Tufts Health Plan Announces First Quarter 2019 Financial Results
Tufts Health Plan reported a net income of $92.5 million for the first quarter
Watertown, MA – Tufts Health Plan today reported a net income of $92.5 million for the first quarter ended March 31, 2019. This amount comprised an operating income of $20.9 million and investment income of $71.6 million, with revenues of $1.34 billion. Membership was 1.16 million at the end of the first quarter.
“Our results are in line with our expectations, with strong membership growth year over year,” said Umesh Kurpad, chief financial officer. “Net income for the quarter takes into a consideration an accounting rule change that now requires us to include unrealized gains on our equity investments as income. The capital markets were especially strong in the first quarter, and the appreciation in the value of the company’s investment portfolio was included in net income. Additionally this year, we did not incur ACA taxes as we did in the prior period. As always, we continue our focus on effectively managing our medical and administrative costs on behalf of our members and customers.”
These results compare to a year ago when Tufts Health Plan reported a net loss of $26.9 million for the first quarter, comprising an operating loss of $36.1 million and investment income of $9.2 million with revenues of $1.31 billion. Membership was 1.15 million at the end of the first quarter 2018.