Wellmark Blue Cross and Blue Shield recorded net income of $74.7 million in 2010, compared with a loss of nearly $146,000 in 2009, according to its latest report filed with the Iowa Insurance Division. The gain helped the Des Moines-based health insurance company, which operates health plans in Iowa and South Dakota, to increase its capital and surplus by more than 14 percent last year. In Iowa, Wellmark’s health plans recorded net income of $29.4 million last year, a 110 percent increase from $13.98 million in 2009.

    On March 31, Wellmark was scheduled to make its first quarterly payment of $3 million on its $125 million loan from U.S. Bank NA for its new headquarters. Under the terms of the loan, the final payment is due Sept. 30, 2014, though Wellmark has the option to repay the loan earlier, according to a note in its third-quarter financial statements filed with the state.

2010 Total revenue (thousands) $2,200,524
Net income (loss) $74,671
Total assets $1,595,890
Capital and surplus $1,005,427

2011 Total revenue (thousands)  $2,113,889, % change: + 4.1 percent
Net income (loss) ($145.72),  % change:  n/a
Total assets $1,452,723,  % change: + 9.9 percent
Capital and surplus $880,454, % change: + 14.2 percent