Blue Cross and Blue Shield of Maryland, the state's largest health insurer, reported a profit of $8.86 million during the third quarter, a 54 percent decline compared to the third quarter of last year when the insurer had a gain of $17.9 million. Revenues for the third quarter $337 million.
Blue Cross spokeswoman Marjorie Valin said the drop is because of the onset of a downturn in health insurance writing, which happens every three years. She said the company was "thrilled" that the gains are as high as they are.
Since Blue Cross is a non-profit organization, it does not technically make a profit. But surpluses are important in bolstering the insurer's reserves.