Hartford health insurer Aetna said its first-quarter profits grew by more than $175 million, mainly due to higher premiums and contributions from its $5.7-billion acquisition of Coventry Health Care last year.
Net income was $665.5 million, or $1.82 per share, up 36 percent from $490.1 million, or $1.48, in the same quarter of 2013.
Revenue shot up 47 percent, from $9.54 billion to $13.99 billion. Aetna said the growth was mainly due to higher premiums from Coventry and pricing designed to recover fees and taxes from the Affordable Care Act. Premium revenue grew from $7.79 billion to $11.91 billion.
Based on the results, Aetna raised its projections for the full year. It now expects operating earnings per share between $6.35 and $6.55, up from at least $6.25. It expects operating revenue to range from $56 billion to $57 billion, up from at least $54 billion.
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