HUMANA REPORTS FIRST QUARTER RESULTS AND RECORD MEMBERSHIP GAINSLOUISVILLE, Ky., April 27 /PRNewswire/ -- Humana (NYSE NYSE
See: New York Stock Exchange : HUM) announced earnings of $.32 per share for the first quarter of 1995 compared to $.20 per share for the same period last year.
Humana also reported record same-store commercial membership gains of 131,700, an increase of 10 percent. The company added 5,100 Medicare risk members and 134,900 members in its administrative services product (ASO ASO arteriosclerosis obliterans.
ASO 1 Administrative services organization, see there 2 Allele-specific–oligonucleotide hybridization 3 Anti-streptolysin O, see there ). Membership at March 31, 1995, including ASO members, was 2,311,600 compared to 2,040,900 at December 31, 1994.
"We are extremely pleased with our membership growth this year," said Wayne T. Smith, Humana's President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Excluding acquisitions, we added as many members this quarter as we did all of last year. Our competitive pricing and expanded provider network - coupled with an increased demand for managed care products in the marketplace - produced these excellent results."
Premium revenues for the first quarter rose 20 percent to $1.025 billion from $.853 billion for the first quarter of 1994. This growth was due to membership gains, a 5.7 percent increase in Medicare risk premium rates and the 1994 acquisitions of CareNetwork, Inc. and Group Health Association. As expected, premium rates for commercial products were flat.
Net income was $53 million during the first three months of 1995 compared to $32 million for the same period in 1994. This growth was due to increased membership and a reduction in the company's medical loss ratio to 80.6 percent from 82.4 percent during the first quarter of 1994.
Headquartered in Louisville, Kentucky, Humana Inc. provides managed health care services to more than 2.3 million members through the operation of health maintenance organizations and preferred provider organizations in 14 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). .
Summary of operating results for the three months ended March 31:
HUMANA INC. 1995 1994 Premium revenues $1,025,000,000 $ 853,000,000 Income before income taxes $ 80,000,000 $ 51,000,000 Net income $ 53,000,000 $ 32,000,000 Earnings per common share $ .32 $ .20
Shares for earnings per
share computation 162,040,000 160,482,000 -0- 4/27/95
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/CONTACT: Laurie Scarborough of Humana, 502-580-1037/
CO: Humana Inc. ST: Kentucky IN: INS INS
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