HMSA reports net loss in 2013

Published On: Mar 01 2014 11:15:00 AM HST

The state's largest health insurer announced a net loss of nearly 44 and a half million dollars after taxes last year.

HONOLULU -

The state's largest health insurer announced a net loss of $44.4 million after taxes last year.

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The Hawaii Medical Service Association, or HMSA, cited several factors in the loss including Hawaii's aging population, an increase in health care costs and fees and assessments tied to the president's Affordable Care Act.

In a release HMSA says the loss was offset by more than $57 million in investment earnings, a tax benefit and reserves totaling more than $390 million dollars.

"We've had several successful years in the investment market and we've been adding the resulting earnings to the reserve for exactly this reason," said Steve Van Ribbink, HMSA's chief financial and services officer and treasurer.

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