Anthem Reports Second Quarter Results, Reaffirms Commitment to Stakeholders During COVID-19 Pandemic
INDIANAPOLIS–(BUSINESS WIRE)–$ANTM #earnings–Against the backdrop of the ongoing pandemic, Anthem, Inc. (NYSE: ANTM) has continued to take bold steps to directly support its health plan members, customers, care providers, associates, and local communities.
“During these uncertain times, our business has continued to adapt and respond to the needs of those we serve in light of COVID-19 and the important discussions around health disparities and racial injustice facing our society. Now more than ever, our members, customers, and local communities are looking to us for support and I am honored by the trust they have placed in us,” said President and CEO Gail K. Boudreaux. “Together, with our more than 78,000 associates, Anthem is guided by our mission of improving lives and building a better and healthier America.”
Anthem has been, and always will be, deeply connected and committed to our local communities. In addition to providing $2.5 billion of financial assistance to ease the burden of the COVID-19 pandemic, Anthem pledged $50 million over the next five years to focus directly on addressing health disparities, racial inequities, and the key drivers of health such as food insecurity, mental health, housing, and economic recovery.
As part of Anthem’s efforts to combat the global pandemic, address health inequities, and adapt to the ever-changing healthcare environment, the Company has remained focused on fostering deeper relationships and developing innovative solutions to meet critical needs for its stakeholders. Actions taken to support our members, customers, care providers and local communities include:
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Care for our Anthem associates
Care for our consumers, customers, and providers
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Care for our communities
Additional actions to support society
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CONSOLIDATED HIGHLIGHTS
Earnings Per Share: GAAP net income was $8.91 per share in the quarter, including net negative adjustment items of $0.29 per share. Adjusted net income was $9.20* per share.
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*Please refer to the GAAP reconciliation tables. |
Membership: Medical enrollment totaled 42.5 million members at June 30, 2020, an increase of 309 thousand lives, or 0.7 percent, compared to March 31, 2020. The increase was driven by our Government Business, which grew by 599 thousand lives during the quarter, attributable to Medicaid, reflecting organic growth as a result of the temporary suspension of eligibility recertification efforts in our markets, and Medicare Advantage. The increase was partially offset by Commercial & Specialty Business enrollment, which declined by 290 thousand lives driven by higher in-group change as a result of the higher unemployment rate.
Medical enrollment increased by 1.6 million lives, or 3.9 percent compared to the prior year quarter, reflecting growth in the Medicaid, National, and Medicare businesses. Growth in Medicaid was driven by organic growth in our markets as well as our acquisition of the plans in Missouri and Nebraska. The increase in National enrollment reflects growth due to higher BlueCard activity and the acquisition of AmeriBen in the first quarter of 2020.
Operating Revenue: Operating revenue was $29.2 billion in the second quarter of 2020, an increase of $4 billion, or 15.9 percent, versus the prior year quarter, driven by pharmacy product revenue related to the launch of IngenioRx. The increase was further attributable to higher premium revenue due to growth in Medicaid and Medicare and the return of the health insurance tax in 2020, partially offset by a decrease in experience-rated premiums in our Federal Health Products & Services business.
Benefit Expense Ratio: The benefit expense ratio was 77.9 percent in the second quarter of 2020, a decrease of 880 basis points from 86.7 percent in the prior year quarter. The decrease was primarily driven by the deferral of healthcare utilization due to the COVID-19 pandemic, and to a lesser extent, the return of the health insurance tax in 2020. The decrease was partially offset by premium credits provided to members enrolled in select employer group and Individual plans.
Medical claims reserves established at December 31, 2019 developed in line with the Company’s expectations during the second quarter of 2020.
Days in Claims Payable: Days in Claims Payable was 46.0 days as of June 30, 2020, an increase of 4.1 days from March 31, 2020.
SG&A Expense Ratio: The SG&A expense ratio was 13.9 percent in the second quarter of 2020, an increase of 90 basis points from 13.0 percent in the second quarter of 2019, primarily driven by the return of the health insurance tax in 2020 and increased spend to support growth, partially offset by growth in operating revenue.
Operating Cash Flow: Operating cash flow was $5.5 billion, or 2.4 times net income in the second quarter of 2020, an increase of $4.1 billion compared to the prior year quarter, primarily driven by growth in net income and the delayed payment of certain federal income and payroll taxes in accordance with the CARES Act. The increase was further attributable to growth in premium revenue due to the return of the health insurance tax in 2020.
