Health insurer Humana has reported net income of $460.29m for the second quarter of 2011, or $2.71 per share compared to $340.08m, or $2.00 per share, for the same quarter previous year.
The company posted total revenue of $9.28bn for the second quarter of 2011, with an increase of 8% compared to $8.59bn for the same quarter in 2010.
The 2011 consolidated benefit ratio of 82.2% increased by 20 basis points from 82% for the prior year’s quarter due primarily to lower favorable prior-period medical claims development than the prior year.
For the first six months of 2011 the company reported $4.57 in earnings per common share (EPS) compared to $3.52 for the six months ended 2010.
Humana’s chairman of the board and CEO Michael McCallister said this quarter’s results demonstrate the on-going commitment to operational excellence across all of lines of business, progress with 15% solution and the continuation of low utilisation of medical services primarily in the commercial business.