WellPoint drops 1Q, 2008 earnings forecast
Business Courier of Cincinnati
WellPoint Inc., the parent of Anthem Blue Cross and Blue Shield, on Monday lowered its first-quarter and full-year earnings estimates, citing higher medical expenses.
The Indianapolis-based insurer now expects first-quarter earnings per share of $1.16 to $1.26, down from the prior forecast of $1.44, and 2008 earnings per share of $5.76 to $6.01, down from $6.41.
WellPoint said in a news release that medical costs were higher than expected during the first two months of this year. It also saw lower-than-expected enrollment for fully insured plans, with more new members in self-funded plans. The company also said current economic conditions have contributed to the downturn.
The company said it expects its medical enrollment to grow by 500,000 over the year, with full-year operating revenue of about $62 billion.
Anthem, with local operations based in Mason, has about 450,000 Tri-State members in its managed care plans.
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