Share Repurchase Program: After careful consideration of the Company’s financial position in conjunction with the prevailing market conditions, share repurchase activity resumed in late-June. During the second quarter of 2020, the Company repurchased 213 thousand shares of its common stock for $55 million, or a weighted average price of $258.77. Year to date, the Company has repurchased 2.1 million shares for $584 million, or a weighted average price of $273.72.
As of June 30, 2020, the Company had approximately $3.2 billion of Board-approved share repurchase authorization remaining.
Cash Dividend: During the second quarter of 2020, the Company paid a quarterly dividend of $0.95 per share, representing a distribution of cash totaling $242 million.
On July 28, 2020, the Audit Committee declared a third quarter 2020 dividend to shareholders of $0.95 per share. On an annualized basis, this equates to a dividend of $3.80 per share. The third quarter dividend is payable on September 25, 2020 to shareholders of record at the close of business on September 10, 2020.
Investment Portfolio & Capital Position: During the second quarter of 2020, the Company recorded net realized gains of $18 million and impairment recoveries totaling $11 million. During the second quarter of 2019, the Company recorded net realized gains of $11 million and impairment losses totaling $7 million.
As of June 30, 2020, the Company’s net unrealized loss position in the investment portfolio was $713 million, consisting of fixed maturity securities. As of June 30, 2020 cash and investments at the parent company totaled approximately $4.1 billion.
REPORTABLE SEGMENTS
Effective January 1, 2020, Anthem, Inc. has four reportable segments: Commercial & Specialty Business (comprised of the Local Group, National Accounts, Individual and Specialty businesses); Government Business (comprised of the Medicaid, Medicare, and Federal Health Products & Services businesses); IngenioRx, and Other (comprised of the Diversified Business Group and corporate expenses not allocated to our other reportable segments).
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Anthem, Inc. |
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Reportable Segment Highlights |
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(Unaudited) |
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(In millions) |
Three Months Ended June 30 |
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Six Months Ended June 30 |
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2020 |
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2019 |
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Change |
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2020 |
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2019 |
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Change |
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Operating Revenue |
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Commercial & Specialty Business |
$8,789 |
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$9,417 |
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(6.7 |
)% |
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$18,150 |
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$18,809 |
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(3.5 |
)% |
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Government Business |
17,242 |
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15,538 |
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11.0 |
% |
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34,708 |
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30,464 |
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13.9 |
% |
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IngenioRx |
5,269 |
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248 |
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NM2 |
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10,466 |
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248 |
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NM2 |
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Other |
1,452 |
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546 |
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165.9 |
% |
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2,479 |
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1,094 |
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126.6 |
% |
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Eliminations |
(3,574) |
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(572) |
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NM2 |
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(7,177) |
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(1,050) |
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NM2 |
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Total Operating Revenue1 |
$29,178 |
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$25,177 |
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15.9 |
% |
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$58,626 |
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$49,565 |
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18.3 |
% |
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Operating Gain / (Loss) |
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Commercial & Specialty Business |
$1,372 |
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$983 |
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39.6 |
% |
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$2,792 |
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$2,581 |
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8.2 |
% |
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Government Business |
1,618 |
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480 |
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237.1 |
% |
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2,029 |
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854 |
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137.6 |
% |
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IngenioRx |
304 |
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— |
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NM2 |
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653 |
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— |
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NM2 |
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Other |
66 |
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(30) |
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NM2 |
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80 |
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(62) |
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NM2 |
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Total Operating Gain1 |
$3,360 |
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$1,433 |
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134.5 |
% |
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$5,554 |
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$3,373 |
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64.7 |
% |
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Operating Margin |
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Commercial & Specialty Business |
15.6 |
% |
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10.4 |
% |
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520 bp |
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15.4 |
% |
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13.7 |
% |
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170 bp |
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Government Business |
9.4 |
% |
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3.1 |
% |
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630 bp |
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5.8 |
% |
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2.8 |
% |
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300 bp |
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IngenioRx |
5.8 |
% |
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— |
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NM2 |
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6.2 |
% |
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— |
% |
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NM2 |
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Total Operating Margin1 |
11.5 |
% |
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5.7 |
% |
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580 bp |
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9.5 |
% |
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6.8 |
% |
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270 bp |
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(1) See “Basis of Presentation” herein. |
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(2)“NM” = calculation not meaningful. |
Commercial & Specialty Business: Operating gain in the Commercial & Specialty Business segment totaled $1,372 million in the second quarter of 2020, an increase of $389 million, or 39.6 percent, from $983 million in the second quarter of 2019. The increase is primarily attributable to reduced healthcare benefit utilization during the COVID-19 pandemic. The increase was partially offset by premium credits provided to members enrolled in select employer group and Individual health plans, less favorable adjustments to our risk adjustor estimates, as well as the shift of pharmacy earnings to the IngenioRx segment.
