WellChoice, Inc. (NYSE: WC): -- Third quarter 2005 net income of
$75.7 million, or $0.89 per diluted share -- Commercial managed
care membership, excluding NYC and NYS PPO, increased by 118,000,
or 4.6%, over the third quarter 2004 and 99,000, or 3.9%, since
year-end 2004 -- Full-year 2005 earnings guidance raised to a range
of $3.41 to $3.45 per diluted share, from a range of $3.37 to $3.43
per diluted share -- Core commercial managed care membership growth
guidance reaffirmed to be in the range of 5% to 6% for 2005
WellChoice, Inc (NYSE: WC) today reported results for the third
quarter ended September 30, 2005. WellChoice reported net income
for the third quarter 2005 of $75.7 million, or $0.89 per diluted
share, and net income for the nine months ended September 30, 2005
of $221.2 million, or $2.61 per diluted share. "WellChoice
continues to deliver strong financial performance," said Michael A.
Stocker, M.D., President and Chief Executive Officer of WellChoice.
"Our consistent focus on improving administrative expense ratios
once again provides the impetus for our positive financial
results." "Our third quarter 2005 results reflect our continuing
focus on delivering solid earnings growth," said John W. Remshard,
Senior Vice President and Chief Financial Officer. "We expect to
see this level of performance continue through the end of the
year." Compared to December 31, 2004, enrollment in the Commercial
Managed Care segment, excluding New York State and New York City
PPO membership, increased by 99,000, or 3.9%, as of September 30,
2005. Membership in the entire Commercial Managed Care segment
increased by 104,000, or 2.4%, to 4,485,000 since December 31,
2004. Membership in the Other Insurance Products and Services
segment, which includes indemnity and individual products, declined
by 35,000, 6.1%, since December 31, 2004. Total membership at
September 30, 2005 was 5,024,000, an increase of 69,000, or 1.4%,
since December 31, 2004. Self-funded membership grew 38,000, or
1.9%, since December 31, 2004 to 1,988,000 as of September 30,
2005, and now accounts for 39.6% of overall membership, an increase
of 20 basis points over the prior year-end. Total revenues for the
third quarter 2005 were $1.67 billion compared to $1.45 billion for
the third quarter last year. Insured premiums were $1.51 billion
compared to $1.31 billion in the third quarter last year.
Administrative service fees increased $12.3 million to $140.7
million. The overall medical loss ratio was 87.3% in the third
quarter 2005, a 130 basis point increase compared to the third
quarter last year. Administrative expenses increased by $5.6
million to $234.2 million in the third quarter 2005 compared to the
prior year third quarter. Total revenues for the nine months ended
September 30, 2005 were $4.9 billion compared to $4.3 billion for
the nine months ended September 30, 2004. Administrative service
fees increased $48.3 million to $421.8 million. Insured premiums
were $4.38 billion for the nine months ended September 30, 2005,
compared to $3.92 billion in the nine months of last year. The
overall medical loss ratio was 86.6% for the nine months ended
September 30, 2005, an increase of 50 basis points compared to the
nine months ended September 30, 2004. Compared to the nine months
ended September 30, 2004, administrative expenses increased by
$42.5 million to $719.2 million in the nine months ended September
30, 2005. On June 29, 2005, the company entered into a final
settlement agreement with the New York State Insurance Department
for contributions and distributions related to its participation in
Non-Medicare Supplemental Regulation 146 pools. The results of this
agreement and a litigation reserve adjustment led to a net income
benefit of $1.7 million, or $0.02 per diluted share during the
second quarter of 2005. Cash flow from operating activities was
$482.5 million for the nine months ending September 30, 2005. The
Company experienced net positive prior period reserve development
of $0.6 million for the third quarter 2005 for its prospectively
rated business. Days in claims payable was 55.2 days for the
quarter ended September 30, 2005, an increase of 1.6 days from the
quarter ended June 30, 2005. EARNINGS OUTLOOK WellChoice is
increasing its earnings guidance for 2005 to be in the range of
$3.41 to $3.45 per diluted share, based on 85 million weighted
average shares outstanding. For the fourth quarter 2005, WellChoice
expects earnings to be in the range of $0.80 to $0.84 per diluted
share. In addition, the Company continues to anticipate core
commercial managed care membership growth to be in the range of 5%
to 6% for the full year 2005. About WellChoice WellChoice, Inc. is
the parent company of the largest health insurer in the State of
New York based on PPO and HMO membership. WellChoice, through its
Empire Blue Cross Blue Shield subsidiaries, has the exclusive right
to use the Blue Cross and Blue Shield names and marks in 10
downstate New York counties and one or both of these names and
marks in selected counties in upstate New York. WellChoice offers a
broad portfolio of products, including managed care and traditional
indemnity products, and has a broad customer base including large
group, middle-market and small group, individual, and national
accounts. Additional information on WellChoice can be found at
www.wellchoice.com. Conference Call and Webcast The Company will
host a conference call and webcast today at 5:30 PM (EST) to review
these results, as well as to discuss the outlook for the fourth
quarter 2005. Financial, statistical and other information,
