Financials: Overview

Highmark Health remained financially strong in 2023, reporting $27.1 billion in operating revenue — 5% growth year over year. Net income was $533 million and operating margin was $338 million. As of December 31, 2023, the organization had $11 billion in cash and investments and net assets of $10 billion.

The organization's strong financial performance enabled Highmark Health to provide more than $225 million in community support, including charity care, uncompensated care, and corporate giving, and direct more than $825 million toward capital investments in its Living Health model and transformation strategy.

Highmark Health Plans

An independent licensee of the Blue Cross Blue Shield Association, Highmark Inc. (the Health Plan) and its affiliated health plans (collectively, Highmark Health Plans) reported an operating margin of approximately $400 million in 2023. This positive performance was driven by steady year-over-year membership, as enrollees sought the organization’s more affordable options. Core health plan and Blue Card membership stands at approximately 7 million Highmark members, and Highmark continues to be the largest health insurer in Pennsylvania, Delaware, West Virginia, and western New York.

Allegheny Health Network

Allegheny Health Network delivered earnings before interest, taxes, depreciation, and amortization of $117 million for 2023. Operating revenue was $4.7 billion for 2023, an 8% improvement year over year. Patient volumes improved over prior year in nearly all care delivery areas. Like provider networks nationwide, AHN continues to face higher costs related to inflationary pressures and labor driven by the national nursing shortage. Comprehensive, organization-wide strategies are in place to address these challenges.

enGen

enGen, a healthtech company whose platform serves millions of lives across the country, reported approximately $1.15 billion in revenue and strong operating results driven by higher platform enrollment. The organization continues to invest in product evolution and modernizing its platform to build capabilities that will improve the customer experience.

Diversified Businesses

Highmark Health diversified businesses continued to perform well in 2023. Notably, United Concordia Dental delivered over $1.6 billion in net revenue and a strong operating margin of $105 million in 2023, driven by solid results in both commercial and government lines of business. A stop loss business, HM Insurance Group, reached $1 billion in net revenue for the second time in company history, while reporting a strong operating margin of $55 million.