Humana 1st-Quarter Profit Rises 75%
Humana Inc.’s first-quarter profit rose 75% as the operator of health plans for the U.S. government and employers controlled costs and left unprofitable markets.
Net income rose to $46.8 million, or 28 cents a share, matching estimates. Sales rose 9.5% to $2.6 billion.
Humana closed unprofitable plans with employers and canceled some contracts funded by government health insurance programs Medicare and Medicaid. The company also raised premiums to catch up with costs in its health plans and added customers covered by Tricare, the health insurance program for military families.
Shares of Louisville, Ky.-based Humana fell 53 cents to close at $15.86 on the NYSE.
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