Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | February 5, 2013 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued February 5, 2013, as to financial results for the fourth quarter and year ended December 31, 2012. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Deanne Lane | |
Vice President, Media Affairs | |
(314) 725-4477 |
2012 Results | ||||||||
Q4 | Full Year | |||||||
Premium and Service Revenues (in millions) | $ | 2,301.4 | $ | 8,238.9 | ||||
Consolidated Health Benefits Ratio | 91.3 | % | 91.6 | % | ||||
General & Administrative expense ratio | 8.4 | % | 8.6 | % | ||||
Diluted earnings per share (EPS) | $ | 0.17 | $ | 0.03 | ||||
Cash flow from operations (in millions) | $ | (28.6 | ) | $ | 278.7 |
• | Quarter-end at-risk managed care membership of 2,560,300, an increase of 744,300 members, or 41% year over year. |
• | Premium and service revenues of $2.3 billion, representing 58% growth year over year. |
• | Health Benefits Ratio of 91.3%, compared to 85.9% in 2011. |
• | General and Administrative expense ratio of 8.4%, compared to 11.0% in 2011. |
• | Diluted EPS of $0.17, including medical costs associated with flu of $0.30 higher than experienced in 2011. |
• | Employees increased from 5,300 at December 31, 2011 to 6,800 at December 31, 2012, reflecting our continued business expansions. |
• | In November 2012, pursuant to a shelf registration statement, we issued an additional $175 million of non-callable 5.75% Senior Notes due June 1, 2017 at a premium to yield 4.29%. |
• | In November 2012, our Illinois subsidiary, IlliniCare Health Plan, was selected to serve dual-eligible members in Cook, DuPage, Lake, Kane, Kankakee and Will counties (Greater Chicago region) as part of the Illinois Medicare-Medicaid Alignment Initiative. Enrollment is expected to begin in late 2013. |
• | In January 2013, our Kansas subsidiary, Sunflower State Health Plan, began operating under a statewide contract to serve members in the state's KanCare program, which includes TANF, ABD (dual and non-dual), foster care, long-term care and CHIP beneficiaries. |
• | In January 2013, our Florida subsidiary, Sunshine State Health Plan, was notified by the Florida Agency for Health Care Administration it has been recommended for a contract award in 10 of 11 regions of the Medicaid Managed Care Long Term Care program. Upon execution of a contract and regulatory approval, enrollment will be implemented by region, beginning in August 2013 and continuing through March 2014. |
• | In January 2013, we signed a definitive agreement to acquire AcariaHealth, a comprehensive specialty pharmacy company, for $152.0 million. The transaction consideration is anticipated to be financed through a combination of Centene common stock, cash on hand and existing credit facilities. The acquisition is expected to close in the first quarter of 2013, subject to regulatory approval and other customary conditions. |
• | In October 2012, we were awarded the Platinum Award at the 2012 URAC Best Practices in Health Care Consumer Empowerment and Protection Awards for our Asthma Solutions for a Managed Medicaid Population. |
December 31, | |||||
2012 | 2011 | ||||
Arizona | 23,500 | 23,700 | |||
Florida | 214,000 | 198,300 | |||
Georgia | 313,700 | 298,200 | |||
Illinois | 18,000 | 16,300 | |||
Indiana | 204,000 | 206,900 | |||
Kentucky | 135,800 | 180,700 | |||
Louisiana | 165,600 | — | |||
Massachusetts | 21,500 | 35,700 | |||
Mississippi | 77,200 | 31,600 | |||
Missouri | 59,600 | — | |||
Ohio | 157,800 | 159,900 | |||
South Carolina | 90,100 | 82,900 | |||
Texas | 949,900 | 503,800 | |||
Washington | 57,200 | — | |||
Wisconsin | 72,400 | 78,000 | |||
Total at-risk membership | 2,560,300 | 1,816,000 | |||
