Harvard Pilgrim's net income falls more than 50% in Q3

Harvard Pilgrim Health Care recorded lower net income in the most recent quarter, but is generating higher-than-expected revenues, the Massachusetts-based health insurer said Nov. 15.

Harvard Pilgrim ended the third quarter of this fiscal year with net income of $12.1 million, down 54 percent year over year from $26.2 million. Operating income also declined year over year, with the insurer posting $12.5 million in operating income this quarter versus $22.8 million in the same quarter last year.

Harvard Pilgrim CFO Charley Goheen said in a prepared statement: "The strength of our core business continues to drive our financial performance. The majority of our markets exceeded their performance and retention goals as we continue to successfully execute our strategic growth initiatives. Our subsidiary Health Plans, Inc., and its affiliates continue to deliver higher than expected revenues with several key wins related to our national growth strategy. The medical expense initiatives that we have implemented are having a positive impact on medical trend and we continue to remain focused on controlling administrative costs."

Harvard Pilgrim ended the third quarter with membership of 1.1 million.

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