Anthem Reports In-Line Results, No Major Cigna Updates; Reiterating Our Fair Value Estimate
Anthem reported results that fell in line with our expectations and we are reiterating our $140 fair value estimate. Profit margins decreased as expected with the firm's medical loss ratio increasing 190 basis points to 83.90%. Offsetting this headwind somewhat was a 105- basis-point decrease for the firm’s operating cost ratio (14.82%), which was a highly positive development. However, most of this decrease was related to selling expense, which could be a hindrance once the public exchanges mat...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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