-- Net income was $1.60 per share in the third quarter of 2008
-- Medical membership grew by 63,000 members during the quarter and
exceeded 35.3 million at September 30, 2008
-- Benefit expense ratio declined by 80 basis points from the second
quarter 2008 -- Operating gain in both the Commercial and Consumer segments increased
from the second quarter 2008 -- Insurance subsidiaries remain well capitalized with statutory capital levels approximately $6.3 billion above state regulatory levels and $3.3 billion above the Blue Cross and Blue Shield Association requirements
INDIANAPOLIS, Oct. 22 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP) today announced that third quarter 2008 net income was $820.7 million, or $1.60 per share. These results included:
-- Net realized investment losses of $562.6 million pre-tax, or $0.71 per share, consisting primarily of other-than-temporary impairments of certain equity and fixed maturity security investments;
-- An impairment charge related to the fair value of certain intangible assets in the Company's State Sponsored business, which totaled $141.4 million pre-tax, or $0.17 per share; and
-- Income tax benefits totaling $460.8 million, or $0.90 per share, resulting from the favorable resolution of certain federal and state tax matters.
Net income in the third quarter of 2007 was $868.0 million, or $1.45 per share, which included $0.01 per share in net realized investment gains.
"WellPoint delivered a solid third quarter of 2008 amidst a challenging
economic environment. Our Commercial segment is performing well, as we
continue to grow Commercial membership while maintaining strong operating
margins. We are also seeing improvements in our Consumer segment, where we
achieved the highest level of operating gain in seven quarters despite
continued challenges in State Sponsored busi
|SOURCE WellPoint, Inc.|
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