Anthem reported stronger than expected third quarter earnings, with adjusted earnings per share increasing 33% to $1.05. Membership grew 7% to nearly 11 million. Earnings exceeded expectations in every region, including the newly acquired Southeast region. Cash flow significantly exceeded net income. Earnings expectations for 2002 and 2003 were raised based on the continued momentum and strong renewal activity.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Anthem, Inc. Reports Stronger than Expected Third Quarter Earnings
1. Anthem, Inc.
News release 120 Monument Circle
Indianapolis, IN 46204
Tel 317 488-6390
Fax 317 488-6460
Anthem, Inc. Reports Stronger than Expected Third Quarter Earnings
• Results from every region, including the Southeast, exceeded expectations
• Adjusted earnings increased 33 percent, to $1.05 per share
• Same-store membership grew by 7 percent
• Cash flow of $381 million significantly exceeded net income
• Earnings expectations raised for balance of 2002 and 2003
Indianapolis, IN – November 4, 2002 – Anthem, Inc. (NYSE: ATH) today reported that net income for
the third quarter of 2002 increased 54 percent, to $171.2 million, or $1.29 per share, compared with net
income of $111.5 million, or $1.07 per share, for the third quarter of 2001. Excluding net realized gains
and non-recurring items in both periods, and on a FAS 142 comparable basis, net income for the third
quarter of 2002 increased to $139.0 million, or $1.05 per share, compared with net income of $81.8
million, or $0.79 per share, for the third quarter of 2001.
Net income for the nine months of 2002 increased 48 percent, to $377.2 million, or $3.30 per share,
compared with net income of $254.5 million, or $2.45 per share, for the same period of 2001. Excluding
net realized gains and other non-recurring items in both periods, and on a FAS 142 comparable basis, net
income for the nine months of 2002 increased to $341.2 million, or $2.99 per share, compared with
$226.5 million, or $2.18 per share, for the same period of 2001.
“Membership growth, pricing discipline and favorable claims experience in each of our regions
contributed to the excellent earnings growth and operating cash flow in the third quarter. This momentum
and the strength in renewal activity for 2003 gives us added confidence in our ability to continue to
deliver at least 15 percent annual earnings growth,” said Larry C. Glasscock, president and chief
executive officer of Anthem, Inc.
“Our commitment to offering product choices, broad network access, and distinctive service continues to
provide value to our customers, while also benefiting our shareholders,” added Glasscock.
Anthem’s Consolidated Highlights
• Adjusted earnings per share in the third quarter of 2002 increased to $1.05, excluding $0.04 per share
for realized gains on investments and $0.20 per share in favorable non-recurring federal income tax
benefits associated with a reduction in the Company’s tax valuation allowance during the quarter.
Sustained momentum in Anthem’s results over the last several quarters contributed to the
recoverability of certain deferred tax assets that were previously uncertain. The third quarter results
increased 33 percent compared with $0.79 per share in the prior year’s third quarter. Last year’s
earnings of $0.79 per share excluded $0.45 per share for realized gains on investments, $0.13 per
share for demutualization expenses, and $0.04 per share for goodwill amortization that is no longer
classified as an expense in accordance with FAS 142.
1
2. • On July 31, 2002 Anthem acquired Trigon Healthcare, Inc., creating a new Southeast segment.
Trigon’s results of operations since the purchase date have been included in consolidated results.
• Operating revenue increased 38 percent, to $3.5 billion, compared with the third quarter of 2001. The
increase was primarily attributable to the acquisition of Trigon, disciplined pricing, and solid
membership growth across each line of business. Excluding the impact of the acquisition, operating
revenue grew by 16 percent, to $2.9 billion.
• Medical enrollment reached nearly 11 million members at September 30, 2002, representing a 40
percent increase compared with the third quarter of 2001, or 7 percent excluding the acquisition of
Trigon. In addition to membership growth from the acquisition, enrollment gains were primarily due
to growth in National Accounts and Individual businesses, coupled with strong membership retention
in all segments.
• Operating margin of 5.5 percent continued to outpace the Company’s historical highs, as operating
gain increased 145 percent, to $193.5 million, compared with the third quarter of 2001. In addition to
the results from the Trigon acquisition, all core operating segments contributed positively to the
earnings growth. Excluding results from the Trigon acquisition, operating gain increased 86 percent
over the prior year’s quarter and operating margin reached 5.0 percent.
