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Oxford Reports Higher 1st Quarter Net Income

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NU Online News Service, May 5, 2003, 12:49 p.m. EDT – Oxford Health Plans Inc., Trumbull, Conn., is reporting $73 million in net income for the first quarter on $1.3 billion in revenue, compared with $71 million in net income on $1.2 billion in revenue for the first quarter of 2002.

Net results for the latest quarter include $45 million in costs related to the settlement of 1997 securities class-action suits.

Oxford ended the quarter providing or administering major medical coverage for 1.6 million people, about as many people as it covered a year earlier.

Average commercial premium revenue for fully insured commercial major medical members increased 10%, to $780.