Anthem posted a $1.5 billion profit for the third quarter of 2021, prompting the insurer to raise its full-year outlook for 2021.
The insurer’s earnings report, released Wednesday, showed that revenue grew by 15% compared to the same quarter in 2020 to $35.8 billion. Anthem’s enrollment across all plan offerings also increased by 2.4 million members compared to the same period last year.
“The strong growth we saw across all of our benefits business in the third quarter demonstrates that our core offerings, as well as additional innovative products and services continue to resonate in the market,” said President and CEO Gail Boudreaux in a statement.
Anthem raised its full-year earnings outlook for 2021 from greater than $25.50 a share to $25.85 a share based on the results.
The insurer saw major growth in its commercial and specialty businesses compared to 2020. It posted an operating gain of $620 million for the quarter, an improvement compared to the $234 million loss in 2020.
Anthem also saw growth in its Medicaid and Medicare businesses. Operating gains in its government business segment totaled $967 million for the quarter, compared with $246 million in 2020.
Its government business segment increased enrollment by 2.3 million people compared to the prior quarter in 2020 thanks in large part to a boost in Medicaid.
Anthem was aided by a provision in federal law that temporarily halts states from dropping people off their Medicaid rolls for the duration of the COVID-19 public health emergency, which was just renewed into January.
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