PARKERSBURG, W.Va.- Highmark Health reports mid-fiscally that it is holding its ground amid some difficult financial conditions that have plagued the industry for the past several years.
“We have had strong financial performance across most of our businesses,” said David Holmberg, President and Chief Executive Officer of Highmark Health, during a conference call announcing mid-year financial performance on Tuesday.
Holmberg reported consolidated operating income of $13 billion for the first half. The Company reported operating income of $387 million and income of approximately $286 million excluding unrealized investment impact.
However, Holmberg noted that the year has not been without its challenges.
“We have not been immune to many of the financial headwinds that the entire industry has faced. These include labor shortages, supply chain disruptions and inflationary cost pressures, as well as the unrealized impact of financial markets on our investment portfolio. All of this resulted in us reporting a net loss of $174 million,” he added.
Despite the struggles, company officials believed that the company remains in a strong position going forward. Holmberg attributed this to several key strategic decisions to manage the pandemic.
“We weathered the storm thanks to its diversified business operating model, unique growth strategy, national scale and reach, and financial strength and stability,” he said.
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