Molina Healthcare announces net income increase of 44 percent for 2010 Posted: February 18th, 2011
Molina Healthcare announced Feb. 17 results from the fourth quarter ended Dec. 31, as well as its year-end financial report. Boosted by a 9 percent increase in annual premium revenues, the health insurance company saw net income of $55 million in 2010, up 44 percent from the $30.9 million earned in 2009.
"Our strong 2010 results reflect a year of accomplishment and growth," said Molina CEO and president J. Mario Molina in a statement.
Four highlights of 2010 financial results:
- Earnings per diluted share was $1.98, a 66 percent increase from 2009
- Annual operating revenue increased 100 percent from 2009 to $105 million
- Health plan medical care ratio (the percentage of premium dollars spent on direct health care) decreased from 86.8 percent in 2009 to 84.5 percent in 2010
- Overall membership in Molina Healthcare plans increased 11 percent
Dr. Molina commented, "we continue to deliver on our strategy of providing a diversified suite of health care services to meet the needs of low-income families and the government programs that serve them."