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Jay Gellert

Health Net Posts First-Quarter Gain Amid Recovery from Rocky 2012

Health Net Inc. (HNT) posted a stronger-than-expected profit for the first quarter, helped by light health-care usage trends, as the health insurer continues to rebound from a rocky stretch early last year.The Los Angeles-based company also boosted its full-year earnings guidance while citing improvement in its commercial business and light utilization.Health Net had an unexpected loss in the first quarter last year after it miscalculated money needed to cover expected medical claims, and the company ran into yet more cost troubles in the second quarter. It has been working since to fix these problems, however, while taking steps like intentionally leaving some high-cost commercial business and securing an important settlement agreement in California to stabilize its Medicaid business."We believe that our performance this year will demonstrate that we've addressed and resolved the issues that arose last year," said Jay Gellert, Health Net's chief executive, on a call with analysts Mond...

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