Highmark Inc.

This report does not constitute a rating action. Overview Key strengths Key risks One of the largest Blue Cross Blue Shield health plans in the nation. Geographic concentration in Pennsylvania. Leading commercial market shares in multiple states. Near-term operational challenges owing to higher medical utilization. Very strong capitalization based on regulatory measures and our capital model. Moderate financial leverage (20%-25%). Highmark, headquartered in Pittsburgh, is a multistate health insurance provider operating under the Blue Cross Blue Shield (BCBS) license. Highmark Inc. is the largest subsidiary of the Highmark Health group, and it benefits from a strong financial position, with $25.2 billion in total revenue (including net investment income) in 2024. The company serves nearly 5 million medical members in Pennsylvania,

...Highmark Inc. is one of the largest Blue Cross Blue Shield plans in the nation. Highmark, headquartered in Pittsburgh, is a multistate health insurance provider operating under the Blue Cross Blue Shield (BCBS) license. Highmark Inc. is the largest subsidiary of the Highmark Health group, and it benefits from a strong financial position, with $25.2 billion in total revenue (including net investment income) in 2024. The company serves nearly 5 million medical members in Pennsylvania, Delaware, West Virginia, and New York (excluding Medicare Part D, Blue Card, and third-party administrator membership). Beyond its health insurance business, Highmark has a diversified business segment--Alloyed Works--that includes:...

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