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.
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.
June 5, 2007 |
When healthcare giant WellPoint Inc. ousted its top financial officer last week, it said only that the executive had violated its code of conduct. The parent company of Blue Cross of California said an inquiry "did not reveal illegal conduct and policy violations were in no way related to the business of WellPoint."
May 26, 2007 |
State regulators are investigating whether a $950-million dividend Blue Cross of California sent to its Indianapolis-based parent violates an agreement the companies made to limit such payments to keep premiums down and maintain the quality of healthcare benefits, officials said Friday. Officials said the parent, healthcare giant WellPoint Inc., should have taken no more than $141 million out of California.
April 4, 2007 |
The nation's largest health insurer said Tuesday that it would tie some compensation of its employees to the well-being of patients. WellPoint Inc., which has 34 million insured members nationwide, including 8 million in its Blue Cross of California unit, said its employees would receive larger bonuses if health plan members increased their use of preventive practices such as immunizations, cancer screenings and diabetes-management tools.
February 27, 2007 |
WellPoint Inc., the nation's largest health insurer, surprised some analysts with its choice for a new CEO: a lesser-known executive who will become the highest-ranking woman in the Fortune 500. Angela F. Braly, a lawyer with deal-making experience and public-policy savvy, was chosen to take over when Chief Executive Larry Glasscock retires June 1. Glasscock, 58, announced his retirement Monday, citing family reasons the company would not elaborate on. He will remain nonexecutive chairman.