Humana Posts 18 Percent Profit Increase

By: AP
By: AP

LOUISVILLE, Ky. (AP) -- Humana Inc. says its second-quarter profit rose by 18 percent, beating Wall Street forecasts, as the health insurer's enrollment grew in its Medicare Advantage and prescription drug plans.

The Louisville, Ky., company also raised its 2013 earnings forecast. Humana said Wednesday it now expects full-year earnings to range from $8.65 to $8.75 per share, up from its previous forecast of $8.40 to $8.60 per share.

Humana's membership in its individual Medicare Advantage business surpassed 2 million, up 7 percent from a year ago. Membership in its stand-alone prescription drug plans rose nearly 8.5 percent to 3.2 million.

For the quarter, Humana reported net income of $420 million, or $2.63 per share. Analysts polled by FactSet expected $2.47 per share.

Revenue rose 6.4 percent to $10.3 billion, essentially matching analysts' forecasts.

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