We’re a nonprofit health plan. That means we don’t work to make money for shareholders. We invest our earnings into delivering on our commitments to you and your community. 2020 financial summary
Board of directors
John Buck †* CEO Whitefish Ventures
Combined balance sheet (in millions): Assets
Rajesh Aggarwal, Ph.D. Professor of Finance, D’Amore-McKim School of Business Northeastern University
2020 2019
Cash and investments
$2,406 $1,968
Other assets
$504 $632
Total assets
$2,910 $2,600
Brigid Bonner Chief Experience Officer CaringBridge
Liabilities and net assets
2020 2019
Peter Kelly, M.D., M.H.A. Vice President & Executive Medical Director of Perioperative Services MHealth Fairview Samuel Leon, M.D. * Physician MNGI Digestive Health, P.A.
Claims payable
$548 $531
Other liabilities
$610 $416
Total liabilities
$1,158 $945
Net assets
$1,752 $1,653
Total liabilities and net assets
$2,910 $2,600
Gaye Adams Massey, J.D. CEO YWCA St. Paul
Combined statement of operation and changes in net assets (in millions): Revenue 2020 2019 Premiums, net of reinsurance $4,450 $4,532 Administrative service contract fees $109 $125 Total revenue $4,559 $4,657
John Naylor President & CEO Medica
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 †Chair ofMedica board ‡Chair of theMedica Foundation board * Also amember of theMedica Foundation board
Expenses
2020 2019
Medical & other benefits, net of reinsurance
$3,533 $3,587
Other operating expenses
$689 $604
Total expenses
$4,223 $4,191
Operating income
$336 $467
Investment income, income taxes and other non-operating expenses
($331)
($46)
Net unrealized gains (losses) on investment
$104
$87
Contributions to the Medica Foundation
($10)
($9)
Change in net assets
$99 $499
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