BOSTON – Tufts Health Plan reported a net income of $64.9 million for the year ended Dec. 31, 2010, more than double the net income of $29.5 million for the previous year.
The net income figure included investment income of $51 million, compared with $40.8 million in 2009. Overall, revenues were reported at $2.6 billion.
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Total membership in Tufts Health Plan was 737,459 at year’s end.
The strong financial report comes at a time when Tufts Health Plan, as part of its strategic objective, is in the midst of a proposed merger with Harvard Pilgrim Health Care.
In addition, Tufts Health Plan board of directors voted unanimously this week to sign a nonbinding memorandum of understanding to acquire a majority share of Network Health, a subsidiary of Cambridge Health Alliance. Network Health offers managed care plans to about 170,000 members through a managed Medicaid product.
Tufts Health Plan’s year-end numbers reflect what its officials called “outstanding focus and disciplined execution” by the company.
