Interesting new profit statements from insurers:
WellPoint Inc., UnitedHealth Group Inc., Aetna Inc., Humana Inc. and Cigna Corp. reported combined net income of $3.2 billion, a 31 percent leap from the same period in 2009. Premiums grew faster than medical costs, while most insurers lowered the share of premium dollars spent on actual health services. The five insurers together set a full-year profit record in 2009 despite the worst economic downturn since the Great Depression. Now only a few months later, Wall Street analysts have been marveling at the first quarter of 2010.
As noted earlier drug companies have had a banner year as well.
Medicynical Note: The only one not doing well in health care are the patients. After all what’s the system for, care of the sick or profits? In the U.S. guess what?