Strong operating performance across insurance business units drives positive consolidated results
Allegheny Health Network reports 8% operating revenue growth and 5% EBITDA increase year-over-year
PITTSBURGH, Aug. 29, 2024 /PRNewswire/ -- Highmark Health today announced consolidated financial results for the first six months of 2024, reporting $14.7 billion in revenue, an operating gain of $307 million, and net income of $417 million.
These results are due to the strong operating performance of the organization's insurance business units, notably Highmark Health Plans, United Concordia Dental and HM Insurance Group, driven by steady membership and affordable product options. Additionally, Highmark Health's provider network, Allegheny Health Network (AHN), experienced increased patient volumes over the first six months of 2024 in nearly all care delivery areas.
Highmark Health maintained a strong balance sheet with $11 billion in cash and investments and net assets of $10 billion as of June 30, 2024.
"As a purpose-driven nonprofit with a customer-first culture, Highmark Health's sustained strong financial performance enables us to invest, grow and innovate in ways that create value for our customers and communities," said David Holmberg, president and chief executive officer of Highmark Health. "Our Living Health model is the heart of that work. We are transforming the ecosystem around a person's health, coverage and care so it is simpler, better connected, more proactive and personalized. That's 'value' from the perspective of our health ...