including non-GAAP reconciliations, related to the conference call
will be available under the "Quarterly Financial Reporting and
Supplemental Data" section of the Financial Reporting tab at
www.wellchoice.com/investors. The conference call can be accessed
domestically by dialing (800) 784-3697. International participants
dial (706) 643-1656. Please ask for reference number 1145004 ten
minutes prior to the start of the call. An audio replay of the call
will be available for seven days following the conference call. To
access the replay, please dial (800) 642-1687 and enter reference
number 1145004. International callers can access the replay by
dialing (706) 645-9291 and enter reference number 1145004.
Investors, analysts and the general public are also invited to
listen to the conference call over the Internet by visiting
WellChoice's web site at www.wellchoice.com. Financial, statistical
and other information related to the conference call will also be
available on the site. SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995 This press release
contains certain forward-looking information about WellPoint, Inc.
("WellPoint"), WellChoice, Inc. ("WellChoice") and the combined
company after completion of the transactions that are intended to
be covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will",
"may", "anticipate(s)" and similar expressions are intended to
identify forward-looking statements. These statements include, but
are not limited to, financial projections and estimates and their
underlying assumptions; statements regarding plans, objectives and
expectations with respect to future operations, products and
services; and statements regarding future performance. Such
statements are subject to certain risks and uncertainties, many of
which are difficult to predict and generally beyond the control of
WellPoint and WellChoice, that could cause actual results to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include: those discussed and identified in public
filings with the U.S. Securities and Exchange Commission ("SEC")
made by WellPoint (formerly Anthem, Inc.), WellPoint Health
Networks Inc. ("WellPoint Health") and WellChoice; trends in health
care costs and utilization rates; our ability to secure sufficient
premium rate increases; competitor pricing below market trends of
increasing costs; increased government regulation of health
benefits and managed care; significant acquisitions or divestitures
by major competitors; introduction and utilization of new
prescription drugs and technology; a downgrade in our financial
strength ratings; litigation targeted at health benefits companies;
our ability to contract with providers consistent with past
practice; other potential uses of cash in the future that present
attractive alternatives to share repurchases; our ability to
achieve expected synergies and operating efficiencies in the
WellPoint Health merger within the expected time-frames or at all
and to successfully integrate our operations; such integration may
be more difficult, time-consuming or costly than expected; revenues
following the transaction may be lower than expected; operating
costs, customer loss and business disruption, including, without
limitation, difficulties in maintaining relationships with
employees, customers, clients or suppliers, may be greater than
expected following the transaction; our ability to consummate
WellPoint's merger with WellChoice, to achieve expected synergies
and operating efficiencies in the merger within the expected
time-frames or at all; to meet expectations regarding repurchases
of shares of our common stock and to successfully integrate our
operations; such integration may be more difficult, time-consuming
or costly than expected; revenues following the transaction may be
lower than expected; operating costs, customer loss and business
disruption, including, without limitation, difficulties in
maintaining relationships with employees, customers, clients or
suppliers, may be greater than expected following the transaction;
the regulatory approvals required for the transaction may not be
obtained on the terms expected or on the anticipated schedule; our
ability to meet expectations regarding the timing, completion and
accounting and tax treatments of the transaction and the value of
the transaction consideration; future bio-terrorist activity or
other potential public health epidemics; and general economic
downturns. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date
hereof. Neither WellPoint nor WellChoice undertakes any obligation
to republish revised forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. Readers are also urged to carefully review
and consider the various disclosures in WellPoint's and
WellChoice's various SEC reports, including but not limited to
Annual Reports on Form 10-K for the year ended December 31, 2004
and Quarterly Reports on Form 10-Q for the reporting periods of
2005. ADDITIONAL INFORMATION AND WHERE TO FIND IT This
communication is being made in respect of the proposed merger
transaction involving WellPoint and WellChoice. In connection with
the proposed transaction, WellPoint and WellChoice will prepare a
registration statement on Form S-4, containing a proxy
statement/prospectus for the stockholders of WellChoice to be filed
with the SEC and each will be filing other documents regarding the
proposed transaction with the SEC as well. BEFORE MAKING ANY VOTING
OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY
OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. The final proxy
statement/prospectus will be mailed to WellChoice's stockholders.
