Press Release

• Allegheny Health Network reports 12% revenue growth, $72 million operating income, a $129 million increase year over year
• Highmark Health Plans reports 13% revenue growth, $60 million operating income, a $245 million decrease year over year
• Diversified businesses report 10% revenue growth, $60 million consolidated operating income, an $18 million decrease year over year

PITTSBURGH (August 21, 2025) — Highmark Health today announced consolidated financial results for the first half of 2025, with $16.5 billion in revenue, $121 million in operating income, and $329 million in net income. The organization maintained a strong balance sheet, with $11.8 billion in cash and investments and net assets of $10.3 billion as of June 30, 2025.

"The 2025 first half financial results for Highmark Health reflect both the resiliency and strength of our diversified organization as well as the significant challenges impacting our industry. Strong first half performances by AHN and United Concordia Dental were offset by continued pressure on health plan results from higher than anticipated utilization that we expect to persist, reducing our operating income year over year," said Carl Daley, chief financial officer and treasurer of Highmark Health.

AHN reported revenue of $2.8 billion in the first half of 2025, with an operating income of $72 million, an improvement of $129 million year-over-year, results driven by increasing numbers of patients choosing our provider system and the success of the AHN team’s operational efficiency efforts. Net earnings before interest, taxes, depreciation and amortization (EBITDA) were $209 million in the first half of 2025, an increase of $138 million compared to the same period last year. These results include the favorable impact of $52M of FEMA funding received in the second quarter of 2025 associated with prior years' COVID relief settlements.

Through June 30, 2025, AHN reported increased patient volumes compared to the same period in 2024:

• 4% increase in inpatient discharges and observations
• 5% increase in outpatient registrations
• 7% increase in physician visits
• 4% increase in emergency room visits

Highmark Health Plans reported $12.5 billion in operating revenue and $60 million operating income for the first half of 2025. These industry-wide elevated trends are expected to persist across the Health Plans’ portfolio of businesses.

Highmark Health's diversified businesses delivered $1.6 billion in consolidated operating revenue for the first half of 2025. United Concordia Dental reported $916 million in operating revenue and $41 million in operating income. HM Insurance Group, a stop-loss insurer, reported $686 million in operating revenue and $19 million in operating income pressured by an increase in high dollar claims which we expect to continue through the balance of the year.