-- Medical enrollment grew by 564,000 members during the first quarter of
2008 -- Net income was $1.07 per share, including net realized investment losses
of $0.06 per share -- Operating cash flow was $1.0 billion, or approximately 1.8 times net
income -- Full year 2008 net income is now expected to be in the range of $5.42 - $5.67 per share, including net realized investment losses of $0.06 per
INDIANAPOLIS, April 23 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP) today announced that first quarter 2008 net income was $588.1 million, or $1.07 per share, which included net realized investment losses of $0.06 per share. Net income in the first quarter of 2007 was $783.1 million, or $1.26 per share.
"While the first quarter was challenging for WellPoint, since our March announcement we have further reduced claims inventories and achieved greater visibility into medical costs," said Angela F. Braly, president and chief executive officer of WellPoint, Inc. "Consequently, we have refined our earnings forecast to reflect higher medical costs and a lower level of favorable prior year reserve development."
"Our overall enrollment growth remains strong and we are now serving 35.4 million medical members, more than ever before. We offer access to the largest provider network in the industry, with competitive pricing, distinctive care management and wellness programs, and innovative medical cost transparency tools. We will continue to enhance this superior value proposition with new product offerings in order to drive future membership gains and long-term earnings growth," added Braly.
"Operating cash flow was strong in the first quarter, at $1.0 billion,
or 1.8 times net income, and our medical claims payable increased by $610
million, or 10.5 percent, while claims inventories declined.
|SOURCE WellPoint, Inc.|
Copyright©2008 PR Newswire.
All rights reserved