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AMERIGROUP Reports Q3 Net Income of $22.5 Million or $0.43 per Diluted Share
Date:10/30/2009

flu-related activity that primarily impacted the Company's Medicaid and CHIP members. As health officials have noted, the H1N1 virus is particularly virulent among children, pregnant women and other high-risk population groups, and this demographic represents approximately 87% of the Company's 1.8 million members.

Based on a combination of indicators, such as prescription information, claims paid for services delivered in September, and various public health statistics, the Company believes that the impact from the H1N1 flu accelerated in a pronounced fashion during September. While the precise quantification of the flu impact in the third quarter remains highly estimated at this point due to the normal lag time in claim payments, information available to the Company indicates flu is a significant contributor to the upward movement in the health benefits ratio.

Additionally, the Company did not record revenue during the third quarter for the annual rate increase in Georgia, as noted in the Premium Revenues section above. This contributed to a higher health benefits ratio than otherwise would have been the case.

The Company experienced favorable reserve development across most markets in the third quarter. However, the impact to the health benefits ratio from the favorable reserve development was neutralized by increased accruals for the Texas experience rebate associated with prior periods, as noted in the Premium Revenues section above.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were 6.3% of total revenues for the third quarter of 2009, versus 10.2% in the third quarter of 2008, and compared to 7.5% for the second quarter of 2009. The selling, general and administrative expense ratio decreased sequentially, due to a reduction in variable compensation accruals as a result of lower operating results.

Premium Taxes

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SOURCE AMERIGROUP Corporation
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6. AMERIGROUP Reports Q2 Net Income of $49.6 Million or $0.94 per Diluted Share, Including $0.43 per Diluted Share Positive Impact from Tax Adjustment
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