WellPoint's 2Q profit falls, insurer cuts outlook

Associated Press

INDIANAPOLIS (AP) — WellPoint is lowering its 2012 earnings forecast after net income and enrollment fell while medical costs climbed during the health insurer's second quarter.

The second-largest insurer based on enrollment says its net income fell 8 percent to $643.6 million, or $1.94 per share, in the three months ended June 30. That's down from $701.6 million, or $1.89 per share, a year ago.

Total revenue rose 2 percent to $15.41 billion.

Analysts expected earnings of $2.08 per share on $15.31 billion in revenue.

WellPoint says enrollment slipped 2 percent to 33.5 million people.

The insurer now expects adjusted earnings to range between $7.30 and $7.40 per share, down from a previous forecast for $7.57 per share. Analysts expected $7.76 per share.

View Comments