WellPoint Rises as Insurer Adds 500,000 Obamacare Enrollees
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WellPoint Inc., the second-biggest U.S. medical insurer, has added 500,000 members since Obamacare enrollment began and said the system’s early stumbles haven’t dimmed profit estimates, boosting the company’s shares.
While the new members tend to be older and sicker than current enrollees, WellPoint priced its plans accordingly and isn’t backing off projected profit margins, Chief Executive Officer Joseph Swedish told analysts today on a conference call. The prognosis helped WellPoint shares overcome a 68 percent decline in fourth-quarter net income.