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WellPoint reports profit slump on investment loss
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INDIANAPOLIS - Health insurer WellPoint Inc. says its profit fell 7.6 percent in the second quarter as it felt the effect of investment losses.
The Indianapolis company says it earned $693.5 million, or $1.43 per share, compared with $750.5 million, or $1.44 per share, in the same quarter last year.
Revenue fell slightly to $15.41 billion.
Thomson Reuters says analysts expected expect, on average, earnings of $1.43 per share on $15.41 billion in revenue.
Medical enrollment fell by 1.1 million members, mainly due to rising unemployment.
WellPoint now expects a full-year profit of $5.06 to $5.12 per share, down from a previous outlook of $5.14 to $5.20 per share.
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