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

ent and an increase in the benefit expense ratio for Local Group business, particularly in California and Ohio. Commercial enrollment declined by 593,000, or 2.1 percent, from June 30, 2008, reflecting the rise in unemployment. The recession has also unfavorably impacted the Company's Local Group benefit expense ratio due to business mix changes and a slight increase in health care utilization. The Company is refining its product offerings, expanding membership retention programs and implementing pricing actions to favorably impact its Local Group business.

Consumer Business: Operating gain for the Consumer Business segment was $382.1 million in the second quarter of 2009, an increase of 67.7 percent compared with $227.8 million in the second quarter of 2008. The growth in earnings was driven primarily by operating improvements in the Senior business resulting from product portfolio changes and disciplined pricing. Performance in the Company's State Sponsored operations also improved from the prior year quarter, due in part to the withdrawal from certain unprofitable state programs. The Company also recognized higher-than-anticipated favorable prior year reserve development on a year-to-date basis through June 30, 2009.

Other: Operating gain in the Other segment was $123.8 million in the second quarter of 2009, an increase of 12.5 percent compared with $110.0 million in the second quarter of 2008. The increase was driven by growth in the Company's NextRx pharmacy benefit management operation. The Company transferred approximately one million members to its NextRx business from an outside vendor, effective January 1, 2009.

OUTLOOK

Full Year 2009 (assumes no impact from the Express Scripts transaction):

  • The Company now expects net income to be in the range of $5.06 - $5.12 per share, including net investment losses of
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SOURCE WellPoint, Inc.
Copyright©2009 PR Newswire.
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