Aetna reports slight 1Q profit increase
pINDIANAPOLIS (AP) — Managed-care company Aetna Inc. said Wednesday its first-quarter profit rose slightly due to membership gains and premium increases, even though the company saw higher-than-expected medical costs./p pThe Hartford, Conn.-based company became the fifth large health insurer to surpass Wall Street expectations for the quarter. But unlike bigger competitors UnitedHealth Group Inc. and WellPoint Inc., Aetna saw an increase in the percentage of premiums it spent on medical care in its commercial segment. It also bucked another trend and posted an increase in commercial membership./p pWhile Aetna continues to execute well, the company’s (first-quarter) results are the weakest in the industry thus far, Wachovia analyst Matt Perry said in a research note./p pAetna said its profit rose 1 percent to $437.8 million, or 95 cents per share, compared with $431.6 million, or 85 cents per share, in the same quarter last year./p pRevenue, which excludes investment losses, rose 11 percent to $8.6 billion./p pEarnings per share increased 12 percent, as the company spent $277 million to repurchase more than 10 million shares in the quarter./p pThe company said operating earnings, which also exclude investment losses, were 96 cents per share. That topped Wall Street expectations./…
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