Financials: Overview

In 2024, Highmark Health reported $29.4 billion in operating revenue — 9% growth year-over-year. Net income was $50 million and operating loss was $209 million. As of December 31, 2024, the organization had $11.7 billion in cash and investments and net assets of $9.8 billion.

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 operating revenue of $22 billion and an operating loss of $166 million in 2024. The health insurance organization faced increasing headwinds from rising health care usage, continued effects of Medicaid redeterminations, and high prescription drug costs, particularly GLP-1s (glucagon-like peptide-1 receptor agonists). Highmark Health Plans also reported increased core health plan and Blue Card membership for January 2025 compared to the same period in 2024, with 7.1 million members, maintaining Highmark Health Plans' position as the largest health insurer in Pennsylvania, Delaware, West Virginia and western and northeastern New York.

Allegheny Health Network

Allegheny Health Network's total revenue increased 9% year-over-year to $5.1 billion, and its operating loss improved 15% to $147 million compared to the same period last year, partially driven by increased patient volumes in all care delivery areas. The provider system reported $115 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year-end of 2024. While continuing to address rising medical cost trends through comprehensive operational strategies, AHN experienced overall financial improvements as increased network access and increased permanent staffing led to increased patient volumes.

enGen

enGen, a health tech company whose platform serves millions of lives across the country, reported $1.2 billion in revenue. 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 performed well in 2024. United Concordia Dental, which provides dental insurance to over 10 million members, delivered $1.7 billion in operating revenue and a strong operating margin of $105 million in 2024, driven by increased membership. Highmark Health's stop loss business, HM Insurance Group, reported $1.2 billion in operating revenue and $56 million operating margin.