Health Net’s 2015 Earnings Rise Sharply

Health Net, the Woodland Hills-based health insurer, reported sharply higher earnings for the fourth quarter ending Dec. 31 and for all of calendar 2015.

Net income for the fourth quarter was $37.1 million on revenue of $4 billion. That compares to net income of $4.9 million on revenue of $3.8 billion. Pretax income for the quarter was $101.5 million, compared to 2014’s $16.3 million.

For calendar 2015, Health Net reported net income of $185.7 million on revenue of $16.2 billion, the latter up 16% from 2014. Last year, the company netted $145.6 million on revenue of $14 billion.

Health Net’s total enrollment increased 4.5% during 2015, including an 8% bump for California. Total enrollment stands at 3.3 million.

The company said its transaction to acquire Midwest-based Centene should close by the end of the first quarter.