Anthem Blue Cross 2002 Annual Report Download - page 62

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CONSOLIDATED STATEMENTS OF INCOME
Anthem, Inc. 2002 Annual Report 57
(In Millions, Except Per Share Data) Year Ended December 31
2002 2001 2000
Revenues
Premiums $11,941.0 $ 9,244.8 $7,737.3
Administrative fees 962.2 817.3 755.6
Other revenue 87.3 58.2 50.6
Total operating revenue 12,990.5 10,120.3 8,543.5
Net investment income 260.7 238.6 201.6
Net realized gains on investments 30.4 60.8 25.9
Gain on sale of subsidiary operations 0.7 25.0 —
13,282.3 10,444.7 8,771.0
Expenses
Benefit expense 9,839.4 7,814.7 6,551.0
Administrative expense 2,506.6 1,986.1 1,808.4
Interest expense 98.5 60.2 54.7
Amortization of goodwill and other intangible assets 30.2 31.5 27.1
Demutualization expenses —27.6 —
12,474.7 9,920.1 8,441.2
Income before income taxes and minority interest 807.6 524.6 329.8
Income taxes 255.2 183.4 102.2
Minority interest (credit) 3.3 (1.0) 1.6
Net income $ 549.1 $ 342.2 $ 226.0
Earnings per share1
Basic net income $ 4.61 $ 3.31 $ 2.19
Diluted net income $ 4.51 $ 3.30 $ 2.18
Net income for the period from November 2, 2001
(date of demutualization and initial
public offering) to December 31, 2001 —$ 55.7 —
Basic and diluted net income per share for the period from
November 2, 2001 (date of demutualization
and initial public offering) to December 31, 2001 —$ 0.54 —
1Prior year amounts represent pro forma earnings per share prior to the initial public offering.
See accompanying notes.