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Blue Cross Blue Shield of Michigan Answers Attorney General
Date:12/1/2008

DETROIT, Dec. 1 /PRNewswire/ -- Blue Cross Blue Shield of Michigan provided more than 300 pages of detailed financial and membership information today to Michigan Attorney General Mike Cox to answer his request for further information about Michigan's individual health insurance market. The information confirms growth of Michigan's individual health insurance market and escalating financial losses suffered by BCBSM, the state's last-resort insurance carrier, in its individual line of business.

The BCBSM data shows:

Financial losses in individual lines of business -- BCBSM lost $111 million on its individual lines of business in the first nine months of 2008, and expects losses to grow to $166 million by year end. The company projects to lose nearly $264 million on individual policies in 2009.

Risk-Based Capital position lower -- BCBSM reserves are deteriorating as measured by Risk Based Capital, fueled by the growing losses in the individual market. RBC is projected to fall from 627% in 2008 to below 450% by 2011. When RBC rapidly deteriorates below 600%, the Blue Cross and Blue Shield Association -- the licensing authority that owns the Cross and Shield brands -- may begin a warning and intensive monitoring process. If RBC continues to drop, this process may conclude with the revocation of the company's ability to operate as a licensed Blues Plan.

Membership growth in individual line of business -- BCBSM membership numbers substantiate dramatic growth in BCBSM's nongroup (under 65) line of business since 2006. Average BCBSM membership from January through June 2008 was 109,707 members, up 95 percent from 56,324 average membership from January through December 2006.

Investment portfolio conservative -- BCBSM's investment portfolio contributed to its financial health through September, due to the conservative, high-quality nature of investments which have collectively re
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SOURCE Blue Cross Blue Shield of Michigan
Copyright©2008 PR Newswire.
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