• The benefit expense ratio improved by 360 basis points, to 81.5 percent, compared with 85.1 percent
in the third quarter of 2001. The improvement was primarily due to lower than expected medical cost
trends, coupled with a $26.6 million favorable adjustment for prior year reserve developments in the
third quarter of 2002 and the $21.0 million unfavorable adjustment to strengthen reserves in the third
quarter of 2001. Excluding the adjustments in both periods, the benefit expense ratio improved 180
basis points, to 82.4 percent. The impact of the Trigon acquisition was not material to the ratio
improvement.
• Excluding the impact of the Trigon acquisition, commercial premium yields increased by
approximately 15 percent, while commercial medical costs increased by approximately 13 percent
during the 12-month period ended September 30, 2002. Medical costs continue to be driven primarily
by outpatient service utilization and increased pharmacy costs.
• The administrative expense ratio was 19.5 percent, compared with 18.7 percent in the third quarter of
2001. The ratio was flat compared with the prior year’s quarter excluding certain adjustments in the
current quarter. These adjustments included $23.0 million for additional premium tax expense in the
state of Ohio, which was reported in the Midwest segment and a reduction of $5.7 million in the
carrying value of the Company’s investment in MedUnite, which was reported in the Other segment.
The ratio was not impacted materially by the acquisition of Trigon.
• Cash flow from operations reached $381 million in the quarter, after absorbing a $137 million
payment to Anthem’s employee pension plan. Cash flow was 52 percent above the third quarter of
2001 and more than double net income in the current quarter.
• Days in claims payable declined to 61.0 days at September 30, 2002, down 1.6 days from June 30,
2002. Excluding the impact of the Trigon acquisition, days in claims payable declined 1.0 day,
driven primarily by system improvements that have led to more efficient claims processing,
particularly in the East region. The efficiencies resulted in faster claims processing and a reduction in
claims backlog.
• Approximately 1.2 million shares were repurchased by the Company for $71.7 million during the
quarter, leaving $291 million in remaining authorization under the share repurchase program.
2
3. Anthem’s Operating Segment Highlights
Midwest Segment Highlights
The Midwest segment is comprised of health benefit and related business for members in Indiana,
Kentucky and Ohio.
Three Months Ended Nine Months Ended
($ in Millions) September 30 September 30
2002 2001 Change 2002 2001 Change
Operating Revenue $1,521.0 $1,294.3 18% $4,481.4 $3,761.0 19%
Operating Gain $67.3 $34.3 96% $182.9 $119.3 53%
Operating Margin 4.4% 2.7% 170 bp 4.1% 3.2% 90 bp
Membership (in 000s) 5,188 4,846 7%
• Operating gain nearly doubled compared to the prior year’s third quarter. The improvement was
driven primarily by improved underwriting results in Local Large Group and Small Group
businesses, and a $15.7 million favorable development of prior year reserves. Also impacting this
growth was a $23.0 million unfavorable adjustment during the quarter to reflect the accrual of
additional premium taxes in the state of Ohio and a $11.2 million unfavorable reserve strengthening
adjustment in the third quarter of 2001.
• Enrollment increased by 342,000 members, or 7 percent, compared with September 30, 2001,
primarily due to membership gains in National and Individual businesses.
East Segment Highlights
The East segment is comprised of health benefit and related business for members in Connecticut, New
Hampshire and Maine.
Three Months Ended Nine Months Ended
($ in Millions) September 30 September 30
2002 2001 Change 2002 2001 Change
Operating Revenue $1,078.8 $941.1 15% $3,057.9 $2,699.8 13%
Operating Gain $61.7 $30.3 104% $156.8 $78.7 99%
Operating Margin 5.7% 3.2% 250 bp 5.1% 2.9% 220 bp
Membership (in 000s) 2,408 2,225 8%
• Operating gain improved 104 percent compared with the third quarter of 2001, as the segment
reached another record-high operating margin of 5.7 percent. The Small Group business showed the
most significant improvement relative to the prior year’s quarter. Also contributing to the earnings
growth was a $9.4 million unfavorable reserve strengthening adjustment that impacted the third
quarter of 2001. Excluding the reserve adjustment in 2001, operating gain increased by 55 percent
and operating margin improved by 150 basis points.
• Membership increased by 8 percent since September 30, 2001, primarily due to growth in National
Accounts.
3
4. West Segment Highlights
The West segment is comprised of health benefit and related business for members in Colorado and
Nevada.
