Point32Health Announces Third Quarter Financial Results

Canton, Mass., November 15, 2021 – Point32Health today reported an adjusted net loss of $85.7 million for the nine months ended September 30, 2021. Adjusted net loss includes an operating loss of $191.2 million and investment income of $112.4 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $7 billion. Membership was 2.2 million.

“We continue to monitor the impact of the COVID-19 pandemic on the industry as there continues to be volatility across the health care sector,” said Umesh Kurpad, chief financial officer, Point32Health. “Point32Health has sustained $213 million in medical costs related to COVID-19 treatment and vaccine administration in the first three quarters of this year. As we have throughout the year, Point32Health is navigating financial pressures in some of our government-sponsored programs.”

These financial results compared to the first nine months of 2020, when the organization reported an adjusted net income of $109.2 million, which comprised an operating income of $81.9 million and investment income of $44.8 million, excluding mark-to-market investment gains and losses on equity securities, with revenue of $6.8 billion. Membership was 2.3 million at the end of the first nine months of 2020.

For the third quarter ended September 30, 2021, Point32Health reported an adjusted net loss of $43.6 million, which comprised of an operating loss of $86.3 million and investment income of $43.5 million, excluding mark-to-market investment gains and losses on equity securities, with premiums and fees of $2.3 billion.

These results compare to a year ago when Point32Health reported an adjusted net income of $53.1 million for the third quarter ended September 30, 2020. Adjusted net income comprised an operating income of $38.4 million and investment income of $25.3 million, excluding mark-to-market investment gains and losses on equity securities, with premiums and fees of $2.4 billion.

About Point32Health

Point32Health is a leading health and wellbeing organization, delivering an ever-better health care experience to everyone in our communities. Building on the quality, nonprofit heritage of our founding organizations, Tufts Health Plan and Harvard Pilgrim Health Care, we leverage our experience and expertise to help people find their version of healthier living through a broad range of health plans and tools that make navigating health and wellbeing easier.