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Health insurer Anthem profit beats, raises 2019 earnings forecast
 (Reuters) - Anthem Inc (ANTM.N) reported a better-than-expected quarterly profit on Wednesday as it benefited from higher sales of its government-backed health plans, prompting the health insurer to raise its full-year profit forecast.The company, which earlier this year launched pharmacy benefits business IngenioRx, forecast adjusted 2019 earnings of more than $19.40 per share, up from its prior view of more than$19.30. Operating revenue from its government business, which sells Medicare and Medicaid health plans, rose 14% to $15.96 billion. The company said its benefit expense ratio ‐ the percentage of premiums paid for medical services ‐ worsened to 87.2% from 84.8% a year earlier. Analysts on average expected 86.59%, according to IBES data from Refinitiv. A lower benefit expense ratio is better for health insurers. Net income rose to $1.18 billion, or $4.55 per share, in the third quarter ended Sept. 30 from $960 million, or $3.62 per share, a year earlier. Excluding items, the company earned $4.87 per share, ahead of the average analyst estimate of $4.82 per share. Total operating revenue rose 15% to $26.44 billion, beating estimates of $25.88 billion. Market Summary > Anthem Inc NYSE: ANTM 260.25 USD +7.18 (2.84%) Closed: Oct 23, 7:11 AM EDT · Disclaimer Pre-market 262.00 +1.75 (0.67%) Posted by: Besoeker 2019-10-23 |
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