Independence Health Group, Inc., (Independence) the parent company of Independence Blue Cross, LLC, released its financial results for 2022, a preview of the organization’s annual report. Independence reported total revenue of $27.4 billion, up $2.65 billion or 10.7 percent over 2021. When revenues are combined with claims paid on behalf of self-funded employers, Independence had health care funds under management of $37.7 billion in 2022, up from $34.5 billion in 2021.

Independence’s revenue reflects sustained membership growth in its Medicaid managed care plans due to continuous enrollment requirement extended to Medicaid beneficiaries during the public health emergency. This higher revenue is partially offset by increased medical costs due to a return to more normalized healthcare utilization.

The company had net income of $156 million, due in part to an investment loss of $72 million (after-tax) driven by unrealized losses on equity securities and offset by normal recurring investment earnings within the portfolio. In 2022, Independence saw a net income margin of 0.6 percent of total revenue, down from 3.3 percent in 2021.