Anthem recorded a higher profit in the first quarter of fiscal year 2021 than the year prior, thanks in part to growth in its government businesses.
Four things to know:
1. Anthem's revenue grew 9.3 percent in the first quarter of 2021 to $32.4 billion. The insurer attributed year-over-year revenue gains to its pharmacy business IngenioRx and growth in Medicaid and Medicare.
2. At the same time, the insurer saw its expenses increase 9.7 percent year over year to $30.2 billion. Anthem saw higher costs related to COVID-19 testing and vaccinations, the insurer said.
3. Anthem added 1.4 million people to its medical membership in the first quarter compared to the previous year, bringing the total to 43.5 million. The insurer saw even bigger year-over-year gains in its Medicare Advantage and Medicaid businesses, adding 1.8 million members.
4. Anthem ended the quarter with a $1.7 billion surplus, up from $1.5 billion in the same period a year prior.