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Monday, Jan 30, 2023
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Health Net 2Q Earnings Down

Health Net Inc.’s second-quarter profit dropped 48 percent as medical costs increased and enrollment continued to decline. The Woodland Hills based insurer, one of the nation’s largest publicly traded managed health care companies, reported second-quarter earnings of $40.1 million, or 38 cents a share, down from $76.7 million, or 71 cents a share, a year ago. Excluding restructuring charges, earnings fell to 49 cents from 74 cents. Revenue jumped 4.5 percent to $4.01 billion. The results also included retroactive regulatory fees, assessments and taxes that took another 5 cents a share or more from earnings. The company came in below analyst estimates of 53 cents a share. Total health plan enrollment as of June 30 was about 3.6 million, a decrease of 4.2 percent, or 158,000 members, from the same point a year ago. Andrea Alegria

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