Medica 2020 Annual Report

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


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



Net unrealized gains (losses) on investment



Contributions to the Medica Foundation



Change in net assets

$99 $499

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