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July 31, 1998|Bloomberg News

* WellPoint Health Networks Inc. said it will sell its money-losing workers' compensation unit and write off an investment in bankrupt FPA Medical Management Inc., taking charges of $108.6 million that resulted in a second-quarter loss. Woodland Hills-based WellPoint, California's second-largest health insurer, said it will sell Unicare Specialty Services Inc. to Fremont General Corp., an insurer and financial services company based in Santa Monica, for about $100 million. In New York Stock Exchange trading, WellPoint's shares plunged $7.63 to close at $64; Fremont shares rose $1.13 to $57.44. WellPoint also said second-quarter profit before charges rose 16% to $61.7 million, or 86 cents a diluted share, from $53.4 million, or 76 cents, a year earlier.

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