Health insurer WellPoint's 4th quarter profit sinks 68 per cent on charges, higher expenses - InfoNews

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Health insurer WellPoint's 4th quarter profit sinks 68 per cent on charges, higher expenses

FILE- This July 17, 2012, file photo, shows the corporate headquarters of WellPoint in Indianapolis. WellPoint Inc. reports quarterly financial results on Wednesday, Jan. 29, 2014. (AP Photo/Michael Conroy, File)
January 29, 2014 - 3:35 AM

INDIANAPOLIS - WellPoint says its fourth-quarter earnings tumbled 68 per cent, as the nation's second largest health insurer booked a business sale charge and saw the amount it paid in medical claims spike.

The Indianapolis company says it earned $148.2 million, or 49 cents per share, in the quarter. That's down from $464.2 million, or $1.51 per share, in the final quarter of 2012.

Earnings excluding one-time items totalled 87 cents per share. Analysts expected 86 cents per share.

Operating revenue jumped 16 per cent to $17.65 billion. That excludes investment gains or losses. Analysts expected $17.8 billion.

WellPoint Inc. says it expects 2014 earnings to be above $8 per share.

The insurer runs Blue Cross Blue Shield plans in 14 states.

Its shares are falling in early morning trading.

News from © The Associated Press, 2014
The Associated Press

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