Three Months Ended Nine Months Ended
($ in Millions) September 30 September 30
2002 2001 Change 2002 2001 Change
Operating Revenue $225.4 $211.4 7% $682.6 $568.3 20%
– –
Operating Gain $31.7 $7.2 $49.3 $10.3
–
Operating Margin 14.1% 3.4% 7.2% 1.8% 540 bp
Membership (in 000s) 823 763 8%
• Operating gain improved by $24.5 million compared with the third quarter of 2001. The increase was
primarily due to improved underwriting results in the Small Group and Individual businesses, coupled
with a $10.9 million favorable development from prior year reserves.
• Membership increased 8 percent compared with September 30, 2001, primarily due to growth in
National Accounts and Individual businesses.
Southeast Segment Highlights
On July 31, 2002 Anthem acquired Trigon Healthcare, Inc., establishing a new geographic segment, the
Southeast. The results of operations since its purchase are included in Anthem, Inc.’s consolidated
results. The Southeast segment is comprised of health benefit and related business for members in
Virginia, excluding the Northern Virginia suburbs of Washington, D.C.
($ in Millions) Two Months Ended
September 30, 2002
Operating Revenue $573.5
Operating Gain $46.3
Operating Margin 8.1%
Membership (in 000s) 2,533
• If Anthem had owned Trigon for the entire three months ended September 2002 and 2001, operating
gain of $72.7 million would have represented a 95 percent improvement over the prior year’s quarter
of $37.2 million. On the same basis, operating margin would have been 8.4 percent compared with
4.9 percent in the prior year. The combination of disciplined pricing, lower than anticipated claim
trends on insured business and excellent growth in administrative fees from strong enrollment in self-
funded business, drove the growth in operating gain. Small Group and Individual businesses
contributed most significantly to the improvement, with earnings from every line of business growing
by at least 25 percent.
• If Anthem had owned Trigon for the entire three months ended September 2002 and 2001,
membership would have increased by 8 percent compared with the third quarter of 2001, driven
largely by growth in National Accounts.
• Historical financial results and membership for the Southeast segment have been reclassified into a
reporting format consistent with Anthem’s presentation style and can be found at www.anthem.com.
4
5. Specialty Segment Highlights
The Specialty segment includes pharmacy benefit management, group life, dental, behavioral health, and
vision operations of the company.
Three Months Ended Nine Months Ended
($ in Millions) September 30 September 30
2002 2001 Change 2002 2001 Change
Operating Revenue $136.0 $100.3 36% $383.0 $285.8 34%
Operating Gain $13.4 $9.1 47% $38.6 $25.0 54%
Operating Margin 9.9% 9.1% 80 bp 10.1% 8.7% 140 bp
• Operating gain increased 47 percent compared with the third quarter of 2001, primarily due to
increased mail order prescription volume and margin expansion from increased generic drug
penetration at Anthem Prescription Management (APM). Improved results in the life and dental
businesses also contributed to the growth, which was modestly offset by start-up expenses associated
with the behavioral health and vision operations.
• Mail order prescription volume approached 620,000 scripts, increasing 32 percent compared with the
prior year’s quarter.
• APM membership reached 4.6 million, after adding 692,000 members over the last 12 months and
more than 190,000 new members since the second quarter of 2002.
Other Segment Highlights
The Other segment includes AdminaStar Federal, a subsidiary that administers Medicare programs, and
Anthem Alliance, a subsidiary that provided health benefits and administration for retired military
enrollees and their dependents in the TRICARE program, until the TRICARE operations were sold on
May 31, 2001. The segment also includes inter-segment revenue and expense eliminations and corporate
expenses not allocated to operating segments.
Three Months Ended Nine Months Ended
($ in Millions) September 30 September 30
2002 2001 Change 2002 2001 Change
– –
Operating Loss ($26.9) ($1.8) ($55.2) ($20.9)
• Operating loss was higher in the third quarter of 2002 compared with the same period in 2001,
primarily due to accruals of higher incentive compensation expenses associated with better than
expected financial results, coupled with a reduction in the carrying value of the Company’s
investment in MedUnite.
Earnings Outlook
• Anthem raised its adjusted earnings expectations for full year 2002 to $4.05 to $4.10 per share, from
$3.85 to $3.95 per share, based on 121 to 123 million weighted average shares. The increase reflects
anticipation of stronger than expected underwriting results and inclusion of the premium tax and prior
year reserve adjustments in the third quarter. The non-recurring tax benefit and realized gains on
investments were excluded from these expectations.
• The Company’s earnings in the fourth quarter of 2002 are expected to reach $1.05 to $1.10 per share
based on 145 to 147 million weighted average shares.
