Health Net Inc. reported that increased enrollees in its Medicare prescription drug programs and an increase in other business segments led to a huge increase in its net income for the most recent quarter. The Woodland Hills-based health insurer reported first-quarter net income of $76.6 million, or $0.65 per share, on revenues of $3.19 billion, compared with net income of $21.3 million, or $0.19 per share, on revenues of $2.91 billion during the same period last year. Earnings in the first quarter of 2005 included over $67 million in pre-tax charges used to settle a class-action lawsuit brought on by physicians.
