Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Blue Cross Blue Shield of Michigan headquarters in Detroit. Photo: Raymond Boyd/Getty Images

The Republican tax overhaul didn't just benefit publicly traded health care companies. The Blue Cross and Blue Shield insurers collected a major windfall, too.

By the numbers: 15 Blue Cross and Blue Shield companies cumulatively reaped $2.26 billion in tax savings just in 2017 from favorable changes to their "net deferred income taxes," according to a new report from ratings agency A.M. Best.

The details: Eliminating the corporate alternative minimum tax, a policy that ensured companies pay some minimum level of taxes on their income, created a lot of the benefit for the Blues. It also helped that Republicans kept a special tax loophole that only applies to certain Blue Cross and Blue Shield insurers.

  • Almost half of the 2017 tax reform benefits ($1.1 billion) accrued to Health Care Service Corp., the Chicago-based insurer that owns Blue Cross Blue Shield plans in five states.
  • The next two Blues that earned the biggest windfalls were the affiliate companies in Michigan ($358 million) and New Jersey ($319 million).
  • Credits associated with the alternative minimum tax "will have a positive impact on 2018 net income" and future years, A.M. Best analysts wrote in their report.

The bottom line: The millions of dollars spent on tax lobbying by the Blue Cross Blue Shield Association, HCSC and other Blues affiliates paid off.

What to watch: 2019 premium rates for all health plans sold by the Blues.

Go deeper

Updated 13 mins ago - World

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

The latest: Kyaw Moe Tun told Reuters later on Saturday, "I decided to fight back as long as I can."

1 hour ago - Axios on HBO

Preview: "Axios on HBO" interviews White House Senior Advisor Cedric Richmond

On the next episode of "Axios on HBO," Axios co-founder Mike Allen interviews White House Senior Advisor Cedric Richmond.

  • Catch the full interview and much more on Sunday, February 28 at 6 pm. ET/PT on all HBO platforms.
2 hours ago - World

Italy tightens COVID restrictions as experts warn of growing prevalence of variants

Health workers prepare vaccine doses in Iseo, Italy. Photo: Stefano Nicoli/NurPhoto via Getty Images

Italy on Saturday announced it was tightening restrictions in five of the country's 20 regions in an effort curb the spread of the coronavirus.

Driving the news: The announcement comes as health experts and scientists warn of the more transmissible coronavirus variants, per Reuters.