Aenta Reports Third Quarter Profits

By The Associated Press

Health insurer Aetna says its third-quarter earnings rose 4 percent, fueled in part by enrollment and revenue gains from a multi-billion-dollar acquisition it completed earlier this year.

The Hartford, Conn., insurer says it earned $518.6 million, or $1.38 per share, in the three months that ended Sept. 30. That’s up from the $499.2 million, or $1.47 per share, a year ago. Adjusted earnings totaled $1.50 per share. Total revenue soared 46 percent to $13.04 billion.

Analysts forecast higher earnings of $1.52 per share on about $12.87 billion in revenue.

Aetna Inc. closed a $6.9 billion acquisition of Medicare and Medicaid coverage provider Coventry Health Care in May, and that deal swelled both its revenue and enrollment figures for the quarter.

Aetna membership climbed 22 percent to more than 22 million people.

(© Copyright 2013 The Associated Press. All Rights Reserved.)

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