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INDIANAPOLIS - Health insurer WellPoint Inc. has narrowed its full-year outlook and now expects net income to fall between $5.42 and $5.57 per share, including net realized investment losses of 6 cents per share.
| WLP | 49.02 |  -1.22 |
Earlier this year, WellPoint had cut its 2008 outlook to between $5.42 to $5.67 per share from a revised range of $5.76 to $6.01.
Analysts surveyed by Thomson Financial expect annual net income of $5.48 per share.
Company officials attributed the narrowed guidance to lower fully insured membership and the settlement of rescission issues in California, where the insurer faced claims that it illegally dropped policyholders from coverage. The company has to factor in a $10 million fine, a $12 million hospital settlement and coverage reinstatement from that case, WellPoint Chief Financial Officer Wayne DeVeydt said.
Wellpoint shares rose $4.66, or 9.6 percent, to $53.41.
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