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WellPoint Reports 17% Increase In Net Income

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NU Online News Service, Oct. 27, 2003, 5:17 p.m. EST – WellPoint Health Networks Inc., Thousand Oaks, Calif., says acquisitions and strong sales in California and Georgia helped it increase third quarter net income 17%.

The managed care company, which has agreed to an acquisition proposal from Anthem Inc., Indianapolis, is reporting $246 million in net income for the latest quarter on $5 billion in revenue, up from $211 million in net income on $4.5 billion in revenue for the third quarter of 2002.

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The company ended the quarter providing or administering coverage for 14 million people, up from 13 million people a year earlier.

Average premium revenue per insured member increased 5%, to $547.