Anthem Details 'Solid' Quarter

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(Image courtesy of Anthem Inc.) (Image courtesy of Anthem Inc.)
INDIANAPOLIS -

Indianapolis-based Anthem Inc. (NYSE: ANTM) is reporting first quarter net income of $1.01 billion, compared to $703 million during the same period a year ago. The insurer made little mention in the quarterly earnings report about its proposed $54 billion merger with Connecticut-based Cigna Corp. (NYSE: CI), which is currently tied up in a legal battle following a U.S. District Court decision in February to block the deal.

Anthem primarily attributes a $35.6 million operating loss for the quarter to expenses related to the stalled acquisition. In January, prior to the federal court decision and lawsuits, Anthem extended the planned end date of the proposed merger to April 30.

Anthem Chief Executive Officer Joe Swedish says membership and operating revenue exceeded expectations in the first quarter. "The value proposition we bring to the marketplace is clearly resonating with consumers as we are committed to improving the quality and affordability of healthcare for our customers," Swedish said. "Our solid first quarter financial performance reflects continued momentum across our businesses that positions us well for future success, as reflected in our updated 2017 outlook."

Membership increased by 1 million to 40.6 million members and operating revenue was up to $22.3 billion in the quarter, a $2 billion bump. For the full year, Anthem expects net income to be more than $10.37 per share.

You can connect to the full earnings report by clicking here.

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