Hartford health insurer Aetna said its second-quarter net income rose 2 percent, thanks to record revenue of $14.51 billion.
Aetna’s profits amounted to $1.52 per share, up from $536 million, or $149 per share, in the second quarter of 2013.
Revenue was up by $2.97 billion, or nearly 26 percent, much of it due to having an additional month of Coventry revenues in the recent quarter, ended June 30, compared to the year-ago period. Aetna acquired Coventry on May 7, 2013 for $8.7 billion.
An increase of $2.9 billion in benefits and expenses, as well as a higher tax rate due to a provision in the Affordable Care Act, took much of Aetna’s revenue growth.
Based on its results, the insurer raised its full-year guidance from operating earnings per share between $6.45 and $6.60 to a range of $6.35 to $6.55.
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