Adequate competitive position benefiting from Highmark's well-recognized suite of brands, including its Blue Cross and Blue Shield-licensed health insurance and diversified business operations Market leadership through multiterritory geographic span, including Pennsylvania, West Virginia, and Delaware Negative operating performance when compared to peers Continued competitive and public perception pressures in Highmark's key Western Pennsylvania market could cause market disruption and earnings volatility Very strong capitalization as measured by our GAAP enterprise risk-based capital model Moderate risk position due to strategic investments in Allegheny Health Network (AHN) that remain capital intensive in nature Relatively concentrated geographic span can leave the company susceptible to regulatory and economic-driven changes Well-balanced investment portfolio consisting of high credit quality and highly liquid assets Adequate enterprise-wide financial
