Hawaii Medical Service Association continued its profit streak in the second quarter, posting a $9.4 million gain, up from $5.8 million in the year-earlier period.
The state’s largest health insurer, with 699,771 members and $431.3 million in reserves, collected $610.7 million in revenue and spent $554.1 million in medical expenses in the quarter ended June 30. Administrative expenses totaled $52.4 million, resulting in an operating gain of $4.2 million. After other items, including investment gains of $4.6 million, HMSA’s profit grew to $9.4 million.
The health plan recorded a $12.8 million profit in the three months ended March 31, its highest first-quarter gain since 2004.