Net profit falls
Net profit fell during the quarter, largely because of investment spending related to health-care reform and the higher administrative costs of adding new commercial customers.
WellPoint, which runs Anthem and Empire Blue Cross Blue Shield plans, reported net income of $701 million, or $2.40 per share, down from $885 million, or $2.89 per share, a year earlier.
Excluding net gains on investments, WellPoint's profit was $2.30 per share. Analysts on average had expected $2.12, according to Thomson Reuters I/B/E/S.
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The company said it had spent less on medical claims than expected.
WellPoint raised its outlook for 2014 earnings by about 20 cents per share, saying that it now expects to earn at least $8.40, excluding items. During an investor day last month, the company gave an outlook of more than $8.20 per share.
The company added 1.2 million members in its commercial business, which includes large national employers, local employers and the individual markets.
WellPoint is selling individual policies on the new exchanges created under President Barack Obama's national health care reform law in the 14 states where it operates Blue Cross Blue Shield plans.