(SPRINGFIELD, Ore.)—Springfield-based PacificSource announced consolidated year-to-date financial results through the third quarter of 2015, reporting GAAP earnings of $18.9 million before taxes on $913 million of revenue. As a tax paying entity, PacificSource also reported year-to-date net income after taxes of $10.2 million. The company reported net income after taxes of $2.4 million for the same period in 2014.
“We are pleased with the solid earnings results for the first nine months of 2015. While the market for individual policies continues to be challenging, our diversified business approach across the Northwest, coupled with a full range of Commercial, Medicare Advantage, and Medicaid products has meant that we are exhibiting strong earnings to support our members and add to our solid capital position. We are proud of the work we do across the communities we serve,” said Peter Davidson, Executive Vice President and CFO of PacificSource.
While the company continues to meet its targets across a wide array of fully insured, administrative service, and government plan products, the company did experience a loss in the individual commercial market.
“Due to the adoption of conservative accounting standards, PacificSource has not included an additional $25 million in revenue relating to the government’s Risk Corridor program for reimbursing health plans for losses in individual plans offered through the Exchange,” said Davidson.
About PacificSource:
PacificSource is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource is based in Eugene with local offices throughout Oregon, and in Idaho and Montana. The PacificSource family of companies employs more than 700 people, serves more than 280,000 individuals, and has 3,900 employer clients throughout the Northwest. For more information visit PacificSource.com.
