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Posted: Thursday, August 16th, 2012 9:01 AM HST
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$9.4M 2nd quarter net gain for Hawaii insurer
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HONOLULU (AP) — Hawaii's largest health insurer says it spent 91 percent of member dues it collected in the second quarter of the year on health care.
Hawaii Medical Service Association said Wednesday it posted $9.4 million net gain, up from $5.82 million in the second quarter of 2011.
HMSA says an underwriting gain of $4.20 million plus a net investment gain of $4.56 million was added to HMSA's reserve.
At the end of the quarter, HMSA had nearly 700,000 members.
Another major Hawaii insurer reported Thursday an operating loss of $1.2 million for the quarter. Kaiser Foundation Health Plan, Inc. Hawaii Region says investment income of $1 million partially offset the operating loss, resulting in a net loss of $200,000 for the quarter.
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