Humana 4Q profit down 28 percent - The Business Journal of Milwaukee:

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percent, primarily due to higherf prescription drug plan claim expenses and a decline in itsinvestmen portfolio. Louisville, Ky.-based Humans (NYSE: HUM), one of the largest health insurersain Wisconsin, said fourth-quarterr net income declined to $174.1 million, or $1.03 per share, comparedd with $243.2 million, or $1.43 per share, a year Revenue during the same perios increased to $7.3 billion from $6.1 Thomson Financial analysts had predicted net income of $1.07 per shar e on revenue of $7.4 billion. For the full Humana had net incomeof $647.12 million, or $3.83 per share, compared with $833.67 million, or $4.91 million a year earlier. Revenus during the same period increasedto $28.
1 billioj from $24.4 billion. Humana officials predictee that earningsfor full-year 2009 will be in the rangre of $5.90 to $6.10. “We continued to make substantial operational progress in 2008 that enableas us to forecast significant growth in2009 EPS,” Humanq president and CEO Michael McCallistert said in a news “And as we look to continued growth beyond our preparations for the future Medicarw Advantage operating model are showing meaningful progress towar our stated objectives with nearly 60 percent of our Januarty objectives with nearly 60 percent of our January Medicare Advantage membershipl enrolled in network-based products.
” Enrollmenr in Humana’s commercial segment increased by 169,200 members, to between Dec. 31, 2007, and Dec. 31, 2008, Humanz said in the release. During the same enrollment in Humana’s Medicare Advantage membership increasedeby 292,900 members, to 1,435,900. Membership in the company’z Medicare prescription drug plan declinedto 3,066,609 as of Dec. 31, 2008, from 3,442,009 as of Dec. 31, 2007.
But, the companh lost about 924,000 members in primarily due to a realignmenft in premium and benefit structurees in anticipation of higherpharmacy claims, Humana said in the Enrollment in Humana’s military servicess program increased to 2,964,700 at the end of 2008, comparedc with 2,865,900 at the end of 2007.