Anthem Blue Cross 2003 Annual Report Download - page 31

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ANTHEM, INC. page 29
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Data) Year Ended December 31
2003 2002 2001
Revenues
Premiums $15,170.2 $11,941.0 $ 9,244.8
Administrative fees 1,180.7 962.2 817.3
Other revenue 126.2 87.3 58.2
Total operating revenue 16,477.1 12,990.5 10,120.3
Net investment income 278.1 260.7 238.6
Net realized gains on investments 17.8 30.4 60.8
Gain (loss) on sale of subsidiary operations (1.6) 0.7 25.0
16,771.4 13,282.3 10,444.7
Expenses
Benefit expense 12,263.9 9,839.4 7,814.7
Administrative expense 3,109.6 2,506.6 1,986.1
Interest expense 131.2 98.5 60.2
Amortization of goodwill and other intangible assets 47.6 30.2 31.5
Demutualization expenses —— 27.6
15,552.3 12,474.7 9,920.1
Income before income taxes and minority interest 1,219.1 807.6 524.6
Income taxes 440.1 255.2 183.4
Minority interest (credit) 4.7 3.3 (1.0)
Net income $ 774.3 $ 549.1 $ 342.2
Net income per share1
Basic $ 5.60 $ 4.61 $ 3.31
Diluted $ 5.45 $ 4.51 $ 3.30
1Amounts for 2001 include pro forma earnings per share prior to the initial public offering.
The information presented above should be read in conjunction with the audited consolidated financial statements and accompanying notes included in
Anthem’s 2003 Annual Report on Form 10-K.