Health Net Reports Increase in Earnings, Enrollment

Woodland Hills-based Health Net reported higher second-quarter earnings and revenue, in line with Wall Street expectations, the Hartford Courant reports.

Earnings in the second quarter jumped 19% to $92 million, or 80 cents per diluted share, from $77 million, or 65 cents per diluted share, a year earlier (Hartford Courant, 8/2).

Second-quarter revenue was $3.5 billion, a 6.1% increase from $3.3 billion in 2006's second quarter. Revenue from health plan services premiums increased by 8.2% (Los Angeles Business, 8/1).

Overall enrollment increased by 13,000 to 3.7 million members relative to the second quarter of 2006.

Leading the trend, membership in Medicare Advantage plans jumped by 20% in the second quarter, compared with the same quarter in 2006 (Hartford Courant, 8/2). Membership in small group and individual plans increased by 4.1% (Los Angeles Business, 8/1).

Conversely, Health Net reported a 2.8% drop in enrollment for commercial plans (Hartford Courant, 8/2).