Government Business: Operating gain in the Government Business segment was $1,618 million in the second quarter of 2020, an increase of $1,138 million, or 237.1 percent, from $480 million in the second quarter of 2019. The increase is primarily attributable to reduced healthcare benefit utilization during the COVID-19 pandemic, partially offset by experience-rated refunds and retroactive rate adjustments in Medicaid.
IngenioRx: IngenioRx commenced operations in the second quarter of 2019 and the transition of membership was completed on January 1, 2020. Operating gain was $304 million in the second quarter of 2020.
Other: The Company reported an operating gain of $66 million in the Other segment for the second quarter of 2020, compared with an operating loss of $30 million in the prior year quarter. The increase was driven by growth in the Diversified Business Group.
OUTLOOK
Full Year 2020:
- GAAP net income is expected to be greater than $20.91 per share, including approximately $1.39 per share of net unfavorable items. Excluding these items, adjusted net income is expected to be greater than $22.30* per share.
Due to unprecedented uncertainty around the COVID-19 pandemic and its impact, the Company is not providing other financial guidance metrics for 2020 until visibility improves.
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* Refer to the GAAP reconciliation tables. |
Basis of Presentation
- Operating revenue and operating gain are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and selling, general and administrative expense. It does not include net investment income, net realized gains/losses on financial instruments, other-than-temporary impairment losses recognized in income, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.
- Operating margin is defined as operating gain divided by operating revenue.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time (“EDT”) to discuss the company’s second quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:
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800-857-9605 (Domestic) |
800-568-6411 (Domestic Replay) |
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203-827-7032 (International) |
203-369-3291 (International Replay) |
The access code for today’s conference call is 1623092. The replay will be available from 11:30 a.m. EDT today, until the end of the day on August 29, 2020. The call will also be available through a live webcast at www.antheminc.com under the “Investors” link. A webcast replay will be available following the call.
About Anthem, Inc.
Anthem is a leading health benefits company dedicated to improving lives and communities, and making healthcare simpler. Through its affiliated companies, Anthem serves more than 106 million people, including more than 42 million within its family of health plans. We aim to be the most innovative, valuable and inclusive partner. For more information, please visit www.antheminc.com or follow @AnthemInc on Twitter.
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Anthem, Inc. |
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Membership Summary |
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(Unaudited and in Thousands) |
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Change from |
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Medical Membership |
June 30, |
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June 30, |
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March 31, |
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June 30, 2019 |
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March 31, |
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Customer Type |
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Local Group |
15,616 |
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15,670 |
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15,848 |
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(0.3 |
)% |
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(1.5 |
)% |
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Individual |
711 |
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741 |
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717 |
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(4.0 |
)% |
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(0.8 |
)% |
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National: |
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National Accounts |
7,872 |
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7,693 |
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7,898 |
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2.3 |
% |
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(0.3 |
)% |
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BlueCard® |
6,171 |
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6,009 |
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6,197 |
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2.7 |
% |
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(0.4 |
)% |
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Total National |
14,043 |
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13,702 |
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14,095 |
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2.5 |
% |
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(0.4 |
)% |
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Medicare: |
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Medicare Advantage |
1,366 |
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1,170 |
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1,341 |
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16.8 |
% |
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1.9 |
% |
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Medicare Supplement |
921 |
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877 |
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914 |
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5.0 |
% |
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0.8 |
% |
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Total Medicare |
2,287 |
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2,047 |
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2,255 |
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11.7 |
% |
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1.4 |
% |
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Medicaid |
8,180 |
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7,099 |
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7,615 |
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15.2 |
% |
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7.4 |
% |
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Federal Employees Health Benefits |
1,616 |
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1,593 |
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1,614 |
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1.4 |
% |
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0.1 |
