Indianapolis-based health insurer WellPoint posted $630.9 million in profit in the third quarter, which was down from the $656.2 million WellPoint posted for the same quarter in 2013.
Although the health insurer's profits were down for the third quarter, its operating revenue grew to $18.4 billion, which is a 4.3 percent increase over the $17.6 billion it posted during the third quarter of last year. The revenue growth is attributable in part to premium increases to cover new fees associated with health reform.
WellPoint's expenses also increased in the third quarter to $17.4 billion, up 2.9 percent from the $16.9 billion in expenses the health insurer reported for the third quarter of 2013.
"I am encouraged by the strength of our third quarter results and believe we are making the needed investments to support improvements in healthcare affordability and access for all of our customers, across both our commercial and government segments," said Joseph Swedish, president and CEO of WellPoint. "The substantial groundwork we have laid positions us well to capitalize on market opportunities in the future and to serve a growing number of members and their families."
More articles on third quarter financial results:
Aetna posts $594.5M profit for Q3, raises earnings outlook
Universal Health Services' net income down $31.8M in Q3
HCA's net income up $153M in Q3