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Health Care Service Corp. headquarters (right). Photo: Raymond Boyd/Getty Images

Health Care Service Corp., the parent of Blue Cross Blue Shield plans in 5 states, did not pay any federal income taxes in the first half of 2019. Instead, it got a $454 million tax refund, according to company financial documents.

The big picture: This comes after HCSC received a $1.7 billion federal tax refund in 2018 and highlights how Blue Cross Blue Shield insurers continue to be some of the biggest beneficiaries of the 2017 Republican tax overhaul.

By the numbers: HCSC's net profit in the first half of 2019, including the $454 million refund, topped $2.3 billion. These figures do not reflect the corporation's self-insured business with employers.

  • HCSC was sitting on a $19.1 billion cash reserve as of June 30, several billion dollars more than competing insurers, including its publicly traded Blues brethren Anthem.

What we're watching: HCSC has $323 million of unpaid rebates that need to go out to consumers who were overcharged for insurance.

Between the lines: HCSC and other state Blue Cross Blue Shield plans heavily lobbied Congress and the White House to enact changes to the tax code starting in 2018. This was why.

Go deeper

National Guard chief says it took 3 hours for Pentagon to grant Jan. 6 request

Photo: Stefani Reynolds/Bloomberg via Getty Images

William Walker, commanding general of the D.C. National Guard, will testify Wednesday that it took three hours and 19 minutes for Pentagon leadership to approve a request for National Guard assistance during the Jan. 6 Capitol attack, according to his prepared remarks.

Why it matters: The timeline over when National Guard requests were made and granted has been a key point of contention in congressional hearings examining the security failures surrounding the Capitol riots.

18 mins ago - World

International Criminal Court opens Israel-Palestine war crimes probe

Israeli Prime Minister Benjamin Netnayahu has strongly objected to the investigation. Photo: Lior Mizrahi/Getty Images

International Criminal Court (ICC) prosecutor Fatou Bensouda on Wednesday announced her intention to open an investigation into crimes allegedly committed in the Palestinian territories since 2014.

Why it matters: The investigation is expected to consider possible war crimes by Israel and Hamas during the 2014 war in Gaza, as well as the construction of West Bank settlements by Israel. It could sharply increase tensions between Israel, which fiercely opposes the probe, and Palestinian leaders, who requested it.

Ben Geman, author of Generate
56 mins ago - Energy & Environment

Exxon says it's well-positioned amid investor pressure

Illustration: Aïda Amer/Axios

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.