Investors and security holders will be able to receive the
registration statement containing the proxy statement/prospectus
and other documents free of charge at the SEC's web site,
www.sec.gov, from WellPoint Investor Relations at 120 Monument
Circle, Indianapolis, Indiana 46204, or from WellChoice Investor
Relations at 11 West 42nd Street, New York, New York 10036.
PARTICIPANTS IN SOLICITATION WellPoint, WellChoice and their
directors and executive officers and other members of management
and employees may be deemed to be participants in the solicitation
of proxies in respect of the proposed transaction. Information
regarding WellPoint' s directors and executive officers is
available in WellPoint's proxy statement for its 2005 annual
meeting of shareholders, which was filed with the SEC on April 8,
2005, and information regarding WellChoice's directors and
executive officers is available in WellChoice's proxy statement for
its 2005 annual meeting of stockholders, which was filed with SEC
on March 28, 2005. Information regarding the persons who may, under
the rules of the SEC, be considered participants in the
solicitation of WellChoice stockholders in connection with the
proposed transaction will be set forth in the proxy
statement/prospectus when it is filed with the SEC. -0- *T EXHIBIT
A WellChoice, Inc. Membership September 30, June 30, December 31,
(In thousands) 2005 2004 2005 2004
--------------------------------------- Products and services:
----------------------- Commercial managed care: Group PPO, HMO,
EPO and other (1)(2) 2,657 2,539 2,631 2,558 New York City and New
York State PPO 1,828 1,816 1,824 1,823 -------- ------- --------
-------- Total commercial managed care 4,485 4,355 4,455 4,381
Other insurance products and services: Indemnity 336 365 366 364
Individual 203 211 204 210 -------- ------- -------- -------- Total
other insurance products and services 539 576 570 574 --------
------- -------- -------- Overall total 5,024 4,931 5,025 4,955
======== ======= ======== ======== Customers: ------------ Large
group 2,991 2,975 3,002 2,986 Small group and middle market 499 463
490 472 Individual 263 266 264 266 National accounts 1,271 1,227
1,269 1,231 -------- ------- -------- -------- Overall total 5,024
4,931 5,025 4,955 ======== ======= ======== ======== Funding type:
--------------- Commercial managed care: Insured 2,730 2,659 2,705
2,678 Self-funded 1,755 1,696 1,750 1,703 -------- ------- --------
-------- Total commercial managed care 4,485 4,355 4,455 4,381
======== ======= ======== ======== Other insurance products and
services: Insured 306 330 318 327 Self-funded 233 246 252 247
-------- ------- -------- -------- Total other insurance products
and services 539 576 570 574 -------- ------- -------- --------
Overall total 5,024 4,931 5,025 4,955 ======== ======= ========
======== (1) Our HMO product includes Medicare+Choice (Medicare
Advantage HMO). As of September 30, 2005, September 30, 2004, June
30,2005 and December 31, 2004, we had approximately 60,000 members,
56,000 members, 60,000 members and 56,000 members, respectively,
enrolled in Medicare+Choice. (2) "Other" principally consists of
our members enrolled in dental only coverage and includes POS
members. *T -0- *T EXHIBIT B WellChoice, Inc. Consolidated
Statements of Income Three Months Ended September 30, 2005 2004
----------- ----------- ($ in millions, except share and per share
data) Revenues: Premium earned $1,505.7 $1,305.9 Administrative
service fees 140.7 128.4 Investment income, net 23.1 16.7 Other
income, net 0.1 - ----------- ----------- Total revenue 1,669.6
1,451.0 Expenses: Cost of benefits provided 1,314.5 1,122.6
Administrative expenses 234.2 228.6 ----------- ----------- Total
expenses 1,548.7 1,351.2 Income before income taxes 120.9 99.8
Income tax expense 45.2 37.9 ----------- ----------- Net income $
75.7 $ 61.9 =========== =========== Basic net income per common
share $ 0.90 $ 0.74 Diluted net income per common share $ 0.89 $
0.74 Shares used to compute basic net income per common share,
based on weighted average shares outstanding 83,812,475 83,559,141
Shares used to compute diluted net income per common share based on
