UPDATE 2-Anthem profit beats as insurer reins in costs [Reuters]
Anthem, Inc. (ANTM)
Last anthem, inc. earnings: 4/29 06:00 am
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Source: Reuters
Anthem profit beats as insurer reins in costs | Reuters 3 Min Read (Reuters) - Anthem Inc ( ANTM.N ) reported quarterly profit that beat Wall Street estimates on Wednesday, helped by lower costs at its commercial insurance business and the company raised its full-year adjusted earnings forecast. The insurer’s benefit expense ratio - an insurer’s spending on claims against the premiums it earns - narrowly missed the consensus estimate of 84.7 percent by brokerage Evercore ISI. However, the ratio improved to 84.8 percent in the quarter from 87 percent in the year-ago period. Anthem said it now expects the ratio for the full year to be around 84.2 percent, an improvement from its prior forecast of 84.4 percent. Evercore analyst Michael Newshel said in a note that any worries about the small miss in ratio for the quarter could be tempered by the lowered forecast for benefit expense. As the health insurance industry doubles down on ways to tighten spending, Anthem’s rivals Aetna Inc ( A
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