Your Mind, Your Body, Your Spirit, Your Health

welcome
president and ceo's message
financial highlights
2000 milestones
leadership
our promise
CareFirst in brief

Financial Highlights
The financial strength of CareFirst is anchored in two important aspects of company operations - sustained membership growth and consistently low administrative expenses. Our success on both measures is due largely to the dedication and efficiency of CareFirst's nearly 6,300 Associates in five states and the District of Columbia. Total enrollment climbed to nearly 3 million members in 2000. Revenues for the year reached a record $5 billion for consolidated operations of CareFirst and Blue Cross Blue Shield of Delaware, up from $4.4 billion in 1999.* Net Income was $63.8 million, a modest decline from the $69.8 million that would have been reported had the two companies operated as one in 1999. Substantial investment in expanding CareFirst's e-commerce capabilities and financial losses suffered on certain public sector programs in Maryland were significant factors in the decline in net income last year. Favorable returns on the company's investment in information technology and steps already taken to curb losses on government programs will positively affect CareFirst's earnings in 2001.
The company's Reserves, a common measure of financial strength under generally accepted accounting principles, rose to $692 million by year-end 2000, from $598 million at year-end 1999 - a 16 percent increase for the consolidated operations.

chart: Revenue (in billions) 1998 - $3.9, 1999 - $4.4, 2000 - $5chart: Net Income (in millions) 1998 - $75.7, 1999 - $69.8, 2000 - $63.8chart: Reserves (in millions) 1998 - $473, 1999 - $598, 2000 - $692

*Financial results for 1999 have been restated to include operating results of Blue Cross Blue Shield of Delaware and to properly display the discontinued Medicare and Medicaid operations of CareFirst BlueCross BlueShield.