Net income at Indianapolis-based health insurer WellPoint dropped 7.6 percent in the first quarter of the 2012 fiscal year, from $926.6 million in the same period of 2011 to $856.5 million.
The trend of falling profits and rising expenses continued for WellPoint, although the results were not as drastic as the previous quarter. In the fourth quarter of 2011, WellPoint's profit was down 39 percent while benefit expenses rose almost 10 percent.
Total revenue ticked up 3.4 percent, from $14.65 billion in 2011 to $15.15 billion in the three months ended March 31, 2012. Benefit expenses rose 4.8 percent, from $11.23 billion to $11.77 billion.
WellPoint was the largest commercial health insurer in membership until last year, when UnitedHealth Group took over that role. WellPoint is still the second-largest for-profit insurer in the country and runs Blue Cross Blue Shield plans in 14 states.
The trend of falling profits and rising expenses continued for WellPoint, although the results were not as drastic as the previous quarter. In the fourth quarter of 2011, WellPoint's profit was down 39 percent while benefit expenses rose almost 10 percent.
Total revenue ticked up 3.4 percent, from $14.65 billion in 2011 to $15.15 billion in the three months ended March 31, 2012. Benefit expenses rose 4.8 percent, from $11.23 billion to $11.77 billion.
WellPoint was the largest commercial health insurer in membership until last year, when UnitedHealth Group took over that role. WellPoint is still the second-largest for-profit insurer in the country and runs Blue Cross Blue Shield plans in 14 states.
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