Non-risk membership | — | 4,900 | |||
Total | 2,560,300 | 1,820,900 |
December 31, | ||||
2012 | 2011 | |||
Medicaid | 1,977,200 | 1,336,800 | ||
CHIP & Foster Care | 237,700 | 213,900 | ||
ABD & Medicare | 307,800 | 218,000 | ||
Hybrid Programs | 29,100 | 40,500 | ||
Long-term Care | 8,500 | 6,800 | ||
Total at-risk membership | 2,560,300 | 1,816,000 | ||
Non-risk membership | — | 4,900 | ||
Total | 2,560,300 | 1,820,900 |
December 31, | ||||
2012 | 2011 | |||
ABD | 72,800 | 45,400 | ||
Long-term Care | 7,700 | 6,200 | ||
Medicare | 5,100 | 3,200 | ||
Total | 85,600 | 54,800 |
• | For the fourth quarter of 2012, Premium and Service Revenues increased 58% to $2.3 billion from $1.5 billion in the fourth quarter of 2011. The increase was primarily driven by the Texas expansion, pharmacy carve-in in Texas, the additions between years of Kentucky, Louisiana, Missouri and Washington contracts and membership growth. |
• | Consolidated HBR of 91.3% for the fourth quarter of 2012 represents an increase from 85.9% in the comparable period in 2011 and a decrease from 93.3% in the third quarter of 2012. The increase compared to last year primarily reflects an increase in medical costs associated with flu of $0.30 per diluted share as well as increased medical costs in our Kentucky and Texas health plans. Excluding the Kentucky health plan operations, the fourth quarter 2012 HBR was 90.7%. |
• | The following table compares the results for new business and existing business for the quarter ended December 31,: |
2012 | 2011 | ||||
Premium and Service Revenue | |||||
New business | 35 | % | 16 | % | |
Existing business | 65 | % | 84 | % | |
HBR | |||||
New business | 96.7 | % | 93.1 | % | |
Existing business | 88.5 | % | 84.6 | % | |
Total | 91.3 | % | 85.9 | % |
• | Consolidated G&A expense ratio for the fourth quarter of 2012 was 8.4%, compared to 11.0% in the prior year. The year over year decrease reflects the leveraging of expenses over higher revenues and a reduction in performance based compensation expense which lowered the ratio by 60 basis points. |
• | Earnings from operations were $13.1 million in the fourth quarter 2012 compared to $47.4 million in the fourth quarter 2011. Net earnings attributable to Centene Corporation were $9.1 million in the fourth quarter 2012, compared to $30.1 million in the fourth quarter of 2011. |
• | Diluted EPS was $0.17 in the fourth quarter of 2012 compared to $0.57 in the prior year. |
• | For the year ended December 31, 2012, Premium and Service Revenues increased 59.0% to $8.2 billion over the corresponding period in 2011 as a result of the additional revenue between years from our Illinois, Kentucky, Louisiana, Missouri and Washington contracts, Texas and Arizona expansions, pharmacy carve-ins in Texas and Ohio, and organic membership growth. |
• | Consolidated HBR of 91.6% for 2012, compared to 85.2% in 2011. The increase compared to last year primarily reflects (1) the continued high level of medical costs in Kentucky including a $41.5 million premium deficiency reserve for the contract period January 1, 2013 through July 5, 2013, (2) a high level of medical costs in the March 1, 2012 expansion areas in Texas, (3) a high level of medical costs in our individual health business, especially for policies issued to members who converted in the first quarter of 2012 and (4) a high level of flu costs during the fourth quarter of 2012. Excluding our Kentucky operations, the HBR for the year ended December 31, 2012, was 89.6%. |
• | Consolidated G&A expense ratio for 2012 was 8.6%, compared to 11.3% in 2011. The decrease is primarily due to leveraging our expenses over higher revenues and a reduction in performance based compensation expense which lowered the ratio by 60 basis points. |
