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:

1. Earnings per diluted share was $1.98, a 66 percent increase from 2009
2. Annual operating revenue increased 100 percent from 2009 to $105 million
3. 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
4. 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."