Medica 2019 Annual Report

2019 FINANCIAL SUMMARY

Medica’s Board of Directors

John Buck *† CEO Whitefish Ventures

2019 was a strong financial year for Medica. That’s good news because as a nonprofit, our earnings don’t go to outside shareholders. Instead, they are invested in the work we do and the communities we serve.

Rajesh Aggarwal, Ph.D. Professor of Finance, D’Amore-McKim School of Business Northeastern University

Combined Balance Sheet (in millions): ASSETS

2019

2018

Brigid Bonner Chief Experience Officer CaringBridge

Cash and Investments

$1,968

$1,716

Other Assets

$632

$573

Total Assets

$2,600

$2,289

Peter Kelly, M.D., M.H.A. Vice President & Executive Medical Director of Perioperative Services M Health Fairview Samuel Leon, M.D. * Physician Minnesota Gastroenterology, P.A.

LIABILITIES AND NET ASSETS

2019

2018

Claims Payable

$531

$541

Other Liabilities

$416

$595

Total Liabilities

$945

$1,135

Net Assets

$1,653

$1,154

Total Liabilities and Net Assets

$2,600

$2,289

John Naylor President & CEO Medica

Combined Statement of Operation and Changes in Net Assets (in millions): REVENUE 2019 2018 Premiums, Net of Reinsurance $4,532 $4,351 Administrative Service Contract Fees $125 $145 Total Revenue $4,657 $4,497

John Stanoch, J.D. * Retired Judge Hennepin County District Court Earl D. Stratton Retired Executive Vice President & Chief Information Officer TCF Financial Corporation Esther Tomljanovich, J.D. * Retired Associate Justice Minnesota Supreme Court Mary Twinem * Retired Executive Vice President, Chief Financial Officer & Treasurer Buffalo Wild Wings, Inc.

EXPENSES

2019

2018

Medical & Other Benefits, Net of Reinsurance

$3,587

$3,414

Other Operating Expenses

$604

$687

Total Expenses

$4,191

$4,101

Operating Income

$467

$395

Investment income, income taxes and other non-operating expenses

($46)

($97)

Net unrealized gains (losses) on investment

$87

($30)

Contributions to the Medica Foundation

($9)

($11)

Change in Net Assets

$499

$257

* Also a member of the Medica Foundation board † 2019 chair of Medica and Medica Foundation boards

Made with FlippingBook - Online catalogs