• | Diluted EPS of $0.03 in 2012. Included in the year ended December 31, 2012, results are the following items: (1) an operating loss in our Kentucky health plan, including a $41.5 million pre-tax premium deficiency reserve; (2) an impairment loss for the write down of goodwill and intangible assets in the Celtic reporting unit; (3) a gain on the sale of investments; and (4) a state income tax benefit. The impact of these items to diluted EPS is provided below: |
2012 | |||
Diluted EPS | $ | 0.03 | |
Loss from Kentucky operations | 1.71 | ||
Celtic impairment loss | 0.50 | ||
Investment gains | (0.23 | ) | |
Tax benefit | (0.11 | ) | |
Total | $ | 1.90 |
• | Total operating cash flows of $278.7 million. |
Days in claims payable, September 30, 2012 | 42.8 | ||
Timing of claim payments including pharmacy flu costs | (1.9 | ) | |
Other | 0.2 | ||
Days in claims payable, December 31, 2012 | 41.1 | ||
Full Year 2013 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 9,700 | $ | 10,000 | |||||
Diluted EPS | $ | 2.60 | $ | 2.90 | |||||
Consolidated Health Benefits Ratio | 88.0 | % | 89.0 | % | |||||
General & Administrative expense ratio | 9.0 | % | 9.5 | % | |||||
Diluted Shares Outstanding (in thousands) | 54,800 | 55,200 | |||||||
December 31, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 843,952 | $ | 573,698 | |||
Premium and related receivables | 263,452 | 157,450 | |||||
Short-term investments | 139,118 | 130,499 | |||||
Other current assets | 127,080 | 78,363 | |||||
Total current assets | 1,373,602 | 940,010 | |||||
Long-term investments | 614,723 | 506,140 | |||||
Restricted deposits | 34,793 | 26,818 | |||||
Property, software and equipment, net | 377,726 | 349,622 | |||||
Goodwill | 256,288 | 281,981 | |||||
Intangible assets, net | 20,268 | 27,430 | |||||
Other long-term assets | 64,282 | 58,335 | |||||
Total assets | $ | 2,741,682 | $ | 2,190,336 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 926,302 | $ | 607,985 | |||
Premium deficiency reserve | 41,475 | — | |||||
Accounts payable and accrued expenses | 191,343 | 216,504 | |||||
Unearned revenue | 34,597 | 9,890 | |||||
Current portion of long-term debt | 3,373 | 3,234 | |||||
Total current liabilities | 1,197,090 | 837,613 | |||||
Long-term debt | 535,481 | 348,344 | |||||
Other long-term liabilities | 55,344 | 67,960 | |||||
Total liabilities | 1,787,915 | 1,253,917 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 55,339,160 issued and 52,329,248 outstanding at December 31, 2012, and 53,586,726 issued and 50,864,618 outstanding at December 31, 2011 | 55 | 54 | |||||
Additional paid-in capital | 450,856 | 421,981 | |||||
Accumulated other comprehensive income: | |||||||
Unrealized gain on investments, net of tax | 5,189 | 5,761 | |||||
Retained earnings | 566,820 | 564,961 | |||||
Treasury stock, at cost (3,009,912 and 2,722,108 shares, respectively) | (69,864 | ) | (57,123 | ) | |||
Total Centene stockholders’ equity | 953,056 | 935,634 | |||||
Noncontrolling interest | 711 | 785 | |||||
Total stockholders’ equity | 953,767 | 936,419 | |||||
Total liabilities and stockholders’ equity | $ | 2,741,682 | $ | 2,190,336 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 2,272,736 | $ | 1,436,413 | $ | 8,126,205 | $ | 5,077,242 | |||||||
Service | 28,680 | 22,136 | 112,742 | 103,765 | |||||||||||
Premium and service revenues | 2,301,416 | 1,458,549 | 8,238,947 | 5,181,007 | |||||||||||
Premium tax | 95,181 | 48,627 | 428,665 | 159,575 | |||||||||||
Total revenues | 2,396,597 | 1,507,176 | 8,667,612 | 5,340,582 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 2,075,957 | 1,233,739 | 7,446,037 | 4,324,746 | |||||||||||
