Coventry Health Care, Bethesda, Md., said profits rose 74% to $49.5 million, or 83 cents per share, in the first quarter, reflecting an 18% increase in membership and higher premiums. Revenue rose 26% to $1.1 billion. Like other health insurers, Coventry raised its 2003 earnings outlook -- to $3.40 to $3.50 per share, from prior guidance of $2.75 to $2.90. Meanwhile, Amerigroup Corp., a Medicaid managed-care plan based in Virginia Beach, Va., said its first-quarter earnings rose 39% to $13.7 million, or 63 cents per share. Revenue climbed 43% to $391.6 million. The company became publicly traded Jan. 3. Its total enrollment increased 57% to 799,000, thanks partly to the acquisition of 190,000-member PHP Holdings, Coral Gables, Fla. Amerigroup confirmed its 2003 earnings outlook of $2.90 per share. -- by Laura B. Benko
Coventry, Amerigroup see profit, membership gains
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