Wednesday :: Apr 28, 2010
WellPoint Rakes It In
by Deacon Blues
From the Department of Bad Timing:
WellPoint Inc., the top U.S. health insurer by enrollment, said profit climbed 51 percent as a less- severe flu season helped slow the growth in medical costs.
First-quarter net income rose to $876.8 million, or $1.96 a share, from $580.4 million, or $1.16, a year earlier, when the company reported $228.4 million in investment losses, Indianapolis-based WellPoint said in a statement today. Excluding some items, adjusted profit of $1.95 a share beat the $1.67 average estimate of 17 analysts surveyed by Bloomberg. Revenue was little changed at $15.1 billion.
Not only did their earnings shoot up, but WellPoint paid less in medical claims than the same quarter last year. But they also wanted some sympathy for not getting their rate increases in California.