September 3, 2009 |
The nation's two largest health insurers have been pressuring employees to lobby against healthcare reform in Congress in violation of a California law against coerced political activity, a consumer group alleged Wednesday. Consumer Watchdog in Santa Monica has asked California Atty. Gen. Jerry Brown to investigate its claim that UnitedHealth Group and WellPoint Inc. pushed workers to write their elected officials, attend town hall meetings and enlist family and friends to ensure an overhaul that matches their interests.
January 29, 2009 |
Shares of WellPoint Inc. climbed after it became the latest insurer to report a steep profit drop but dumped no fresh bad news on investors wary of the sector. The nation's largest insurer by enrollment said it earned $331.4 million, or 65 cents a share, in the fourth quarter, down 61% from $859.1 million, or $1.51, a year earlier. Revenue fell 3% to $15.07 billion. The company, which operates Blue Cross and Blue Shield plans in 14 states, said its membership fell by 288,000 to 35 million in the fourth quarter compared to the third as employers cut jobs.
January 13, 2009 |
Health insurer WellPoint Inc. has been barred from adding customers to Medicare plans after it denied prescription drugs to the elderly, endangering their lives, the government said Monday. The sanctions, outlined in a letter to WellPoint from the Centers for Medicare and Medicaid Services, followed a "sharp" increase in consumer complaints, the agency said.
October 23, 2008 |
A shaky financial market helped push WellPoint Inc.'s third-quarter profit down more than 5%, but company leaders said tough times could create buying opportunities for the insurer. The operator of Blue Cross and Blue Shield health plans said net income dropped to $820.7 million, or $1.60 a share, compared with $868 million, or $1.45, a year earlier. WellPoint reported a pretax write-down of $562.6 million, or 71 cents a share, from investment losses and declines. Excluding that and other one-time items, the company's adjusted earnings per share were $1.58.
April 5, 2008 |
WellPoint's former chief financial officer left in disgrace, but not empty-handed: His cash, options and retirement plans totaled $118.2 million, according to a federal regulatory filing Friday. The company even paid David Colby $116,692 for his unused vacation time. Colby, 54, resigned abruptly in May and has since been plagued by lawsuits tied to a string of romantic entanglements with women across the country. The bulk of his money came from $101.
March 11, 2008 |
Health insurer WellPoint Inc. cut its 2008 profit outlook Monday, citing higher-than-expected medical costs and lower-than-expected enrollment, sending shares 18% lower in after-hours trading. The largest U.S. health insurer by membership also cited worsening economic conditions and said it now expected to earn $5.76 to $6.01 a share for the year compared with its previous forecast of $6.41 a share. The revised outlook would reflect profit growth of 4% to 8%. For the first quarter, WellPoint cut its profit forecast to $1.16 to $1.26 a share, from an earlier view of $1.44 a share.