Medicare enrollees almost double the amount of the commercial group...BD
LOS ANGELES--(BUSINESS WIRE)--November 1, 2007-- Health Net, Inc. (NYSE:HNT) today announced a third quarter 2007 net loss of $103.8 million, or $0.93 per share. Net income for the third quarter of 2006 was $90.9 million, or $0.76 per diluted share. Included in the results for the third quarter of 2007 is the full effect of $296.8 million pretax, or $216.0 million after-tax, charges incurred as a result of Health Net reaching an agreement in principle to settle three class action lawsuits known as the McCoy, Wachtel and Scharfman lawsuits; the proposed resolution of regulatory issues with the New Jersey Department of Banking and Insurance; and other litigation matters.
Third Quarter Highlights ....
Following are key highlights for the third quarter of 2007:
-- Membership in the company's commercial small group and individual segment increased by 83,000 members, or 12.1 percent, compared to the third quarter of 2006;
-- Medicare Advantage membership grew by 42,000 members, or 21.3 percent, compared to the third quarter of 2006;
-- The California Farm Bureau Federation selected Health Net of California as its underwriter for approximately 60,000 members, effective July 1, 2007;
-- Although operating cash flow was negative $131.2 million in the third quarter of 2007, it would have been positive by approximately $200 million had the company received two government payments that were due in September 2007.
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