WellPoint Reports Income for Quarter of $76.2 Million
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WellPoint Health Networks in Thousand Oaks reported net income of $76.2 million or $1.11 per diluted share for the quarter that ended Sept. 30.
Comparable results in the third quarter of 1998, excluding the impact of a favorable IRS tax ruling, were $66.7 million, or 95 cents per diluted share.
Membership in WellPoint’s medical plans totaled 7.2 million at the end of the period, compared with 6.8 million at the end of the third quarter last year. In the company’s large-group segment, membership increased by more than 188,000, or 3.8%, from the previous year.
The company’s individual, small-group and senior membership rose more than 157,000, an 8.2% increase from the third quarter of 1998.
David C. Colby, WellPoint’s chief financial officer, said WellPoint’s financial performance and balance-sheet position remain strong despite investor concerns with the industry.
WellPoint provides health-care coverage through Blue Cross of California in California and UNICARE in other parts of the country.
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