5
6. • Earnings expectations for full year 2003 also increased to $4.65 to $4.75 per share, from $4.50 to
$4.60 per share.
Anthem’s Basis of Presentation:
1. All earnings per share amounts are on a diluted basis.
2. Earnings per share calculations for the current quarter were based on 128.8 million basic and 132.3
million diluted shares.
3. The non-recurring item excluded from net income in the third quarter of 2002 was a $26.8 million
federal income tax benefit associated with a reduction in the Company’s tax valuation allowance.
The non-recurring item excluded from third quarter 2001 net income was $13.6 million in
demutualization expenses. Also included in realized gains for the nine months of 2001 was the
$16.3 million gain on the sale of subsidiaries, which was a non-recurring item.
4. Operating revenue is defined as premiums plus administrative fees and other revenue.
5. Operating gain is defined as operating revenue less benefit expense and administrative expense. Net
investment income, net realized gains on investments, interest expense, amortization of goodwill and
other intangible assets, demutualization expenses, gain on the sale of subsidiary operations, income
tax expense, and minority interest are not included.
6. Consistent with Financial Accounting Standard (FAS) 142, “Goodwill and Other Intangible Assets”,
goodwill amortization has not been expensed after January 1, 2002.
About Anthem
Anthem, Inc. is an Indiana-domiciled publicly traded company that, through its subsidiary companies,
provides health care benefits to nearly 11 million people. Anthem is the fifth largest publicly traded
health benefits company in the United States and is the Blue Cross and Blue Shield licensee for Indiana,
Kentucky, Ohio, Connecticut, New Hampshire, Colorado, Nevada, Maine and Virginia, excluding the
Northern Virginia suburbs of Washington, D.C. As of September 30, 2002, Anthem had assets of $12
billion. Pro forma full year 2001 operating revenues would have been $13 billion if the Trigon
acquisition had been effective on January 1, 2001. More information about Anthem is available at
www.anthem.com.
Conference Call and Webcast
The investment community and general public are invited to participate in a joint conference call and live
webcast that will be held on Monday, November 4, 2002, at 8:30 a.m. Eastern Standard Time (EST). The
conference call can be accessed at Anthem’s web site, www.anthem.com under Investor Relations.
Please visit the website at least 15 minutes in advance.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Anthem, Inc. (“Anthem”), that is
intended to be covered by the safe harbor for quot;forward-looking statementsquot; provided by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not
historical facts. Words such as quot;expect(s)quot;, quot;feel(s)quot;, quot;believe(s)quot;, quot;willquot;, quot;mayquot;, quot;anticipate(s)quot; and
similar expressions are intended to identify forward-looking statements. These statements include, but are
not limited to, financial projections and estimates and their underlying assumptions; statements
regarding plans, objectives and expectations with respect to future operations, products and services; and
statements regarding future performance. Such statements are subject to certain risks and uncertainties,
6
7. many of which are difficult to predict and generally beyond the control of Anthem, that could cause
actual results to differ materially from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include: those discussed and identified in
public filings with the Securities and Exchange Commission (“SEC”) made by Anthem; trends in health
care costs and utilization rates; our ability to secure sufficient premium rate increases; competitor
pricing below market trends of increasing costs; increased government regulation of health benefits and
managed care; significant acquisitions or divestitures by major competitors; introduction and utilization
of new prescription drugs and technology; a downgrade in our financial strength ratings; litigation
targeted at health benefits companies; our ability to contract with providers consistent with past practice;
our ability to achieve expected synergies and operating efficiencies in our acquisition of Trigon
Healthcare, Inc. (“Trigon”) and to successfully integrate our operations; our expectations regarding the
accounting and tax treatments of the transactions and the value of the transaction consideration; and
general economic downturns. You are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof. Anthem does not undertake any obligation to republish
revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. You are also urged to carefully review and consider the various
disclosures in Anthem's various SEC filings, including but not limited to the registration statement on
Form S-4, including the joint proxy statement/prospectus constituting a part thereof, filed by Anthem on
June 7, 2002, Anthem’s Annual Report on Form 10-K for the year ended December 31, 2001, and
Anthem’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002.
Contacts: Investor Relations Media
Tami Durle, 317-488-6390 Lauren Green-Caldwell, 317-488-6321
tami.durle@anthem.com lauren.green-caldwell@anthem.com
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8. Anthem, Inc.
