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AMERIGROUP Provides Status on Tennessee Rate Increase and Effect on 2008 Guidance
Date:6/10/2008

VIRGINIA BEACH, Va., June 10 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) announced today that it is suspending its full-year 2008 guidance of $2.35 to $2.45 per diluted share pending completion of its rate increase negotiations with the State of Tennessee. As previously announced, the Company will present at the Goldman Sachs Healthcare Conference on Wednesday, June 11.

In the first quarter of 2008, AMERIGROUP disclosed higher medical costs in the middle region of Tennessee due to private duty nursing expenses, which resulted in higher estimates for incurred costs in prior periods. Higher private duty nursing costs stem from program changes resulting from court orders predating the current program. These changes have resulted in comparatively generous benefits leading to higher utilization of home-based services by certain Medicaid beneficiaries. More specifically, the costs incurred by the dual-eligible population are significantly higher than the premiums currently received to provide this benefit. When the Company bid the middle region of Tennessee, the data book and bid range in the RFP for this benefit did not allow for current cost experience, and consequently, the Company is seeking an actuarially sound rate increase from the State.

Based on claims data through the first two months of the second quarter of 2008, the Company estimates that medical costs in Tennessee are higher than previously expected. Additionally, the Company expects to recognize unfavorable prior period development for Middle Tennessee in the second quarter. As disclosed in its first quarter earnings conference call, the Company has been in negotiations for a rate increase in Tennessee retroactive to April 1, 2008 to cover the increa
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SOURCE AMERIGROUP Corporation
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