UNIVERSAL AMERICAN (UAM) saw its loss narrow to $18.50 million, or $0.33 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $161.60 million, or $1.96 a share. On the other hand, adjusted net loss for the quarter widened to $7.80 million, or $0.14 a share from a loss of $5.90 million or $0.07 a share, a year ago.
Revenue during the quarter grew 3.43 percent to $340.90 million from $329.60 million in the previous year period. Net premium earned for the quarter increased 4.91 percent or $15.80 million to $337.60 million.
Total expenses move upBenefits, losses and expenses for the quarter were at $354.90 million, or 105.12 percent of premium earned from $334.50 million or 103.95 percent of premium earned in the last year period. Operating loss for the quarter was $14 million, compared with an operating loss of $4.90 million in the previous year period. Net investment income was at $2.30 million for the quarter, up 4.55 percent or $0.10 million from year-ago period.
Richard A. Barasch, chairman and chief executive officer, commented, "2016 was a successful year for Universal American, culminating with the signing of a definitive contract to sell the company to WellCare. Everyone associated with Universal American has worked tirelessly to bring vibrancy to the Healthy Collaboration model in which we work closely with our physician partners to improve quality and lower costs for Medicare beneficiaries. Through this acquisition, WellCare is demonstrating its commitment to this model.
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