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Wellpoint Health Networks Inc

BUSINESS
February 19, 1998 | From Bloomberg News
WellPoint Health Networks Inc. expects to raise health-insurance rates in California by 3% to 5% this year, the company's chief executive said Wednesday. U.S. health-care costs have remained constant for two years at about 13.6% of gross domestic product, WellPoint Chairman and Chief Executive Leonard Schaeffer said. "Employers realize they have had below-average health inflation, so they're just a bit more flexible," he said.
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BUSINESS
March 30, 1999 | From Bloomberg News
WellPoint Health Networks Inc., one of California's biggest health insurers, said Monday it is interested in buying Rocky Mountain Hospital & Medical Service for more than $200 million to bolster its presence in Colorado. Rocky Mountain Hospital, the not-for-profit parent company of health insurer Blue Cross Blue Shield of Colorado and Nevada, said earlier this month it expected to be acquired by Anthem Inc.
BUSINESS
November 21, 2001 | WILLIAM SELWAY, BLOOMBERG NEWS
WellPoint Health Networks Inc., the parent of Blue Cross of California, said Tuesday it has agreed to acquire CareFirst BlueCross BlueShield for $1.3 billion in cash and stock to add customers in the eastern U.S. WellPoint will pay $450 million in cash and $850 million in stock for the insurance company, WellPoint spokesman Ken Ferber said. CareFirst, a nonprofit company, needs to receive approval from regulators before the purchase can be completed.
BUSINESS
October 28, 2004 | Julie Tamaki, Times Staff Writer
Anthem Inc. on Wednesday reaffirmed its commitment to acquiring WellPoint Health Networks Inc. despite delays caused by California regulators. California Insurance Commissioner John Garamendi blocked part of the deal in July on grounds that it would cost health insurance policyholders $4 billion, prompting Anthem to sue Garamendi in a bid to reverse his stance.
BUSINESS
April 22, 2004 | From Bloomberg News
WellPoint Health Networks Inc., which is being acquired by Anthem Inc. to form the largest U.S. health insurer, said Wednesday that first-quarter profit rose 53% as the company added members and managed costs better. Net income increased to $295.2 million, or $1.85 a share, from $193.1 million, or $1.29, a year earlier, Thousand Oaks-based WellPoint said. Revenue rose 17% to $5.65 billion from $4.84 billion a year earlier.
BUSINESS
October 26, 2004 | Julie Tamaki, Times Staff Writer
Swelling membership in key markets, including California, helped WellPoint Health Networks Inc. post a 28% increase in third-quarter profit. The Thousand Oaks-based health insurer earned $315.1 million, or $1.97 a share, compared with $246.2 million, or $1.63, a year earlier. Revenue rose 16% to $5.85 billion from $5.05 billion. WellPoint's purchase of Cobalt Corp. in September 2003 lifted its profit by $15.4 million during the third quarter. Analysts had forecast a per-share profit of $1.
BUSINESS
September 28, 2002 | DON LEE, TIMES STAFF WRITER
Facing a raft of criticisms from legislators, consumers and doctors, WellPoint Health Networks Inc. said Friday that it would reconsider the terms of its $1.3-billion bid for CareFirst Inc., a nonprofit health insurer with 3.2 million members in the Eastern United States. The bid is a key part of WellPoint's strategy to expand into the East and solidify its position as the nation's largest provider of Blue Cross Blue Shield health plans.
BUSINESS
October 24, 2002 | Don Lee, Times Staff Writer
WellPoint Health Networks Inc., one of the nation's largest health insurers, said Wednesday that its third-quarter profit nearly doubled from a year earlier, thanks to investment gains, enrollment growth and lower administrative costs. The results from the Thousand Oaks-based parent of Blue Cross of California exceeded expectations and reflected the financial strength in the managed-care industry, which has kept ahead of surging health costs with hefty premium increases.
BUSINESS
July 9, 2004 | Marc Lifsher, Times Staff Writer
The chairwoman of the state Senate Health and Human Services Committee on Thursday said she wanted the California Department of Justice to investigate allegations that the corporate parent of Blue Cross of California saved millions of dollars in state taxes over the last decade by using a loophole not available to most other insurers. Sen. Deborah Ortiz (D-Sacramento) made the request to Atty. Gen. Bill Lockyer on the eve of a key regulatory hearing.
BUSINESS
November 24, 2005 | Debora Vrana, Times Staff Writer
Blue Cross premiums in California rose sharply after an out-of-state insurer bought the company offering the plans, but consumers were not stuck paying for the $21-billion deal, according to a state audit released Wednesday. There is no evidence that health insurance rate hikes were used to pay costs related to the acquisition of Thousand Oaks-based WellPoint Health Networks Inc. by Indianapolis-based Anthem Inc.
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