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Humana Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 4, 10:27 a.m. – Humana Inc., Louisville, Ky., is reporting $35 million in net income for the fourth quarter of 2001 on $2.6 billion in revenue, up from $27 million in net income on $2.6 billion in revenue for the fourth quarter of 2000.

The managed care company provided or administered major medical coverage for 6.4 million people at the end of 2001, up 21% from a year earlier.

More than half of the members belong to Medicaid, Medicare or military health programs, but the average amount of revenue per insured commercial member increased 9% from the fourth quarter of 2000, to $547. Average net income per insured commercial member increased to $15, from $11.

Humana let enrollment in the group life program shrink 16%, to 546,100, members while holding dental enrollment steady at 1.7 million members. In spite of the contraction in group life enrollment, specialty revenue actually increased 7%, to $78 million, according to company figures.