Membership Summary
% Change
(In Thousands) Total Same Store Total Same Store
Sept. 30, Trigon Sept. 30, Sept. 30, Dec. 31, Sept. 30, Sept. 30,
2002 Acquisition 2002 2001 2001 2001 2001
Local Large Group 3,836 968 2,868 2,800 2,827 37% 2%
Small Group 1,156 337 819 818 813 41% –
Individual 1,060 286 774 688 701 54% 13%
National Accounts1 3,921 650 3,271 2,890 2,903 36% 13%
Medicare + Choice 104 – 104 100 97 4% 4%
Federal Employee Program 675 228 447 426 423 58% 5%
Medicaid 200 64 136 112 119 79% 21%
Total 10,952 2,533 8,419 7,834 7,883 40% 7%
Funding Arrangement
Self-Funded 5,572 1,159 4,413 4,048 4,052 38% 9%
Fully Insured 5,380 1,374 4,006 3,786 3,831 42% 6%
Total 10,952 2,533 8,419 7,834 7,883 40% 7%
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Includes BlueCard members of 2,395 as of September 30, 2002 (including 320 from the Trigon acquisition), 1,617 as
of September 30, 2001, and 1,626 as of December 31, 2001.
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9. Anthem, Inc.
Consolidated Statements of Income
(Unaudited)
($ In Millions, Except Per Share Data) Three Months Ended
September 30
2002 2001 % Change
Operating revenue and premium equivalents $4,976.7 $3,545.5 40%
Premiums $3,221.5 $2,323.3 39%
Administrative fees 257.7 191.7 34%
Other revenue 24.6 15.2 62%
Total operating revenue 3,503.8 2,530.2 38%
Benefit expense 2,626.6 1,976.8 33%
Administrative expense 683.7 474.3 44%
Total operating expense 3,310.3 2,451.1 35%
Operating gain 193.5 79.1 145%
Net investment income 67.3 61.4 10%
Net realized gains on investments 7.3 72.1 (90%)
Gain on sale of subsidiary operations 1.0 – –
Interest expense 30.3 13.8 120%
Amortization of goodwill and other intangible assets 9.4 8.1 16%
Demutualization expenses – 13.6 –
Income before income taxes and minority interest 229.4 177.1 30%
Income taxes 56.9 64.6 (12%)
Minority interest 1.3 1.0 30%
Net income $171.2 $111.5 54%
Less: net realized gains on investments (net of tax) 4.7 46.9 (90%)
Less: gain on sale of subsidiary operations (net of tax) .7 – –
Less: tax valuation allowance adjustment 26.8 – –
Add: demutualization expenses – 13.6 –
Add: Pre-FAS 142 amortization (net of tax) – 3.6 –
Adjusted net income $139.0 $81.8 70%
Diluted per share data:
Net income $1.29 $1.07 21%
Less: net realized gains on investments (net of tax) 0.04 0.45 (91%)
Less: gain on sale of subsidiary operations (net of tax) – – –
Less: tax valuation allowance adjustment 0.20 – –
Add: demutualization expenses – 0.13 –
Add: Pre-FAS 142 amortization (net of tax) – 0.04 –
Adjusted net income per share $1.05 $0.79 33%
Diluted shares (in millions) 132.3 103.8 27%
Benefit expense ratio 81.5% 85.1% (360) bp
Administrative expense ratio calculated using total
operating revenue 19.5% 18.7% 80 bp
Operating margin 5.5% 3.1% 240 bp
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10. Anthem, Inc.
Consolidated Statements of Income
(Unaudited)
($ In Millions, Except Per Share Data) Nine Months Ended
September 30
2002 2001 % Change
Operating revenue and premium equivalents $12,731.7 $10,428.6 22%
Premiums $8,352.9 $6,866.1 22%
Administrative fees 674.8 622.0 8%
Other revenue 62.5 37.8 65%
Total operating revenue 9,090.2 7,525.9 21%
Benefit expense 6,937.8 5,847.6 19%
Administrative expense 1,733.7 1,465.9 18%
Total operating expense 8,671.5 7,313.5 19%
Operating gain 418.7 212.4 97%
Net investment income 187.5 170.4 10%
Net realized gains on investments 13.2 61.2 (78%)
Gain on sale of subsidiary operations 1.0 25.0 –
Interest expense 65.4 41.8 56%
Amortization of goodwill and other intangible assets 16.8 23.8 (29%)
Demutualization expenses – 16.6 –
Income before income taxes and minority interest 538.2 386.8 39%
Income taxes 158.9 133.2 19%
Minority interest (credit) 2.1 (0.9) –
Net income $377.2 $254.5 48%
Less: net realized gains on investments (net of tax) 8.5 39.8 (79%)
Less: gain on sale of subsidiary operations (net of tax) .7 16.3 (96%)
Less: tax valuation allowance adjustment 26.8 – –
Add: demutualization expenses – 16.6 –
Add: Pre-FAS 142 amortization (net of tax) – 11.5 –
Adjusted net income $341.2 $226.5 51%
Diluted per share data:
Net income $3.30 $2.45 35%
Less: net realized gain on investments (net of tax) 0.08 0.38 (79%)
Less: gain on sale of subsidiary operations (net of tax) – 0.16 –
Less: tax valuation allowance adjustment 0.23 – –
Add: demutualization expenses – 0.16 –
Add: Pre-FAS 142 amortization (net of tax) – 0.11 –
Adjusted net income per share $2.99 $2.18 37%
Diluted shares (in millions) 114.3 103.8 10%
Benefit expense ratio 83.1% 85.2% (210) bp
Administrative expense ratio calculated using total 19.1% 19.5% (40) bp
operating revenue
Operating margin 4.6% 2.8% 180 bp
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11. Anthem, Inc.