% |
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Total Medical Membership |
42,453 |
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40,852 |
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42,144 |
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3.9 |
% |
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0.7 |
% |
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Funding Arrangement |
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Self-Funded |
25,888 |
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25,433 |
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26,120 |
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1.8 |
% |
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(0.9 |
)% |
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Fully-Insured |
16,565 |
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15,419 |
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16,024 |
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7.4 |
% |
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3.4 |
% |
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Total Medical Membership |
42,453 |
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40,852 |
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42,144 |
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3.9 |
% |
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0.7 |
% |
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Reportable Segment |
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Commercial & Specialty Business |
30,370 |
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30,113 |
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30,660 |
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0.9 |
% |
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(0.9 |
)% |
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Government Business |
12,083 |
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10,739 |
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11,484 |
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12.5 |
% |
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5.2 |
% |
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Total Medical Membership |
42,453 |
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40,852 |
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42,144 |
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3.9 |
% |
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0.7 |
% |
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Other Membership |
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Life and Disability Members |
5,110 |
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4,906 |
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5,158 |
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4.2 |
% |
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(0.9 |
)% |
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Dental Members |
6,096 |
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5,931 |
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6,172 |
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2.8 |
% |
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(1.2 |
)% |
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Dental Administration Members |
1,318 |
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5,523 |
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1,311 |
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(76.1 |
)% |
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0.5 |
% |
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Vision Members |
7,457 |
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7,161 |
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7,510 |
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4.1 |
% |
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(0.7 |
)% |
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Medicare Part D Standalone Members |
392 |
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287 |
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|
383 |
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36.6 |
% |
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2.3 |
% |
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Anthem, Inc. |
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Consolidated Statements of Income |
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(Unaudited) |
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(In millions, except per share data) |
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Three Months Ended |
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2020 |
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2019 |
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Change |
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Revenues |
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Premiums |
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$ |
25,092 |
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$ |
23,501 |
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|
6.8 |
% |
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Product revenue |
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2,543 |
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|
144 |
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NM |
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Administrative fees and other revenue |
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1,543 |
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|
1,532 |
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0.7 |
% |
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Total operating revenue |
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29,178 |
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|
25,177 |
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15.9 |
% |
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Net investment income |
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57 |
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285 |
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(80.0 |
)% |
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Net realized gains on financial instruments |
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18 |
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11 |
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63.6 |
% |
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Impairment recoveries (losses) on investments: |
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Total impairment recoveries (losses) on investments |
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6 |
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(9 |
) |
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NM |
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Portion of impairment losses recognized in other comprehensive income |
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5 |
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2 |
