WellPoint ( WLP) posted strong second-quarter earnings and boosted full-year guidance, though revenue came in a little light. The Indianapolis-based health insurer said earnings for the quarter ended June 30 rose to $751 million, or $1.17 a share, from the year-ago $642 million, or 90 cents a share. The latest quarter included a realized investment loss of a penny a share. Revenue rose 27% from a year ago, driven by the acquisition of WellChoice, to $13.94 billion. Analysts were looking for a $1.14-a-share profit on sales of $14.08 billion. Medical enrollment totaled 34.2 million members at June 30. That's up more than 5.3 million members from a year ago and reflects the addition of 4.8 million members through the WellChoice transaction. On a comparable basis, enrollment increased by 616,000 members. Each of the company's geographic regions increased by more than 100,000 members. From a customer segment perspective, the increase in membership was driven by growth of 726,000 members in the national business and 102,000 members in state sponsored operations. Large group enrollment declined primarily due to the previously-announced losses of 377,000 members in the states of Georgia and Kentucky accounts. Medical enrollment remained relatively flat during the second quarter of 2006. Fully-insured enrollment increased by 22,000 members despite in-group enrollment declines in the automotive industry. Self-funded enrollment declined sequentially due to the discontinuation of a rental network in Texas, resulting in the loss of 67,000 members. Medicare Part D enrollment exceeded 1.5 million members as of June 30, as WellPoint added 230,000 members during the second quarter. On a comparable basis, second quarter revenue rose 10.5%, reflecting disciplined pricing, the addition of the New York state prescription drug contract and enrollment in the company's Medicare Part D products. The benefit expense ratio declined by 10 basis points sequentially, to 81.2% from 81.3% in the first quarter of 2006. Second quarter results included an improved benefit expense ratio for the company's Medicare Part D products. During the second quarter WellPoint repurchased 23.3 million shares of its common stock for $1.7 billion. The board increased the share repurchase authorization by $1 billion on May 16 to $4 billion in 2006. At June 30 there was $399.6 million available under the board's current repurchase authorization. Based on the current stock price and strong year-to-date financial results, the company intends to utilize this remaining authorization during the third quarter of 2006, subject to market conditions. WellPoint said it expects to make $1.22 for the third quarter and $4.74 for the year, including 2 cents a share in investment losses, on revenue of $56.4 billion. Analysts were looking for $1.19 for the quarter and $4.65 for the year, on revenue of $56.7 billion.