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Health Net Reports Third Quarter 2012 GAAP Net Income Of $18.0 Million, Or $0.22 Per Diluted Share

Stocks in this article: HNT

Western Region commercial enrollment at September 30, 2012 decreased 9.5 percent to approximately 1.3 million members compared with enrollment at September 30, 2011.

“Our commercial enrollment is tracking very closely to our expectations. Tailored network products represented a greater share of our commercial membership at September 30, 2012 compared with September 30, 2011,” said Jim Woys, Health Net’s chief operating officer.

Enrollment in the company’s Medicare Advantage (MA) plans in the Western Region at September 30, 2012 was 231,000 members, an increase of 13.8 percent compared with September 30, 2011.

“We are very pleased that our Medicare growth continues -- an affirmation of our strategy -- and that our products are attractive to seniors in our markets,” added Woys.

Medicaid enrollment in California at September 30, 2012 was approximately 1.1 million members, an increase of 81,000 members, or 8.2 percent, from September 30, 2011.

“This year-over-year increase is primarily due to the addition of members from the Seniors and Persons with Disabilities population,” commented Woys.


Total revenues for the Western Region in the third quarter of 2012 were approximately $2.6 billion compared with approximately $2.5 billion in the third quarter of 2011.

Net investment income for the Western Region was approximately $16.4 million in the third quarter of 2012 compared with approximately $15.2 million in the third quarter of 2011 and $24.7 million in the second quarter of 2012.

Health Plan Services Expenses

Health plan services expenses in the Western Region were approximately $2.3 billion in the third quarter of 2012 compared with $2.1 billion in the third quarter of 2011.

Commercial Premium Yield and Health Care Cost Trends

In the Western Region, commercial premiums per member per month (PMPM) increased by 4.7 percent to approximately $377 in the third quarter of 2012 compared with approximately $360 in the third quarter of 2011.

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