Highmark reported $22 billion in revenue for year-end 2021 and an operating gain of $301 million, according to the insurer's year-end financials released Tuesday.
The Pittsburghbased payer's balance sheet included more than $12 billion in cash and investments and net assets of more than $10 billion as of Dec. 31, according to an announcement. The financial performance was largely backed by growth in the health plan's commercial and government businesses as well as an ongoing focus on value creation efforts.
In addition, the company saw positive performance in its dental business and HM Insurance Group.
"We are looking forward and building for the future," said CEO David Holmberg on a call with reporters. "Our strategic focus remains leading the industry in transforming the healthcare system."
Allegheny Health Network (AHN), meanwhile, did see volume increases year over year but continued to experience cost pressures related to supply chain issues, labor concerns and high costs related to protective equipment and drugs, according to the announcement.
The company's health system arm reported earnings before interest, taxes, depreciation and amortization of $154 million through the end of 2021, up more than $70 million compared to 2020. It saw a 5% increase in inpatient discharges and observations as well as a 36% increase in outpatient registrations.
In addition, AHN reported a 13% increase in physician visits and an 18% increase in emergency department visits as its volumes continue to rebound from the pandemic.
"We have grown and remained strong and stable through the pandemic, which proves our blended health approach is working—even enabling us to invest nearly $1.4 billion in the communities we serve through premium credits, provider and local community support, and expanding access to care," said Saurabh Tripathi, chief financial officer and treasurer of Highmark Health, in a statement.