Consolidated Balance Sheets
($ In Millions) September 30, December 31,
2002 2001
(Unaudited)
Assets
Current assets:
Investments available-for-sale, at fair value $5,688.3 $4,071.8
Cash and cash equivalents 912.0 406.4
Receivables, net 1,130.8 790.5
Other current assets 62.5 31.2
Total current assets 7,793.6 5,299.9
Property and equipment 536.7 402.3
Goodwill and other intangible assets 3,788.7 467.4
Other noncurrent assets 116.2 107.0
$12,235.2 $6,276.6
Total assets
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Policy liabilities $2,316.4 $1,716.5
Unearned income 562.5 320.6
Accounts payable and accrued expenses 413.5 331.0
Bank overdrafts 371.2 310.7
Income taxes payable 74.6 52.4
Other current liabilities 717.5 231.4
Total current liabilities 4,455.7 2,962.6
Long term debt, less current maturities 1,658.5 818.0
Retirement benefits 35.0 96.1
Other noncurrent liabilities 760.7 339.9
6,909.9 4,216.6
Total liabilities
Shareholders’ equity
Common stock 1.4 1.1
Additional paid in capital 4,835.1 1,960.8
Retained earnings 372.6 55.7
Unearned restricted stock compensation (5.8) –
Accumulated other comprehensive income 122.0 42.4
5,325.3 2,060.0
Total shareholders’ equity
$12,235.2 $6,276.6
Total liabilities and shareholders’ equity
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12. Anthem, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30
($ In Millions) 2002 2001
Operating activities
Net income $377.2 $254.5
Adjustments to reconcile net income to net cash
provided by operating activities:
Net realized gains on investments (13.2) (61.2)
Gain on sale of subsidiary operations (1.0) (25.0)
Depreciation, amortization and accretion 101.0 90.2
Deferred income taxes 50.5 54.9
Loss on sale of assets 1.3 2.6
Changes in operating assets and liabilities, net of
effect of purchases and divestitures:
Restricted cash and investments 7.3 (5.6)
Receivables (30.6) 5.8
Other assets 13.1 (23.2)
Policy liabilities 126.1 137.4
Unearned income 29.5 42.9
Accounts payable and accrued expenses 34.5 9.4
Other liabilities (69.0) (9.4)
Income taxes (2.8) 40.1
Net cash provided by continuing operations 623.9 513.4
Net cash used in discontinued operations – (1.6)
Cash provided by operating activities 623.9 511.8
Investing activities
Purchases of investments (3,537.4) (2,913.9)
Sales or maturities of investments 3,441.9 2,573.5
Purchases of subsidiaries, net of cash acquired (790.5) (3.8)
Sale of subsidiaries, net of cash sold 1.3 45.0
Proceeds from sale of property and equipment 5.6 2.1
Purchases of property and equipment (81.7) (53.4)
Cash used in investing activities (960.8) (350.5)
Financing activities
Proceeds from long term borrowings 938.5 –
Repurchase and retirement of common stock (109.2) –
Proceeds from exercise of stock options and stock purchase plan 17.1 –
Costs related to the issuance of shares for the Trigon acquisition (4.1) –
Adjustment to payments to eligible statutory members in the demutualization 0.2 –
Cash provided by financing activities 842.5 –
Change in cash and cash equivalents 505.6 161.3
Cash and cash equivalents at beginning of period 406.4 203.3
Cash and cash equivalents at end of period $912.0 $364.6
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