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WellPoint Reports Second Quarter 2009 Results
Date:7/29/2009

tion in claims inventories, lower fully insured enrollment and higher-than-anticipated favorable prior year reserve development. Total medical claims inventory declined by 39 percent from June 30, 2008, and by 24 percent from December 31, 2008, while fully insured membership declined by 6.2 percent and 4.8 percent, respectively. Claims reserves were reduced by an estimated $100.0 million on a year-to-date basis through June 30, 2009, due to the higher-than-expected prior year development, predominately in the Consumer reporting segment.

SG&A Expense Ratio: The SG&A expense ratio was 15.4 percent in the second quarter of 2009, an increase of 110 basis points from 14.3 percent in the second quarter of 2008. The increase was driven primarily by higher compensation costs and increased spending for technology and service initiatives.

Operating Cash Flow: Operating cash flow for the six months ended June 30, 2009, was $1.6 billion, or 1.2 times net income. Operating cash flow for the six months ended June 30, 2008, totaled $1.2 billion, or 0.9 times net income. The increase in operating cash flow was due to changes in provider advances, decreased payments for taxes and incentive compensation, and increased operating earnings in 2009, partially offset by higher spending for technology and service initiatives.

Share Repurchase Program: During the second quarter of 2009, the Company repurchased 9.8 million shares of its common stock for $437.0 million, or an average price of $44.78. During the first six months of 2009, the Company repurchased 27.4 million shares of its common stock for $1.1 billion, or an average price of $40.77. As of June 30, 2009, the Company's remaining Board-approved share repurchase authorization was approximately $1.4 billion. The Company will continue to evaluate future share repurchase activity subject to market conditions and in connection w
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SOURCE WellPoint, Inc.
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