Health Net’s Q1 Earnings More Than Triple
Woodland Hills-based insurer Health Net on Monday reported first quarter net income of $76.6 million, or 65 cents per share -- more than triple the $21.3 million, or 19 cents per share, reported in the same quarter last year -- Reuters/Los Angeles Times reports (Reuters/Los Angeles Times, 5/9). Health Net in the first quarter of 2005 reported $67 million in one-time charges related to lawsuit settlements and layoffs (Hopkins, Los Angeles Daily News, 5/9).
Revenue in the quarter increased by 9.4% to $3.2 billion, and health plan premiums increased 6.2% to $2.55 billion (Reuters/Los Angeles Times, 5/9). Administrative expenses increased by $68 million to $295.6 million in 2006.
Enrollment in the quarter increased by 10,000 people to 3.4 million members. In addition, the insurer enrolled 255,000 members in Medicare Part D plans (Los Angeles Daily News, 5/9).