Anthem BCBS Profits rise to $1BN Annually

Contributor Bruce Japsen writes in Forbes (7/25) that Anthem’s move “to exit some individual markets under the Affordable Care Act in favor of growing its Medicare business helped boost profits in the health insurer’s second quarter.” This allowed the insurer to “increase profits by 23% to $1 billion, or $3.98 per share, compared to $855 million, or $3.16 per share, in the year ago period.” Revenue rose by 2 percent to $21.2 billion. Data show that during “the second quarter, Anthem added 254,000 Medicare members thanks in part to acquisitions the company made in south Florida, a lucrative market for Medicare Advantage plans.” CEO Gail Boudreaux said the company intends “to invest more in operations and acquisitions in the Medicare Advantage business, which has helped offset the loss of medical members.”