Two national managed-care companies reported less than impressive earnings last week.
Minneapolis-based United Health-Care Corp.'s net income for the fourth quarter ended Dec. 31 fell 13% to $95.1 million, or 47 cents per share, from $109.9 million, or 57 cents per share, in the year-ago quarter. Revenues increased 22% to $2.7 billion. For the year, net income rose 2% to $392.2 million, or $1.96 per share, from $382.9 million, or $2.12 per share, in 1995. Revenues increased 78% to $10 billion. The 1995 results exclude $153.8 million in restructuring charges associated with United's purchase of MetraHealth Cos.
Meanwhile, Bloomfield, Conn.-based Cigna HealthCare, a unit of Cigna Corp. that includes indemnity and HMO operations, reported operating income of $137 million for the fourth quarter ended Dec. 31, down 5% from $144 million in the year-ago quarter. Premium revenues rose 2% to $4.5 billion.