Health insurer Aetna posted net income of $594.5 million for the third quarter of this year, a 15 percent increase over the $518.6 million it posted for the third quarter of last year.
Aetna reported operating revenues of $14.7 billion for the third quarter of 2014, which was a 13 percent increase over the $13 billion for the third quarter of 2013. Growth in Aetna's medical membership, which was 23.6 million as of Sept. 30, was one of the key drivers of the increase in operating revenues.
Aetna's total medical benefit ratio declined to 82.3 percent in the third quarter of this year from 83.1 percent during the same quarter in 2013. However, the ratio rose by 0.5 percent on the commercial side due to rising costs, such as those associated with pricey hepatitis C treatments.
Based on its third-quarter results, Aetna raised its earnings projection range from $6.45 to $6.60 per share to $6.60 to $6.70 per share.
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