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AMERIGROUP Reports Q1 Net Income of $36.9 Million or $0.69 per Diluted Share
Date:5/1/2009

imately $6.4 million.

"AMERIGROUP performed well in the first quarter and we again demonstrated our ability to manage our business in a difficult economic environment. The economy continues to affect AMERIGROUP in several ways. We have seen an increase in the number of people enrolled in Medicaid, but at the same time our State government customers face significant budget shortfalls which have resulted in a difficult premium rate environment," said James G. Carlson, AMERIGROUP Chairman and Chief Executive Officer. "We will be working closely with our State customers to address all of these issues throughout 2009."

Premium Revenues

Premium revenues for the first quarter of 2009 increased 15.9% to $1.2 billion compared to $1.1 billion in the first quarter of 2008. Sequentially, premium revenues increased $79.8 million, or 7.0%, compared with the fourth quarter of 2008. The sequential increase primarily reflects the continued roll-out in New Mexico, entry into Nevada, and membership increases due to the economic environment.

Investment Income and Other Revenues

First quarter investment income and other revenues were $12.3 million versus $22.6 million in the first quarter of 2008 and compared to $12.7 million in the fourth quarter of 2008. Investment income in the quarter declined sequentially, due to the reinvestment of maturing fixed income securities at lower current market rates. Other revenue included the gain from the sale of the Company's South Carolina health plan assets which closed March 1, 2009. The gain was largely in-line with the Company's expectations in previously provided earnings guidance.

Health Benefits

Health benefits as a percent of premium revenues were 83.7% for the first quarter of 2009 versus 83.3% in the first quarter of 2008, and compared to 83.2% in the fourth quarter of 2008. W
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SOURCE AMERIGROUP Corporation
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Related medicine news :

1. Dr. Yvonne Sanders-Butler of Atlanta Honored as Healthy Hero By the AMERIGROUP Foundation
2. AMERIGROUP Corporation to Discuss First Quarter Earnings on May 1
3. AMERIGROUP Corporation to Present at the Goldman Sachs Leveraged Finance Healthcare Conference on April 8
4. AMERIGROUP Corporation to Present at the Barclays Capital Global Healthcare Conference on March 10
5. AMERIGROUP Foundation and Union City Board of Education Announce Winners of Word About Health Contest
6. AMERIGROUP Reports Q4 Net Income of $37.3 Million or $0.70 Per Diluted Share
7. AMERIGROUP Corporation Elects Emerson U. Fullwood to Board of Directors
8. AMERIGROUP Names Finley Chief Compliance Officer
9. AMERIGROUP Health Plan in Nevada Begins Serving Medicaid Enrollees
10. AMERIGROUP Corporation to Discuss Fourth Quarter Earnings on February 19
11. Atlanta Educator Kim Bearden Honored as Healthy Hero by AMERIGROUP Foundation
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