Yet another health plan has posted better than expected earnings, with WellPoint Inc. reporting first-quarter 2010 net income of $876.8 million, up 51%, on revenues of $15.099 billion, down 0.3%. Net margin was 5.8%. WellPoint is the latest major managed care plan to beat Wall Street expectations in the first quarter — the others including Centene, Humana and UnitedHealth. Unlike the others, however, WellPoint didn’t raise its 2010 earnings forecast — although Wall Street analysts view the company’s full-year 2010 net income projection of at least $6 per share as somewhat conservative. The company attributed the strong first quarter in part to lower than expected flu costs. In additional, medical cost ratio fell 70 basis points to 81.8% compared to a year earlier.
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