Top health insurer Aetna reported boosted profits in the second quarter since Obamacare has been in effect as large insurance companies continue to win big from the health-care law.
Aetna’s earnings rose 2 percent to $548.8 million this quarter, compared to just $536 million this time last year, before the health-care law forced more Americans to purchase coverage, Forbes reports. The company raised its earnings projection for all of 2014 to $6.45 to $6.60 per share, up from $6.35 to $6.55 per share.
“Our results speak to the strength of our diversified portfolio of business and our ability to succeed across many fronts,” Aetna CEO Mark Bertolini said in a conference call Tuesday.
Aetna already offers plans on Obamacare exchanges in 16 states and Washington, D.C. and will expand into Georgia for 2015. They’re currently one of the biggest players in Obamacare exchanges nationwide. UnitedHealth Group, one of Aetna’s top competitors, took a slight hit in the second quarter but announced higher profits than it had projected. (RELATED: Top Insurance Company UnitedHealth Doing Better Than Expected Under Obamacare)
Large insurance companies are one of the biggest beneficiaries from the health-care law. While they continue to lobby against certain provisions — especially a hefty tax placed on each insurance policy a company sells — the individual mandate’s requirement that all Americans purchase coverage rapidly expands their customer base.