Top health insurer Aetna reported boosted profits in the second quarter since Obamacare has been in effect as large insurance companies continue to win big from the health-care law.Ă‚Â
AetnaĂ˘â‚¬â„˘s earnings rose 2 percent to $548.8 million this quarter, compared to just $536 million this time last year, before the health-care law forced more Americans to purchase coverage,Ă‚Â Forbes reports. The company raised its earnings projection for all of 2014 to $6.45 to $6.60 per share, up from $6.35 to $6.55 per share.Ă‚Â
Ă˘â‚¬Ĺ“Our results speak to the strength of our diversified portfolio of business and our ability to succeed across many fronts,Ă˘â‚¬ Aetna CEO Mark Bertolini said in a conference call Tuesday.
Aetna already offers plans on Obamacare exchanges in 16 states and Washington, D.C. and will expand into Georgia for 2015. TheyĂ˘â‚¬â„˘re currently one of the biggest players in Obamacare exchanges nationwide. UnitedHealth Group, one of AetnaĂ˘â‚¬â„˘s top competitors, took a slight hit in the second quarter but announced higher profits than it had projected.Ă‚Â (RELATED: Top Insurance Company UnitedHealth Doing Better Than Expected Under Obamacare)
Large insurance companies are one of the biggest beneficiaries from the health-care law. While they continue to lobby against certain provisions Ă˘â‚¬â€ť especially a hefty tax placed on each insurance policy a company sells Ă˘â‚¬â€ť the individual mandateĂ˘â‚¬â„˘s requirement that all Americans purchase coverage rapidly expands their customer base.