weighted average shares outstanding 84,993,537 83,908,346
Additional data: ----------------- Medical loss ratio (1) 87.3%
86.0% Administrative expense ratio (2) 14.2% 15.9% (1) Medical loss
ratio represents cost of benefits provided as a percentage of
premiums earned. (2) Administrative expense ratio represents
administrative expense as a percentage of premiums earned and
administrative service fees. As presented, our administrative
expense ratio does not take into account a significant portion of
our activity generated by self-funded, or ASO, business, which, at
September 30, 2005, represented approximately 39.6% of total
membership. Therefore, in the following table, we provide the
information regarding premium equivalents and the administrative
expense ratio on a "premium equivalent" basis because that ratio
measures administrative expenses relative to the entire volume of
insured and self-funded business serviced by us and is commonly
used in the health insurance industry to compare operating
efficiency among companies. Administrative expense ratio on a
premium equivalent basis is calculated by dividing administrative
expenses by "premium equivalents" for the relevant periods. Premium
equivalents is the sum of premium earned, administrative service
fees and the amount of paid claims attributable to our self-funded
business pursuant to which we provide a range of customer services,
including claims administration, billing and membership services.
Claims paid for our self-funded health business is not our revenue.
*T -0- *T EXHIBIT B (continued) The premium equivalents for the
years indicated were as follows: Three Months Ended September 30,
2005 2004 --------- --------- Revenue: Premiums earned $1,505.7
$1,305.9 Administrative service fees 140.7 128.4 Claims paid for
our self-funded health business 1,087.1 971.1 -------- --------
Premium equivalents $2,733.5 $2,405.4 ======== ========
Administrative expense ratio, premium equivalent basis 8.6% 9.5%
======== ======== *T -0- *T EXHIBIT C WellChoice, Inc. Consolidated
Statements of Income Nine Months Ended September 30, 2005 2004
----------- ----------- ($ in millions, except share and per share
data) Revenue: Premiums earned $4,381.8 $3,915.1 Administrative
service fees 421.8 373.5 Investment income, net 64.6 50.8 Other
(expense) income, net (0.1) 0.2 ----------- ----------- Total
revenue 4,868.1 4,339.6 Expenses: Cost of benefits provided 3,794.9
3,371.7 Administrative expenses 719.2 676.7 ----------- -----------
Total expenses 4,514.1 4,048.4 Income before income taxes 354.0
291.2 Income tax expense 132.8 104.6 ----------- ----------- Net
income $ 221.2 $ 186.6 =========== =========== Basic net income per
common share $2.64 $2.23 Diluted net income per common share $2.61
$2.23 Shares used to compute basic net income per common share,
based on weighted average shares outstanding 83,735,354 83,514,673
Shares used to compute diluted net income per common share, based
on weighted average shares outstanding 84,734,569 83,832,419
Additional data: ----------------- Medical loss ratio (1) 86.6%
86.1% Administrative expense ratio (2) 15.0% 15.8% (1) Medical loss
ratio represents cost of benefits provided as a percentage of
premiums earned. (2) Administrative expense ratio represents
administrative expense as a percentage of premiums earned and
administrative service fees. As presented, our administrative
expense ratio does not take into account a significant portion of
our activity generated by self-funded, or ASO, business, which, at
September 30, 2005, represented approximately 39.6% of total
membership. Therefore, in the following table, we provide the
information needed to calculate the administrative expense ratio on
a "premium equivalent" basis because that ratio measures
administrative expenses relative to the entire volume of insured
and self-funded business serviced by us and is commonly used in the
health insurance industry to compare operating efficiency among
companies. Administrative expense ratio on a premium equivalent
basis is calculated by dividing administrative expenses by "premium
