Health Net Profit Up 11 Percent

The Woodland Hills managed health care provider Health Net reported its fourth quarter profit increased 11 percent from a year ago, beating Wall Street predictions. The company credited higher premiums for the profit boost, which went from $76.7 million, or $0.65 per share, during the last quarter of 2005 to $85 million, or $0.72 per share, in fourth quarter 2006. Revenue also increased to $3.21 billion, up 8.7 percent. Wall Street projects had placed earnings of $3.2 billion. Additionally, Health Net on Wednesday launched a new line of health insurance products and streamlined features to address small business owners’ concerns about cost and complexity of benefits. The new portfolio features standard plans for employers looking for broad coverage and value plans for those who want lower premiums in exchange for higher employee contributions.