Indianapolis-based Anthem Inc. (NYSE: ANTM) Chief Executive Officer Joe Swedish says, despite a drop in first quarter profit, the insurer exceeded key expectations. The company is reporting first quarter net income of $703 million, compared to $865.2 million a year ago. It says medical enrollment was up by one million members.
The enrollment gains were driven by the performance of Anthem’s national, individual and Medicaid businesses. The 2.6 percent total increase was offset by a dip in enrollment by the local group unit.
Swedish says "our solid first quarter results represent a strong start to 2016 with higher than expected enrollment growth in both Commercial and Government business segments. We remain firmly focused on advancing affordability and quality on behalf of our members, which will be enhanced by the pending Cigna acquisition."
For the full year, Anthem anticipates medical enrollment to jump between 700,000 and 900,000 members in 2016.