income of $7.4 million and operating income of $54.1 million, with revenues of $1.3 billion. Membership was 1,161,000 at the end of the third quarter.

“Our operating results were strong and reflect a well-diversified performance across our product lines, delivering increased value to our members and customers,” said Umesh Kurpad, chief financial officer. “We owe a great deal of credit to our employees, who work tirelessly every day to support our mission and advance our programs, services and capabilities.”  

These results compare to a year ago when Tufts Health Plan reported a net income of $42.5 million for the third quarter, comprising investment income of $6.3 million and operating income of $36.2 million, with revenues of $1.2 billion. Membership was 1,107,000 at the end of third quarter 2017.

For the nine months ended September 30, 2018, Tufts Health Plan reported a net income of $94.8 million, comprising investment income of $28.7 million and operating income of $66.1 million, with revenues of $4 billion.  For the nine months ended September 30, 2017, Tufts Health Plan reported a net income of $63.2 million, which was comprised of investment income of $29.7 million and an operating income of $33.5 million, with revenues of $3.7 billion.