Like its health insurance peers, Anthem saw its revenue and profit soar in the second quarter of fiscal year 2020, thanks in part to pandemic-related care deferments.
Anthem's revenues totaled $29.3 billion in the second quarter of this year, up 14.9 percent year over year. Anthem attributed revenue growth in part to the launch of its pharmacy unit, IngenioRx, and higher premium revenue from increased growth in its Medicare and Medicaid lines.
The insurer's expenses grew 8.8 percent year over year to $26.1 billion. Still, Anthem ended the quarter with a $2.3 billion profit, more than double the $1.1 billion the insurer posted in the same period a year prior. Reduced healthcare benefit use during the COVID-19 pandemic is part of the reason that Anthem said its profit grew.
Anthem said it has provided $2.5 billion in financial assistance to ease the burden of the COVID-19 pandemic for providers and members.