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Independence Health Group reports solid financial performance, sustained revenue growth for 2023

Strong investment performance offsets higher medical costs

Independence Health Group, Inc., (Independence) the parent company of Independence Blue Cross, LLC (IBX), released its financial results for 2023, a preview of the organization’s annual report. The organization reported consolidated revenue of $31.1 billion, up 13.6 percent or $3.7 billion over 2022. When revenues are combined with claims paid on behalf of self-funded employers, Independence had health care funds under management of $42.9 billion in 2023, up from $37.7 billion in 2022.

Independence’s revenue reflects sustained overall membership growth in most business segments coupled with Medicaid-related rate changes and state-directed payments to health systems. Revenue was offset by the utilization of new, higher cost drug options in the market, including GLP-1 medications used to treat diabetes and severe obesity, as well as year-over-year increases in medical costs.

The organization ended 2023 with $377 million in net income or a margin of 1.2 percent of total revenue – up from $156 million in 2022. This is due in part to strong investment income and highlights Independence’s long-term focus on diversification throughout its business and investment portfolio.

“Independence’s solid financial performance in 2023 allows us to continue focusing on our key priorities, which include improving cost and quality through value-based provider agreements, expanding equitable healthcare outcomes, improving access to mental health care, and investing in new capabilities, technologies, and partnerships that expand our services and support the whole-health of our members and customers,” said Gregory E. Deavens, Independence Health Group president and CEO.

Independence’s year-end results reflect steady stewardship of its members’ premiums, with 87.8 percent of each dollar being spent on paying medical expenses for members’ health care. In 2023, the organization paid more than $1 billion in federal, state, and local nonpayroll taxes, state premium taxes, and other Affordable Care Act-related taxes and fees.

Independence also made a $10 million contribution to the Independence Blue Cross Foundation, in part to help further critical work being done by the Foundation’s Institute for Health Equity.

“Independence’s diversification continues to be a key strength for the organization, providing the stability to withstand fluctuations across healthcare and the economy so that we can focus on helping people get and stay well,” said Juan Lopez, Independence executive vice president, chief financial officer, and treasurer.

2023 Programs, partnerships, and initiatives

For members and group clients:

  • Dominion Dental*. IBX launched a new dental provider network for 2024 with Dominion National and a new portfolio of dental plans offering members low out-of-pocket expenses and affordable monthly premiums.
  • Sun Life U.S.* IBX and AmeriHealth announced new Stop Loss insurance collaborations with Sun Life for self-funded clients.
  • Carallel*. IBX teamed up with Carallel to give caregivers a support system to lean on as their loved ones are discharged from the hospital.
  • Synergie Medication Collective. IBX joined with other independent Blue Cross® Blue Shield® companies to form the Synergie Medication Collective, focused on improving affordability and access to costly medications.

With providers:

  • Advanced Network for Gene-Based Therapeutics. IBX launched a new health care provider network to help members access potentially life-changing gene-based therapies.
  • Clinical Innovation Grants. IBX awarded Clinical Care Innovation Grants to Temple Health and Penn Medicine to support projects aimed at improving access to colorectal cancer screening and maternal and neonatal outcomes.
  • Celebrate Caring. IBX recognized three winners and seven finalists in its fifth annual Celebrate Caring campaign honoring outstanding nurses in the Philadelphia region.

In the community:

  • Independence Blue Cross Foundation. The IBX Foundation awarded nearly $10 million in grants to nonprofits and research, expanded initiatives addressing youth mental health, nursing, and addiction recovery, announced a new nursing initiative for veterans and convened a national, three-day Institute for Health Equity Forum.
  • CPR Ready. With the Philadelphia Eagles and Penn Medicine, IBX teamed up to train people in Hands-Only CPR and relaunch Penn Medicine’s Mobile CPR Project.
  • Mobile Cancer Health & Screenings. AmeriHealth supported Virtua Health’s new Mobile Cancer Health & Screening Unit providing access to cancer screenings and other services in South Jersey communities.
  • Independence Blue Cross RiverRink. IBX celebrated 30 years at the founding sponsor of the iconic ice-skating and roller-skating rink on the Delaware River Waterfront.
  • HeadFirst. Through a new sponsorship with the Philadelphia Union Foundation, IBX helped launch a new youth mental health awareness initiative called HeadFirst.
  • Blue Crew. In 2023, more than half of the associates at IBX donated time and/or money to a charitable cause. This includes:
    • Nearly 1,600 Blue Crew volunteers gave more than 6,200 hours to nonprofits organizations through more than 180 volunteer projects, an in-kind value of approximately $200,000. Additionally, 107 associates recorded an additional 5,112 hours of volunteer work they completed on their own.
    • IBX associates contributed nearly $600,000 through the company’s annual charitable giving campaign. With the company match, IBX contributed more than $1 million to nonprofit organizations in our communities.

CEO Deavens added: “For more than 85 years we have had the privilege of serving our members and customers here in greater Philadelphia, providing access to quality, affordable and equitable health care. We are proud to be part of the solution addressing health inequities. We are equally proud of the service and impact that our committed associates provide every day. Other insurers come and go, but Independence remains the company that people can count on both in Philadelphia and the other markets that we serve.”

2023 Key milestones

  • Three Independence subsidiaries were among the first health plans in the region to earn NCQA Health Equity Accreditation, including IBX and non-blue subsidiaries AmeriHealth and PerformCare, a full-service managed behavioral health care organization under AmeriHealth Caritas.
  • IBX convened the Regional Coalition to Eliminate Race-Based Medicine with health systems to remove race “adjustments” from 15 commonly used clinical decision support tools that may adversely impact patients’ outcomes.
  • AmeriHealth Caritas began serving Ohio Medicaid enrollees in February 2023.
  • AmeriHealth expanded Medicare options in New Jersey to include a Medicare Advantage offering.
  • Our behavioral health partnership with Quartet* experienced continued growth. Nearly 6,000 members signed up for Quartet’s connect to care platform in 2023, the first full year of the program.
  • Independence’s on-going commitment to economic equity included $317 million spent with diverse suppliers in 2023 – up 13% from 2022. As well, the organization had 19.6% of its total $4.6 billion in corporate invested assets with diverse asset managers.


*Independent companies


Media contact:
Kathleen Conlon
Cell: 267-918-8057