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Health Net, Inc.

21650 Oxnard Street

Woodland Hills, CA 91367

818.676.6000

800.291.6911

www.healthnet.com

 

Investor Contact    Media Contact
Angie McCabe    Margita Thompson
818.676.8692    818.676.7912
angie.mccabe@healthnet.com    margita.thompson@healthnet.com

HEALTH NET REPORTS FOURTH QUARTER 2010 GAAP NET INCOME

OF $80.4 MILLION, OR $0.83 PER DILUTED SHARE

WESTERN REGION OPERATIONS AND GOVERNMENT CONTRACTS SEGMENTS PRODUCE

COMBINED EARNINGS OF $0.80 PER DILUTED SHARE IN FOURTH QUARTER 2010

LOS ANGELES, February 1, 2011

– Health Net, Inc. (NYSE: HNT) today announced 2010 fourth quarter GAAP net income of $80.4 million, or $0.83 per diluted share, compared with a GAAP net loss of $45.2 million, or $0.43 per share, for the fourth quarter of 2009.

The company’s Western Region Operations and Government Contracts segments produced combined net earnings of $0.80 per diluted share in the fourth quarter of 2010 and $0.79 per diluted share in the fourth quarter of 2009.

For the full year 2010, Health Net reported GAAP net income of $204.2 million, or $2.06 per diluted share, compared with a net loss of $49.0 million, or $0.47 per share, for the full year 2009.

The company’s Western Region Operations and Government Contracts segments produced combined net earnings of $2.60 per diluted share for the full year 2010 and $2.58 per diluted share for the full year 2009.

“Our solid fourth quarter and full year 2010 results affirm that our ongoing efforts to sharpen the focus of the company continue to drive improved performance,” said Jay Gellert, Health Net’s chief executive officer. “Membership in our efficient-network commercial products is growing. Our balance sheet strengthened throughout 2010, and we ended the year with a debt-to-total capital ratio of less than 20 percent. Our strong results produced cash flow that supported more than $230 million of share repurchases in 2010.

“With a successful 2010 behind us, our goal is to achieve further improvement in 2011. We believe we have had the best open enrollment commercial selling season in many years, and this supports our view that we will achieve commercial enrollment growth in 2011. In addition, the preliminary government enrollment data shows that our 2011 Medicare Advantage enrollment is better than we expected when we issued our 2011 guidance in December 2010,” Gellert added.


The following information was filed by Health Net Inc (HNT) on Tuesday, February 1, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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