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WellPoint Reports Higher Second Quarter Net Income

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NU Online News Service, July 25, 8:15 p.m. – WellPoint Health Networks Inc., Thousand Oaks, Calif., is reporting $100 million in net income for the second quarter on $2.9 billion in revenue, up from $84 million in net income on $2.1 billion in revenue for the second quarter of 2000.

The managed care company increased enrollment in its major medical plans 29%, to 9.8 million. Some of the growth came from expansion in California, but most was the result of the March 15 acquisition of Blue Cross and Blue Shield of Georgia, a carrier with 1.9 million major medical members.

WellPoint hopes to increase its commercial membership further by expanding its individual and small group health insurance programs, the company says.

Average revenue per member increased 6%, to $296, but average income per member fell to $10, from $11.

WellPoint holds the Blue Cross license in California as well as the Blue Cross and Blue Shield licenses in Georgia. It also sells coverage in other states under the UNICARE brand name.