Highmark Health reports $209M in 2024 losses

Despite reporting $209 million in operating losses for 2024, Highmark Health executives said they are optimistic about the future of the Pittsburgh-based health care insurer and provider.

Officials on Thursday released the 2024 earnings report.

Highmark’s $11.7 billion in cash and investments and net assets of $9.8 billion mean it is well-positioned to weather an uncertain economic future strained by an international trade war and domestic health care reimbursement issues that have been an industrywide challenge, officials said.

“We’ll continue to control what we can control,” said Highmark Health President and CEO David Holmberg.

Holmberg and other members of Highmark’s executive team spoke with TribLive after a 30-minute conference call to discuss its 2024 financials.

It reported $29.4 billion in revenue, $50 million in net income and $209 million in operating losses.

Its larger Pittsburgh-based counterpart UPMC reported losses of $339 million in 2024.

“We never comment on our competitors,” Holmberg said.

Highmark prides itself on its integrated model. It includes Highmark Health Plans, its insurance arm that has 7.1 million members in Pennsylvania, West Virginia, Delaware and New York, and Allegheny Health Network, a health care provider with 14 hospitals and more than 2,400 doctors.

Highmark Health has more than 44,000 employees. UPMC employs about 100,000 people in its expansive network.

“I think what’s top of mind is uncertainty,” Holmberg said.

He isn’t alone as world leaders, economists and regular people await the effects of geopolitical machinations, tariffs, and a concerted effort by the Trump administration to cut the size and cost of the federal government.

Highmark is proud of its agility and ability to navigate uncertain times and it proved it could do so during the coronavirus pandemic five years ago, Holmberg said.

“We’re a battle-tested organization,” he said.

He also touted Highmark’s use of technology including artificial intelligence to better serve its patients. He also noting the 4 million physician visits they recorded in 2024, a 5% increase from 2023.

“Customers vote with their families,” is how Holmberg put the increased patient volume.

Carl Daley, the company’s chief financial officer and treasurer, said he expects the challenges to continue in the industry.

“We’re built for this and well prepared to handle this challenging environment,” Daley said.