Financial Report

Financial Statements
Balance Sheet December 31, 2012 December 31, 2013
Assets    
Cash & Cash Equivalents 
$ 46,763,000 $ 78,197,000
Accounts Receivable 84,356,000 92,075,000
Investments 332,452,000 242,989,000
Land and Buildings 25,818,000 24,503,000
EDP Equipment 7,334,000 11,511,000
Other Assets 9,167,000 8,914,000
Total Assets $ 505,890,000 $ 458,189,000
     
Liabilities & Reserves    
Claims Payable $ 155,570,000 $ 176,577,000
Premiums Received in Advance 16,797,000 20,709,000
Accounts Payable 61,556,000 61,815,000
Total Liabilities 233,923,000 259,101,000
Reserve for Contingencies 271,967,000 199,088,000
Total Liabilities and Reserve $ 505,890,000 $ 458,189,000
     
     
Statement of Operations    
  Year ending
Dec. 31, 2012
Year ending
Dec. 31, 2013
Premium Income $ 1,106,309,000 $ 1,195,644,000
Claims Incurred 997,076,000 1,108,368,000
Operating Expense 82,140,000 98,168,000
State Premium Tax 12,987,000 14,325,000
Operating Gain/(Loss) 14,106,000 (25,217,000)
Other Income/(Loss) 12,541,000 (52,549,000)
Income Tax Provision 4,554,000 3,022,000
Net Income $ 22,093,000 $ (80,788,000)
     
     
Changes in Reserves for Contingencies    
Prior year balance  $ 270,295,000  $ 271,967,000
Change in Unrealized Gain/(Loss) (13,232,000) 15,716,000
Change in Non-Admitted Assets (9,475,000) 15,861,000
Change in Net Deferred Income Tax 2,286,000 1,229,000
Impact from Change in Accounting Principles for Pension - (24,897,000)
Net Income (Loss) to Date 22,093,000 (80,788,000)
End of Year balance $ 271,967,000 $ 199,088,000

 

Blue Cross Blue Shield of North Dakota is a mutual not-for-profit organization and reports its financials in accordance with that structure.

The Blue Cross and Blue Shield Association licenses Blue Cross Blue Shield of North Dakota (BCBSND) to offer certain products and services under the BLUE CROSS® and BLUE SHIELD® brand names. BCBSND is an independent organization governed by its own Board of Directors, and responsible for its own obligations. A copy of BCBSND's most recent audited financial statement is available on request to BCBSND.