equivalents" for the relevant periods. Premium equivalents is the
sum of premium earned, administrative service fees and the amount
of paid claims attributable to our self-funded business pursuant to
which we provide a range of customer services, including claims
administration, billing and membership services. Claims paid for
our self-funded health business is not our revenue. The premium
equivalents for the years indicated were as follows: *T -0- *T
Premium Equivalents Table: Nine Months Ended September 30, 2005
2004 --------- --------- Revenue: Premiums earned $4,381.8 $3,915.1
Administrative service fees 421.8 373.5 Claims paid for our
self-funded health business 3,165.0 2,683.6 -------- --------
Premium equivalents $7,968.6 $6,972.2 ======== ========
Administrative expense ratio, premium equivalent basis 9.0% 9.7%
======= ======== *T -0- *T EXHIBIT C WellChoice, Inc. Consolidated
Balance Sheets September 30, December 31, 2005 2004
--------------------------- (In millions, except share and per
share data) Assets Investments: Fixed maturities, at fair value
(amortized cost: $1,718.2 and $1,374.6) $1,688.0 $1,361.9
Marketable equity securities, at fair value (cost: $44.7 and $43.8)
58.4 53.4 Short-term investments 231.6 170.6 Other long-term equity
investments 19.4 18.6 --------------------- Total investments
1,997.4 1,604.5 Cash and cash equivalents 824.2 758.5
--------------------- Total investments and cash and cash
equivalents 2,821.6 2,363.0 Receivables: Billed premiums, net 93.2
107.6 Accrued premiums 348.2 340.8 Other amounts due from
customers, net 125.7 125.8 Notes receivable, net 13.3 12.7 Accrued
investment income 14.9 10.7 Miscellaneous, net 115.1 73.2
--------------------- Total receivables 710.4 670.8 Property,
equipment and information systems, net of accumulated depreciation
103.5 107.1 Prepaid pension expense 63.8 60.7 Deferred taxes, net
115.2 157.7 Other 30.5 30.8 --------------------- Total assets
$3,845.0 $3,390.1 ===================== *T -0- *T EXHIBIT C
(continued) WellChoice, Inc. Consolidated Balance Sheets
(Continued) September 30, December 31, 2005 2004
-------------------------- (In millions, except share and per share
data) Liabilities and stockholders' equity Liabilities: Unpaid
claims and claims adjustment expense $ 789.2 $ 678.8 Unearned
premium income 145.4 138.7 Managed cash overdrafts 201.3 215.4
Accounts payable and accrued expenses 88.1 67.4 Advance deposits
245.5 160.6 Group and other contract liabilities 90.0 99.3
Postretirement benefits other than pensions 144.0 144.6 Obligations
under capital lease 40.2 44.0 Other 189.7 159.0
--------------------- Total liabilities 1,933.4 1,707.8
Stockholders' equity: Common stock, $0.01 par value, 225,000,000
shares authorized; shares issued and outstanding: 2005--84,248,179;
2004--84,047,152 0.8 0.8 Class B common stock, $0.01 par value, one
share authorized, issued and outstanding - - Preferred stock, $0.01
per share value, 25,000,000 shares authorized; none issued and
outstanding - - Additional paid-in capital 1,286.4 1,275.2 Retained
earnings 629.9 408.7 Unearned restricted stock compensation (4.4)
(9.9) Accumulated other comprehensive (loss) income (1.1) 7.5
--------------------- Total stockholders' equity 1,911.6 1,682.3
--------------------- Total liabilities and stockholders' equity
$3,845.0 $3,390.1 ===================== *T -0- *T EXHIBIT D
WellChoice, Inc. Consolidated Statements of Cash Flows Nine Months
Ended September 30, -------------------- 2005 2004
-------------------- ($ in millions) Cash flows from operating
activities Net income $221.2 $186.5 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
and amortization 28.1 29.1 Net realized gain on sales of
investments (4.1) (7.6) Provision (credit) for doubtful accounts
1.9 (3.9) Accretion of discount, net 1.0 1.6 Equity in earnings of
other long-term equity investments (0.2) (2.4) Deferred income tax
expense 47.1 47.8 Other (3.1) (10.4) Changes in assets and
liabilities: Billed and accrued premiums receivables 5.3 (42.6)
Other customer receivable (9.0) (0.5) Notes receivable (0.6) 0.3
Accrued investment income (4.1) (1.7) Miscellaneous receivables
