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Profits up at Mass. health insurers

Executive payouts, premiums rise

Capitalizing on fewer people seeking medical care and submitting claims, the state’s four biggest commercial health insurers posted sharply higher earnings for 2011 while their executives collected more pay, according to reports released yesterday.

Leading the pack was Blue Cross Blue Shield of Massachusetts, the state’s largest health insurance company, which reported net income of $136.1 million last year, more than 10 times the $13.4 million it earned in 2010 when it suffered steep losses insuring small businesses and individuals.

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