Harvard Pilgrim Health Care, which has operations in downtown Hartford, said its first-quarter profits soared thanks to lower expenses during the three-month period.
For the quarter ended March 31, the Massachusetts-based nonprofit health insurer on Wednesday posted net income of $29.2 million, up sharply from the $100,000 recorded in the year-ago period.
Total revenue fell about 8.2 percent, to $725.6 million, but the loss was offset by declines in controlled pharmacy and medical expenses, the insurer said.
Harvard Pilgrim, which provides healthcare coverage throughout New England, finished the quarter with more than 1.1 members, down about 6.7 percent vs. the first quarter of 2018.
Still, Charley Goheen, the insurer’s chief financial officer, said membership totals in Connecticut, Massachusetts and New Hampshire surpassed the company’s projections, as it also recorded higher-than-expected revenues.
Founded 50 years ago, Harvard Pilgrim and its affiliates provide health coverage, programs and services for more than 3 million customers in New England and other outlying areas.
The insurer has Hartford offices at the CityPlace II skyscraper at 185 Asylum St.
