First-Quarter 2008 Financial Results of Publicly Traded Managed Care Companies
(for the period that ended March 31, 2008)

Net Income (Loss)
for First Quarter

First-Quarter Income (Loss) per Diluted Share for

Medical Enrollment on March 31

First-Quarter
Medical-Cost
Ratio for

First-Quarter Administrative-Cost Ratio for

2008

2007

2008

2007

2008

2007

2008

2007

2008

2007

Aetna Inc.

$431.6 million

$434.6 million

$40.85

$0.81

17.5 million

15.7 million

81.3%

80.7%

18.0%

18.0%

AMERIGROUP Corp.

$35.0 million

$21.3 million

$0.65

$0.40

1.7 million

1.3 million

82.1%

83.4%

13.3%

12.7%

Assurant, Inc.

$186.8 million

$179.5 million

$1.57

$1.45

838,000

917,000

61.8%¹

62.0%¹

31.1%¹

30.9%¹

Centene Corp.

$25.52 million

$11.6 million

$0.59²

$0.26

1.2 million

1.1 million

83.0%

84.6%

12.5%

13.0%

CIGNA Corp.

$58.0 million³

$289 million

$0.21³

$2.93

10.4 million

9.8 million

83.8%⁴

83.3%⁴

27.8%⁵

25.4%⁵

Coventry Health Care, Inc.

$125.0 million

$121.7 million

$0.81

$0.76

3.4 million

3.4 million

82.5%

81.9%

17.3%

16.5%

HealthSpring, Inc.

$21.1 million

$14.1 million

$0.37

$0.25

165,000⁶

137,000

79.6%⁷

81.2%⁷

11.4%

13.3%

Health Net, Inc.

($35,680)⁸

$88.6 million

($0.33)

$0.77

3.9 million

3.8 million

88.5%⁹

84.3%⁹

11.2%

13.2%

Humana Inc.

$80.2 million

$71.2 million

$0.47

$0.42

8.2 million

7.8 million

86.7%

86.8%

13.8%

13.5%

Molina Healthcare, Inc.

$13.2 million

$9.6 million

$0.46

$0.34

1.2 million

1.1 million

85.8%

85.7%

10.6%

11.3%

Triple-S Management Corp.

$1.2 million

$4.5 million

$0.04

$0.17

985,281

975,704

90.2%

N/A

10.1%

11.4%

UnitedHealth Group

$994 million

$927 million¹⁰

$0.78

$0.66

29.9 million

28.5 million

82.4%

82.7%

14.3%

14.0%

WellPoint, Inc.

$588 million

$783.1 million

$1.07

$1.26

35.4 million

34.9 million

85.1%

83.1%

14.6%

14.4%

N/A = Not available
¹ Ratios are for Assurant Health only.
² Results include the benefit of the July 1 through Dec. 31, 2007, rate increase for Georgia, approximately 28 cents per share
³ Reduction in net income is partly due to a $131 million loss in its guaranteed minimum income benefits (GMIB) business resulting from CIGNA’s use of a new accounting rule. CIGNA valued assets and liabilities of one of its businesses using a Financial Accounting Standards Board rule (FAS 157).
⁴ Ratios are for commercial risk products, excluding voluntary/limited benefit business. Ratios are for CIGNA HealthCare business unit.
⁵ Ratios are for health plan business only.
⁶ HealthSpring acquired Leon Medical Centers Health Plans on Oct. 1, 2007. As of the acquisition date, the health plan had approximately 25,800 members.
⁷ Ratio is for Medicare products only
⁸ The figure is for after Health Net recorded $82.4 million in legal and operations strategy-related charges in the first quarter of 2008.
⁹ Ratios exclude TRICARE enrollment.
¹⁰ United’s first-quarter 2007 net income figures include a one-time venture-capital gain of $51.7 million
Note: On May 13, WellCare Health Plans, Inc. added its first-quarter 2008 results to the list of late filings with the Securities and Exchange Commission due to an ongoing federal investigation. The only new data reported in the company’s proxy statement was medical enrollment, which was 1.4 million as of March 31, 2008, up from 1.3 million on the same date a year ago. 

SOURCE: Compiled by Atlantic Information Services, Inc. from company financial reports.