PORTLAND, Ore. – Regence BlueCross BlueShield of Oregon paid $2.5 billion in medical care for its fully insured members in 2023, or $5,162 per member, according to unaudited figures filed today with the Oregon Division of Financial Regulation. Regence maintained its strong membership and ended 2023 serving more than 994,000 people, including self-funded and BlueCard® members.

On total revenue of $2.83 billion, Regence had net income of 4.8%, which is higher than the average annual net income over the past 10 years of 3.6% but represents less than 5 cents of every premium dollar received from members. 2023 performance was driven by strong member retention and a tax benefit related to prior years. 

The company places net income in its capital reserves to ensure stable health care coverage so Regence can continue to pay member claims. As a taxpaying nonprofit, this critical safety net is Regence’s only source of funds for investments, cyber defense and paying higher than expected medical costs.

“Helping to deliver high-quality care and maintaining affordability for our members is our top priority,” said Michael Cole, president of Regence BlueCross BlueShield of Oregon. “As one of the state’s largest health insurers, our financial stability is critical to ensuring we can continue supporting the nearly 1 million Oregonians we serve.”  

Regence paid approximately $69.1 million in federal and state income taxes and fees in 2023. 

Community impact

Founded in 1941, Regence and its affiliated companies employ more than 3,500 people across Oregon, and the company is committed to investing in the communities it serves. Together with its corporate foundation and employees, Regence contributed $2.2 million to benefit Oregon nonprofit organizations, and employees donated more than 3,700 volunteer hours in 2023.

About Regence BlueCross BlueShield of Oregon

Regence BlueCross BlueShield of Oregon, headquartered in Portland, has been serving Oregonians since 1941 and now provides more than 994,000 people with comprehensive health insurance solutions. As a taxpaying nonprofit independent licensee of the Blue Cross and Blue Shield Association, Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers nationwide experience health care. For more information, please visit regence.com, facebook.com/regencebluecrossblueshield, or twitter.com/regenceoregon.