Adds details on the quarter, estimates
July 29 (Reuters) - U.S. health insurer Anthem Inc ANTM.N reported better-than-expected quarterly profit on Wednesday, aided by lower medical costs as people delayed non-essential procedures due to the COVID-19 pandemic.
Anthem said the decline in costs was primarily driven by the deferral of healthcare utilization due to the COVID-19 pandemic.
Anthem's benefit expense ratio, the share of premiums paid for medical services, improved to 77.9% from 86.7% a year earlier.
Excluding items, Anthem reported a profit of $9.20 per share, beating the average analyst estimate of $8.87 per share, according to Refinitiv IBES data.
Net income rose to $2.28 billion, or $8.91 per share, in the second quarter ended June 30, from $1.14 billion, or $4.36 per share, a year earlier.
Total revenue rose to $29.3 billion from $25.47 billion.
(Reporting by Manojna Maddipatla in Bengaluru; Editing by Shinjini Ganguli)
((email@example.com; +91 80 6182 2700;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.