Amerigroup Corporation, a managed healthcare company, has reported net income of $44.3m, or $0.83 per diluted share for the second quarter of 2011, compared to $67.21m, or $1.31 per diluted share, for the same quarter of 2010.
The total revenues reported for the second quarter of 2011 were $1.53bn, compared to $1.44bn for the same quarter of the previous year, with an increase of 6.3%.
The company has raised its full-year 2011 health benefits ratio range to 83.1% – 84.1% compared to the previous range of 82.8% – 83.8%.
Amerigroup said second quarter 2011 results were negatively impacted by a retroactive premium adjustment in the State of Georgia of approximately $13.8m, or $0.16 per diluted share.
Amerigroup chairman and CEO James Carlson said the firm is pleased with the underlying results in the quarter, and added that excluding prior period items, second quarter performance was in-line with the expectations.
"Furthermore, we are delighted that Louisiana has selected us to serve low-income citizens through its new Medicaid Coordinated Care Network," Carlson said.