Wellpoint, the second largest insurer in the country, reported Wednesday morning a stronger-than-expected first quarter of 2014, and improved its yearly revenue outlook based on its boosted enrollment through the Affordable Care Act.
The company reported that it had added 1.3 million customers to its rolls, about half of which were from the federal exchanges, and that the enrollees were younger and healthier than it feared a couple months ago. Wellpoint had warned in March that it could see double-digit increasing in premiums. However, the company reported that enrollees had tracked younger toward the end of the enrollment window, and were in line with projections.
“Our membership is growing across our platforms and we are pleased with the progress we have seen in the exchanges,” Joe Swedish, Wellpoint’s CEO, said.
Wellpoint also reported about 90% of enrollees are paying their first month’s premium, higher than many observers had feared.
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