INDIANAPOLIS, Jan. 28 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP) today announced that fourth quarter 2008 net income was $331.4 million, or $0.65 per share, including net realized investment losses of $350.5 million after-tax, or $0.69 per share. Net income in the fourth quarter of 2007 was $859.1 million, or $1.51 per share, which included net realized investment gains of less than $0.01 per share.
Full year 2008 net income was $2.5 billion, or $4.76 per share. These results included:
-- Net realized investment losses of $759.6 million after-tax, or $1.45 per share, consisting primarily of other-than-temporary impairments of certain equity and fixed maturity security investments;
-- An impairment charge related to certain intangible assets in the Company's State Sponsored business, which totaled $90.8 million after-tax, or $0.17 per share; and
-- Income tax benefits totaling $473.0 million, or $0.90 per share, resulting from the favorable resolution of certain federal and state tax matters.
Net income for the full year of 2007 was $3.3 billion, or $5.56 per share, which included $0.01 per share in net realized investment gains.
"Our fourth quarter operating results were in-line with our expectations, reflecting the actions taken to effectively manage our business both during the current economic downturn and for the long-term," said Angela F. Braly, president and chief executive officer of WellPoint, Inc. "While our enrollment levels are being impacted by rising unemployment, our customer retention rates remain very strong. As employers continue to reduce their workforces, we have alternatives for the impacted employees through individually-purchased products or government-sponsored plans."
"This environment places an even gre
|SOURCE WellPoint, Inc.|
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