Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Economy & Markets > Fixed Income

WellPoint Reports Higher 4th Quarter Net Income

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Feb. 12, 12:19 p.m. – WellPoint Health Networks Inc., Thousand Oaks, Calif., is reporting $76 million in net income for the fourth quarter of 2001 on $3.4 billion in revenue, up from $60 million in net income on $2.4 billion in revenue for the fourth quarter of 2000.

The managed care company ended 2001 covering or administering major medical coverage for 10 million people, up from 7.9 million people a year earlier.

Average premium revenue per insured member increased 11%, to $475.

WellPoint has been expanding through acquisitions.

The company completed the acquisition of Cerulean Companies Inc., Atlanta, which had 1.9 million major medical members, in March 2001. Cerulean added $5.3 million in net income and $656 million in revenue to WellPoint’s fourth-quarter results, WellPoint says.

WellPoint completed a second major managed care acquisition, of RightCHOICE Managed Care Inc., St. Louis, Jan. 31. WellPoint is still reporting RightCHOICE results separately from its own.

RightCHOICE is reporting $17 million in net income for the fourth quarter on $310 million in revenue, up from $11 million in net income on $279 million in revenue.

Major medical enrollment increased to 3 million, from 2.7 million, and average premium revenue per insured member increased 9%, to $451.

WellPoint has also announced a third major managed care acquisition, of CareFirst Inc., Owings Mills, Md., but it does not expect to close on CareFirst until 2003.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.