Anthem Blue Cross 2008 Annual Report Download - page 15

WELLPOINT, INC. 2726 WELLPOINT, INC.
CONSOLIDATED BALANCE SHEETS
In millions, except per share data Years ended December 31 08 07
Assets
Current assets
Cash and cash equivalents $÷2,183.9 $÷2,767.9
Investments available-for-sale, at fair value 2,652.8 3,726.3
Other invested assets, current 23.6 40.3
Premium and self-funded receivables 3,042.9 2,870.1
Other receivables 1,546.7 1,162.2
Income tax receivable 159.9 0.9
Securities lending collateral 529.0 854.1
Deferred tax assets, net 779.0 559.6
Other current assets 1,212.2 1,050.4
Total current assets 12,130.0 13,031.8
Long-term investments available-for-sale, at fair value 11,839.1 13,962.4
Other invested assets, long-term 703.2 752.9
Property and equipment, net 1,054.5 995.9
Goodwill 13,461.3 13,435.4
Other intangible assets 8,827.2 9,220.8
Other noncurrent assets 387.9 660.8
Total assets $48,403.2 $52,060.0
Liabilities and shareholders’ equity
Liabilities
Current liabilities
Policy liabilities
Medical claims payable $÷6,184.7 $÷5,788.0
Reserves for future policy benefits 64.5 63.7
Other policyholder liabilities 1,626.8 1,832.2
Total policy liabilities 7,876.0 7,683.9
Unearned income 1,087.7 1,114.6
Accounts payable and accrued expenses 2,856.5 2,909.6
Security trades pending payable 5.8 50.6
Securities lending payable 529.0 854.1
Short-term borrowings 98.0 –
Current portion of long-term debt 909.7 20.4
Other current liabilities 1,657.6 1,755.0
Total current liabilities 15,020.3 14,388.2
Long-term debt, less current portion 7,833.9 9,023.5
Reserves for future policy benefits, noncurrent 664.7 661.9
Deferred tax liability, net 2,098.9 3,004.4
Other noncurrent liabilities 1,353.7 1,991.6
Total liabilities 26,971.5 29,069.6
Shareholders’ equity
Common stock, par value $0.01, shares authorized – 900,000,000;
shares issued and outstanding: 503,230,575 and 556,212,039 5.0 5.6
Additional paid-in capital 16,843.0 18,441.1
Retained earnings 5,479.4 4,387.6
Accumulated other comprehensive (loss) income (895.7) 156.1
Total shareholders’ equity 21,431.7 22,990.4
Total liabilities and shareholders’ equity $48,403.2 $52,060.0
The information presented above should be read in conjunction with the audited financial statements and accompanying notes included in WellPoint’s 2008
Annual Report on Form 10-K.
BUILDING A SUSTAINABLE HEALTH CARE SYSTEM
We believe health care reform should be thoughtful,
responsible and sustainable – and must get us on the
path to universal coverage. Our efforts toward sustainable
reform are focused on opportunities in four areas:
•Quality and Safety
•Cost
•Insurance Market Reform
•Health Care Financing
Meaningful reform must address both quality and
cost issues. For many Americans, costs continue to
rise without an increase in the quality of care received.
By promoting evidence-based medicine, preventive
care and transparency, patients will experience better
health care outcomes and overall costs will decrease.
We also believe in making the health insurance
market work more efficiently so that it offers more
choice and extends access for all. All Americans should
be able to obtain affordable coverage, but this must
be done in a way that doesn’t lead to higher costs and
more uninsured. We must work together to create a
competitive, flexible marketplace that provides choice.
After all, consumers know what’s best for them and
their families.
Finally, we support health care financing reforms
that increase access in a sustainable manner. Employer-
based care should be expanded and individuals who
purchase coverage on their own should not face addi-
tional taxes. We also support better programs for the
most needy, including premium assistance and stronger
public-private partnerships focused on getting more
Americans insured.
Our goals may be lofty, but the issue is too important
to think small. Together, we can expand access, improve
quality and optimize costs – for our country, for our
children and for our future.
America’s health care system is renowned
for its premier medical research facilities
and life-saving innovations. Yet too
many do not have access to it. That’s
why we are committed to fixing what is
broken without breaking what works –
by improving quality, decreasing costs
and increasing access.