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AMERIGROUP Reports Q4 Net Income of $31.1 Million or $0.57 Per Diluted Share; Full-Year Net Income of $116.5 Million or $2.16 Per Diluted Share
Date:2/13/2008

was $23.7 million compared with $11.9 million in the fourth quarter of 2006. Sequentially, investment income and other revenue increased $4.6 million, or 24.1%, from the third quarter of 2007. Investment income and other revenue increased in the fourth quarter primarily due to the inclusion of the newly acquired TLC Family Care Health Plan in West Tennessee with 170,000 members, which are serviced under an administrative services only agreement (ASO) with the State of Tennessee.

Health Benefits

Health benefits as a percent of premium revenues were 82.9% for the fourth quarter of 2007 versus 80.4% in the fourth quarter of 2006, and were consistent with the third quarter of 2007. The health benefits ratio reflects strong revenue growth, solid performance of mature markets, improvements in developing markets as well as favorable reserve development that was similar to recent quarters.

For the full-year 2007, the health benefits ratio was 83.1% compared with 81.1% for the full-year 2006.

Selling, General and Administrative Expenses

Selling, general and administrative expense was $141.5 million or 13.1% of total revenues for the fourth quarter of 2007 versus $114.8 million or 14.2% of total revenues in the fourth quarter of 2006, and compared with $129.9 million or 12.6% of total revenues in the third quarter of 2007.

For the full-year 2007, the selling, general and administrative expense ratio was 12.6% compared with 13.0% for the full-year 2006.

The sequential increase in selling, general and administrative expense is primarily due to an increase in experience rebate expense in Texas driven by two factors: an accrual of $7.4 million associated with the resolution of audit items on all open experience rebate reports for prior years', as previously disclosed in AMERIGROUP SEC filings; and, the experience rebate expense associated with the favorable reserve development in the State.

The total favorable reserve develo
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SOURCE AMERIGROUP Corporation
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