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July 27, 2005 at 08:00 PM
Strong sales to big employers helped WellPoint Inc. generate healthy second-quarter earnings.[@@]
WellPoint, Indianapolis, is reporting $559 million in net income for the latest quarter on $11 billion in revenue, up from $238 million in net income on $4.5 billion in revenue for the second quarter of 2004.
Anthem Inc., Indianapolis, formed WellPoint Inc. by acquiring a bigger managed care company, WellPoint Health Networks Inc., Thousand Oaks, Calif., through a merger in November 2004.
Although the merger was responsible for most of the company’s 146% increase in revenue, internal growth helped push up revenue 8%, WellPoint says.
The company ended the second quarter providing or administering health coverage for 29 million people, up from 13 million people a year earlier. “Same store” enrollment increased about 6%.
