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MVP reports declining profits

MVP Health Care saw declining profits and falling membership in 2012, according to year-end financial results reported today.

The Schenectady-based health insurer reported a net income of $25.5 million on revenue of $2.7 billion, amounting to profits of slightly less than 1 percent. The year before, MVP reported a surplus of $32.7 million on revenue of $2.9 billion.

The number of people enrolled in its medical coverage plans declined from 582,000 in January 2012 to 503,000 in January 2013. The company attributed its membership decline to "the slow economic recovery as well as premium pricing pressure due to the increasing cost of health care."

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