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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
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
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.
BUSINESS
February 15, 2000 | From Bloomberg News
WellPoint Health Networks Inc., one of California's biggest health insurers, said Monday that fourth-quarter earnings rose 17%, which was more than expected, as it boosted premiums and attracted new members. Profit from operations rose to $78.8 million, or $1.20 a share, from net income of $67.4 million, or 99 cents, in the year-earlier period. WellPoint was expected to earn $1.13, based on the average estimate of analysts polled by First Call/Thomson Financial. Revenue rose 15% to $1.
BUSINESS
July 27, 2004 | Lisa Girion, Times Staff Writer
Shares of Anthem Inc. and WellPoint Health Networks Inc. fell Monday over concerns that legal battles could delay Anthem's planned $17-billion acquisition of the Thousand Oaks company. Trading in both stocks was halted Friday shortly before California Insurance Commissioner John Garamendi rejected WellPoint's proposed sale of its Blue Cross Life & Health subsidiary to Anthem. That Blue Cross unit is a small part of the company.
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