(42.0) (4.3) Other assets 8.9 (1.3) Unpaid claims and claims
adjustment expenses 110.4 72.1 Unearned premium income 6.7 (35.8)
Managed cash overdrafts (14.1) (23.8) Accounts payable and accrued
expenses 25.0 (23.1) Advance deposits 84.9 43.2 Group and other
contract liabilities (9.4) (10.4) Postretirement benefits other
than pensions (0.5) 3.3 Other liabilities 29.1 (2.1)
------------------- Net cash provided by operating activities 482.5
214.0 ------------------- Cash flows from investing activities
Purchases of property, equipment and information systems (19.0)
(25.2) Purchases of available for sale investments (942.9)
(1,086.7) Proceeds from sales and maturities of available for sale
investments 541.9 900.5 ------------------- Net cash used in
investing activities (420.0) (211.4) ------------------- Cash flows
from financing activities Decrease in capital lease obligations
(3.8) (3.2) Proceeds from the exercise of stock options and
employee stock purchase plan, net of treasury stock repurchases 5.9
- Excess tax benefits on stock compensation 1.1 -
------------------- Net cash provided by (used in) financing
activities 3.2 (3.2) ------------------- Net change in cash and
cash equivalents 65.7 (0.6) Cash and cash equivalents at beginning
of period 758.5 697.5 ------------------- Cash and cash equivalents
at end of period 824.2 696.9 =================== Supplemental
disclosure: Income taxes paid 80.2 60.9 =================== *T -0-
*T EXHIBIT E WellChoice, Inc. Segment Operating Results Three
Months Ended September 30, 2005 2004 --------------------- ($ in
millions) Commercial Managed Care: Total revenue $1,449.4 $1,226.1
Income before income taxes 110.5 87.7 Medical loss ratio (1):
Commercial managed care total 87.4% 86.1% Commercial managed care,
excluding New York City and New York State PPO (2) 83.8% 82.3%
Administrative expense ratio (3) 12.1% 13.7% Other Insurance
Products and Services: Total revenue $ 220.2 $ 224.9 Income before
income taxes 10.4 12.1 Medical loss ratio (1) 86.6% 84.9%
Administrative expense ratio (3) 28.4% 28.2% (1) Medical loss ratio
represents cost of benefits provided as a percentage of premiums
earned. (2) We present commercial managed care medical loss ratio,
excluding New York City and New York State PPO, because these
accounts differ from our standard PPO product in that they are
hospital-only accounts which have lower premiums relative to claim
expense than accounts with full medical and hospital coverage. The
lower premiums and the size of these accounts distort our
performance when the total medical loss ratio is presented. (3)
Administrative expense ratio represents administrative expenses as
a percentage of premiums earned and administrative service fees. *T
-0- *T EXHIBIT F WellChoice, Inc. Segment Operating Results Nine
Months Ended September 30 2005 2004 ---------------------- ($ in
millions, except earnings per share) Commercial Managed Care: Total
revenue $4,187.0 $3,666.2 Income before income taxes 291.6 253.1
Medical loss ratio (1): Commercial managed care total 87.4% 86.5%
Commercial managed care, excluding New York City and New York State
PPO (2) 84.0% 82.7% Administrative expense ratio (3) 12.9% 13.4%
Other Insurance Products and Services: Total revenue $ 681.1 $
673.4 Income before income taxes 62.4 38.1 Medical loss ratio (1)
81.0% 83.7% Administrative expense ratio (3) 27.9% 28.6% (1)
Medical loss ratio represents cost of benefits provided as a
percentage of premiums earned. (2) We present commercial managed
care medical loss ratio, excluding New York City and New York State
PPO, because these accounts differ from our standard PPO product in
that they are hospital-only accounts which have lower premiums
relative to claim expense than accounts with full medical and
hospital coverage. The lower premiums and the size of these
accounts distort our performance when the total medical loss ratio
is presented. (3) Administrative expense ratio represents
administrative expenses as a percentage of premiums earned and
administrative service fees. *T
Grafico Azioni Wellchoice (NYSE:WC)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Wellchoice (NYSE:WC)
Storico
Da Ott 2023 a Ott 2024