INDIANAPOLIS ( TheStreet) -- WellPoint ( WLP) reported second-quarter net income of $722.4 million, or $1.71 a share, on higher-than-anticipated favorable reserve development and strong performance in capital management. The earnings included investment gains of 4 cents a share. Last year, WellPoint earned $693.5 million, or $1.43 a share. Analysts surveyed by Thomson Reuters expected WellPoint to earn $1.55 a share in the second quarter. WellPoint said medical enrollment at June 30 totaled 33.5 million, a decrease of 2.1% from a year earlier. Revenue fell 6.8% in the quarter to $14.2 billion. WellPoint expects 2010 earnings of at least $6.30 a share. Analysts expect earnings of $6.26 a share. On Tuesday, rival Aetna ( AET) said second-quarter earnings rose 42% and it raised its full-year profit forecast. -- Reported by Joseph Woelfel in New York. Get more stock ideas and investing advice on our sister site, Stockpickr.com.