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150.0 |
% |
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Impairment recoveries (losses) recognized in income |
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11 |
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(7 |
) |
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NM |
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Total revenues |
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29,264 |
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|
25,466 |
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14.9 |
% |
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Expenses |
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Benefit expense |
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19,547 |
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|
20,368 |
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(4.0 |
)% |
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Cost of products sold |
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2,225 |
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|
98 |
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|
NM |
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Selling, general and administrative expense |
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4,046 |
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|
3,278 |
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|
23.4 |
% |
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Interest expense |
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201 |
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|
184 |
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|
9.2 |
% |
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Amortization of other intangible assets |
|
93 |
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|
85 |
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|
9.4 |
% |
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Loss on extinguishment of debt |
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3 |
|
|
— |
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|
NM |
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Total expenses |
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26,115 |
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|
24,013 |
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|
8.8 |
% |
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Income before income tax expense |
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3,149 |
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|
1,453 |
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|
116.7 |
% |
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Income tax expense |
|
873 |
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|
314 |
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|
178.0 |
% |
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Net income |
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$ |
2,276 |
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|
$ |
1,139 |
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|
99.8 |
% |
|
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|
|
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|
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Net income per diluted share |
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$ |
8.91 |
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$ |
4.36 |
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|
104.4 |
% |
|
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|
|
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|
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Diluted shares |
|
255.4 |
|
|
261.0 |
|
|
(2.1 |
)% |
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|
|
|
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|||||
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Benefit expense as a percentage of premiums |
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77.9 |
% |
|
86.7 |
% |
|
(880 |
)bp |
||
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Selling, general and administrative expense as a percentage of total operating revenue |
|
13.9 |
% |
|
13.0 |
% |
|
90 |
bp |
||
|
Income before income taxes as a percentage of total revenue |
|
10.8 |
% |
|
5.7 |
% |
|
510 |
bp |
||
|
“NM” = calculation not meaningful |
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Anthem, Inc. |
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|
Consolidated Statements of Income |
|||||||||||
|
(Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
|||||
|
(In millions, except per share data) |
|
Six Months Ended |
|
|
|||||||
|
|
|
2020 |
|
2019 |
|
Change |
|||||
|
Revenues |
|
|
|
|
|
|
|||||
|
Premiums |
|
$ |
50,609 |
|
|
$ |
46,344 |
|
|
9.2 |
% |
|
Product revenue |
|
4,887 |
|
|
144 |
|
|
NM |
|
||
|
Administrative fees and other revenue |
|
3,130 |
|
|
3,077 |
|
|
1.7 |
% |
||
|
Total operating revenue |
|
58,626 |
|
|
49,565 |
|
|
18.3 |
% |
||
|
Net investment income |
|
311 |
|
|
495 |
|
|
(37.2 |
)% |
||
|
Net realized (losses) gains on financial instruments |
|
(6 |
) |
|
89 |
|
|
NM |
|
||
|
Impairment losses on investments: |
|
|
|
|
|
|
|||||
|
Total impairment losses on investments |
|
(95 |
) |
|
(22 |
) |
|
NM |
|
||
|
Portion of impairment losses recognized in other comprehensive income |
|
49 |
|
|
5 |
|
|
880.0 |
% |
||
|
Impairment losses recognized in income |
|
(46 |
) |
|
(17 |
) |
|
NM |
|
||
|
|
|
|
|
|
|
|
|||||
|
Total revenues |
|
58,885 |
|
|
50,132 |
|
|
17.5 |
% |
||
|
|
|
|
|
|
|
|
|||||
|
Expenses |
|
|
|
|
|
|
|||||
|
Benefit expense |
|
41,036 |
|
|
39,650 |
|
|
3.5 |
% |
||
|
Cost of products sold |
|
4,209 |
|
|
98 |
|
|
NM |
|
||
|
Selling, general and administrative expense |
|
7,827 |
|
|
6,444 |
|
|
21.5 |
% |
||
|
Interest expense |
|
395 |
|
|
371 |
|
|
6.5 |
% |
||
|
Amortization of other intangible assets |
|
176 |
|
|
172 |
|
|
2.3 |
% |
||
|
Loss (gain) on extinguishment of debt |
|
4 |
|
|
(1 |
) |
|
NM |
|
||
|
|
|
|
|
|
|
|
|||||
|
Total expenses |
|
53,647 |
|
|
46,734 |
|
|
14.8 |
% |
||
|
|
|
|
|
|
|
|
|||||
|
Income before income tax expense |
|
5,238 |
|
|
3,398 |
|
|
54.1 |
% |
||
|
|
|
|
|
|
|
|
|||||
|
Income tax expense |
|
1,439 |
|
|
708 |
|
|
103.2 |
% |
||
|
|
|
|
|
|
|
|
|||||
|
Net income |
|
$ |
3,799 |
|
|
$ |
2,690 |
|
|
41.2 |
% |
|
|
|
|
|
|
|
|
|||||
|
Net income per diluted share |
|
$ |
14.85 |
|
|
$ |
10.28 |
|
|
44.5 |
% |
|
|
|
|
|
|
|
|
|||||
|
Diluted shares |
|
255.9 |
|
|
261.6 |
|
|
(2.2 |
)% |
||
|
|
|
|
|
|
|
|
|||||
|
Benefit expense as a percentage of premiums |
|
81.1 |
% |
|
85.6 |
% |
|
(450 |
)bp |
||
|
Selling, general and administrative expense as a percentage of total operating revenue |
|
13.4 |
% |
|
13.0 |
% |
|
40 |
bp |
||
|
Income before income taxes as a percentage of total revenue |
|
8.9 |
% |
|
6.8 |
% |
|
210 |
bp |
||
Contacts
Investor Relations
Chris Rigg
Chris.Rigg@anthem.com
Media
Jill Becher, 414-234-1573
Jill.Becher@anthem.com