Woodland Hills, Calif.-based Health Net has reported a 2015 third quarter net income of $60.3 million, or $0.77 per diluted share.
This compares to a net income of $58.4 million, or $0.75 per diluted share, for the second quarter of 2015. In the third quarter of 2014, Health Net reported a net loss of $8.9 million, or $0.11 per share.
Health Net's total revenues increased to $4.2 billion in the third quarter of 2015 from $3.8 billion in the third quarter of 2014, accounting for a 9.6 percent increase.
Medicaid enrollment grew by 17.8 percent from the third quarter of 2014 to the third quarter of 2015, or from 279,000 members to 1.8 million members.
Health Net incurred $21.7 million of pretax expenses in the third quarter of 2015. The insurer attributes the expenses to IT costs associated with its transaction with Centene and the suspension of its previously announced transaction with Cognizant.
In early July, St. Louis-based insurer Centene agreed to buy Health Net in a $6.3 billion deal. Stockholders from both insurers voted to approve the proposed merger in late October.