Canton, MA, August 13, 2021 – Point32Health today reported an adjusted net loss of $42 million for the six months ended June 30, 2021. Adjusted net loss includes an operating loss of $104.9 million and investment income of $69 million, excluding market-to-market investment gains and losses on equity securities, with revenues of $4.7 billion. Membership was 2.3 million.

“We continue to see significant medical costs associated with the treatment of COVID-19, as well as costs associated with vaccine administration, totaling close to $160 million so far this year.  These costs are principally funded from our capital reserves.  We are also navigating financial pressure in some of our government-sponsored programs,” said Umesh Kurpad, chief financial officer, Point32Health. “Membership across all lines remains stable as we continue with the integration efforts of our heritage organizations which is solidly on track.”

These financial results compared to the first six months of 2020, when the organization reported an adjusted net income of $56 million, which comprised an operating income of $43.5 million and investment income of $19.5 million, excluding market-to-market investment gains and losses on equity securities, with revenue of $4.4 billion. Membership was 2.3 million at the end of the first six months of 2020.

For the second quarter ended June 30, 2021, Point32Health reported an adjusted net loss of $15.8 million, which comprised of an operating loss of $66.7 million and investment income of $53.6 million, excluding mark-to-market investment gains and losses on equity securities, with premiums and fees of $2.4 billion.

These results compare to a year ago when Point32Health reported an adjusted net income of $76 million for the second quarter ended June 30, 2020. Adjusted net income comprised an operating income of $76.8 million and investment income of $6 million, excluding mark-to-market investment gains and losses on equity securities, with premiums and fees of $2.2 billion.