WellPoint Raises 2013 Forecast Ahead of Obamacare Exchanges
Profit is expected to be at least $8.40 a share in 2013, the insurer said in raising its projection for the third time this year.
INN Breaking News, October 23, 2013
(Bloomberg) -- WellPoint Inc., the second-biggest U.S. insurer, increased its full-year forecast as the company gears up for business from the U.S. health-care law’s new online insurance markets.
Profit is expected to be at least $8.40 a share in 2013, Indianapolis-based WellPoint said in raising its projection for the third time this year. Analysts had estimated $8.27 in profit this year and $8.39 in 2014, according to data compiled by Bloomberg. Third-quarter earnings topped estimates.
WellPoint has made the biggest commitment of any publicly traded insurer to the health exchanges that debuted this month. Medical-plan enrollment jumped 6 percent to 35.5 million in the quarter as WellPoint also benefited from the slowdown in medical claims that has boosted all insurers since the economic recession that ended in 2009.
The raised forecast reflects “our strong performance, our continued preparation and the outlook for coming market changes under the Affordable Care Act,” Chief Executive Officer Joseph Swedish said in a statement today.
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