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WellPoint Reports Higher 2nd Quarter Net Income

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NU Online News Service, July 24, 7:15 p.m. – WellPoint Health Networks Inc., Thousand Oaks, Calif., is reporting $170 million in net income for the second quarter on $4.3 billion in revenue, up from $100 million in net income on $3.1 billion in revenue for the second quarter of 2001.

Operating income, which excludes interest and income taxes, increased to $311 million, from $201 million.

Figures for the latest quarter include results for two large, recently acquired managed-care companies, Cerulean Companies Inc., Atlanta, and RightChoice Managed Care Inc., St. Louis. A detailed income statement breaking out the contributions of Cerulean, RightChoice and WellPoint’s original operations was not immediately available.

WellPoint ended the quarter providing or administering major medical coverage for 13 million people, up from 10 million people a year earlier.

Average premium revenue per insured major medical member increased 11%, to $508.