Blue Shield of California Reports Strong Financial Ratings
The country's major credit rating agencies have reaffirmed Blue Shield of California's financial stability, with strong financial ratings, Blue Shield announced today. A.M. Best awarded California Physicians' Service d/b/a Blue Shield of California an A (Excellent) rating, and Standard & Poor's affirmed Blue Shield of California's A rating with a stable outlook. This is the third straight year that Blue Shield has received these ratings from the two major agencies.
A.M. Best's rating reflects Blue Shield's favorable earnings, strong capitalization as a result of good operating performance, and legacy modernization initiative, which is expected to add scale and improve efficiencies.
Standard & Poor's noted Blue Shield on the strength of its provider network, brand name and diverse product portfolio. Other strengths cited include Blue Shield's operating performance through good cost management, strong capitalization and conservative balance sheet.
"We are proud of the many factors that contribute to Blue Shield's financial strength," said Heidi Kunz, executive vice president and chief financial officer. "Our operational improvements, broad provider network and product diversity make it easier for our members to obtain quality health care at competitive rates."
A.M. Best also awarded subsidiaries, Blue Shield of California Life & Health Insurance Company and CareAmerica Life Insurance Company A- (Excellent) ratings.
About A.M. Best
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit http://www.ambest.com.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
About Blue Shield of California
Blue Shield of California, an independent member of the Blue Shield Association, is a not-for-profit health plan dedicated to providing Californians with access to high quality care at a reasonable price. Founded in 1939, it now has 3.2 million members, 4,400 employees, one of the largest provider networks and more than 20 office locations, providing a wide range of commercial and government products throughout the state. The company contributes $30 million annually to the Blue Shield of California Foundation to fund nonprofit organizations that improve access to quality health care in California. Contact your local agent or broker for more information about Blue Shield products and services, or visit the Blue Shield web site at http://www.blueshieldca.com.
A.M. Best's rating reflects Blue Shield's favorable earnings, strong capitalization as a result of good operating performance, and legacy modernization initiative, which is expected to add scale and improve efficiencies.
Standard & Poor's noted Blue Shield on the strength of its provider network, brand name and diverse product portfolio. Other strengths cited include Blue Shield's operating performance through good cost management, strong capitalization and conservative balance sheet.
"We are proud of the many factors that contribute to Blue Shield's financial strength," said Heidi Kunz, executive vice president and chief financial officer. "Our operational improvements, broad provider network and product diversity make it easier for our members to obtain quality health care at competitive rates."
A.M. Best also awarded subsidiaries, Blue Shield of California Life & Health Insurance Company and CareAmerica Life Insurance Company A- (Excellent) ratings.
About A.M. Best
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit http://www.ambest.com.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
About Blue Shield of California
Blue Shield of California, an independent member of the Blue Shield Association, is a not-for-profit health plan dedicated to providing Californians with access to high quality care at a reasonable price. Founded in 1939, it now has 3.2 million members, 4,400 employees, one of the largest provider networks and more than 20 office locations, providing a wide range of commercial and government products throughout the state. The company contributes $30 million annually to the Blue Shield of California Foundation to fund nonprofit organizations that improve access to quality health care in California. Contact your local agent or broker for more information about Blue Shield products and services, or visit the Blue Shield web site at http://www.blueshieldca.com.
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