Anthem Reports an In-Line Quarter as Profit Expands and Growth Remains Flat
Anthem reported solid first-quarter results, and we are reiterating our narrow moat rating and $182 fair value estimate for the health insurer. The firm reported strong execution on the operating front as its medical loss ratio, or MLR, fell 218 basis points to 81.55%. Driving a good amount of this positive development, was a higher level of premiums given the return of the insurer tax mandated by the Affordable Care Act (insurance companies are able to recoup this fee through higher premiums). ...Anthem is an insurance holding company. Through its subsidiaries, the company is a health benefits company, serving medical members through its affiliated health plans. The company has three segments: Commercial & Specialty Business, which provides fully-insured health products, managed care services to self-funded customers, and other insurance products and services; Government Business, which includes Medicare and Medicaid businesses, its subsidiary, National Government Services, and services provided to the federal government in connection with its Federal Health Products and Services business; and Other, which includes pharmacy benefits management business and integrated health services business.
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