WellPoint Posts 4% Increase in Profit for Second Quarter
On Wednesday, health insurance company WellPoint reported a second-quarter profit increase of 4% on $722.4 million in revenue, a 26% increase in earnings from the same period in 2009. However, CEO Angela Braly said she expects losses in California -- possibly at more than $100 million -- because ofÂ obstacles preventing Anthem Blue Cross from going through with planned rate increases. Braly called the situation in California "unsustainable" and said there is need for rate hikes to cover the growth in medical costs.
- "WellPoint Profit Rises Despite Lower Revenue" (Helfand, Los Angeles Times, 7/29).
- "Braly Has Eye on Rate Hikes" (Lee, Indianapolis Star, 7/29).