Reply #21: WellPoint (Health Insurance)1Q Income Rises 20 Percent [View All]

[UpInArms]

http://news.yahoo.com/s/ap/20060426/ap_on_bi_ge/earns_wellpoint

INDIANAPOLIS - WellPoint Inc., the nation's largest health insurer, said Wednesday its first-quarter net income grew 20 percent on a leap in premiums and administrative fees.

For the quarter ended March 31, net income was $731.8 million, or $1.09 per share, compared with $611.7 million, or 98 cents per share, a year earlier. The latest quarter included 4 cents per share in stock-option costs and net realized investment losses of 1 cent per share, while the prior-year quarter included tax benefits of about 4 cents per share.

Revenue climbed 26 percent to $13.61 billion, as premium revenue was up 26 percent and administrative fees rose 34 percent.

On average, analysts surveyed by Thomson Financial forecast a quarterly profit of $1.07 per share, including stock-option expenses, and revenue of $13.85 billion.

Medical enrollment totaled 34.2 million members at March 31, an increase of more than 5.6 million members from 28.5 million a year earlier, including approximately 4.8 million members acquired through the WellChoice transaction. WellPoint completed the purchase of WellChoice in December.

"Our first-quarter results build upon the exceptional performance we achieved last year and establish a strong foundation for yet another successful year of growth going forward," said Larry C. Glasscock, chairman, president and chief executive of WellPoint.

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"Mission Accomplished!" for the insurance lobbyists that wrote the Medicare Reform bill that the GOPpiggies pushed through on lies and bogus numbers.