Cost of services | 20,808 | 17,397 | 87,705 | 78,114 | |||||||||||
General and administrative expenses | 192,282 | 159,937 | 704,604 | 587,004 | |||||||||||
Premium tax expense | 94,482 | 48,726 | 428,354 | 160,394 | |||||||||||
Impairment loss | — | — | 28,033 | — | |||||||||||
Total operating expenses | 2,383,529 | 1,459,799 | 8,694,733 | 5,150,258 | |||||||||||
Earnings (loss) from operations | 13,068 | 47,377 | (27,121 | ) | 190,324 | ||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 3,377 | 3,990 | 35,957 | 13,369 | |||||||||||
Debt extinguishment costs | — | — | — | (8,488 | ) | ||||||||||
Interest expense | (6,067 | ) | (4,797 | ) | (20,460 | ) | (20,320 | ) | |||||||
Earnings (loss) from operations, before income tax expense | 10,378 | 46,570 | (11,624 | ) | 174,885 | ||||||||||
Income tax expense (benefit) | 5,739 | 17,306 | (329 | ) | 66,522 | ||||||||||
Net earnings (loss) | 4,639 | 29,264 | (11,295 | ) | 108,363 | ||||||||||
Noncontrolling interest | (4,422 | ) | (848 | ) | (13,154 | ) | (2,855 | ) | |||||||
Net earnings attributable to Centene Corporation | $ | 9,061 | $ | 30,112 | $ | 1,859 | $ | 111,218 | |||||||
Net earnings per common share attributable to Centene Corporation: | |||||||||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.60 | $ | 0.04 | $ | 2.22 | |||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.57 | $ | 0.03 | $ | 2.12 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 51,817,066 | 50,522,726 | 51,509,366 | 50,198,954 | |||||||||||
Diluted | 54,055,209 | 52,894,701 | 53,714,375 | 52,474,238 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | (11,295 | ) | $ | 108,363 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 65,866 | 58,327 | |||||
Stock compensation expense | 25,332 | 18,171 | |||||
Impairment loss | 28,033 | — | |||||
Gain on sale of investment in convertible note | (17,880 | ) | — | ||||
Gain on sale of investments, net | (1,484 | ) | (287 | ) | |||
Debt extinguishment costs | — | 8,488 | |||||
Deferred income taxes | (14,438 | ) | 2,031 | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (116,558 | ) | (11,306 | ) | |||
Other current assets | (36,818 | ) | (11,812 | ) | |||
Other assets | 2,825 | (2 | ) | ||||
Medical claims liabilities | 359,792 | 149,756 | |||||
Unearned revenue | 24,707 | (109,082 | ) | ||||
Accounts payable and accrued expenses | (21,474 | ) | 38,889 | ||||
Other operating activities | (7,917 | ) | 10,160 | ||||
Net cash provided by operating activities | 278,691 | 261,696 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (82,144 | ) | (73,708 | ) | |||
Purchases of investments | (695,687 | ) | (318,397 | ) | |||
Sales and maturities of investments | 589,921 | 267,404 | |||||
Investments in acquisitions, net of cash acquired | — | (4,375 | ) | ||||
Net cash used in investing activities | (187,910 | ) | (129,076 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 15,912 | 15,815 | |||||
Proceeds from borrowings | 400,500 | 419,183 | |||||
Payment of long-term debt | (218,234 | ) | (416,283 | ) | |||
Excess tax benefits from stock compensation | 10,996 | 4,435 | |||||
Common stock repurchases | (12,741 | ) | (7,809 | ) | |||
Contribution from (to) noncontrolling interest | 1,092 | 813 | |||||
Purchase of noncontrolling interest | (14,429 | ) | — | ||||
Debt issue costs | (3,623 | ) | (9,242 | ) | |||
Net cash provided by financing activities | 179,473 | 6,912 | |||||
Net increase in cash and cash equivalents | 270,254 | 139,532 | |||||
Cash and cash equivalents, beginning of period | 573,698 | 434,166 | |||||
Cash and cash equivalents, end of period | $ | 843,952 | $ | 573,698 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 21,605 | $ | 27,383 | |||
Income taxes paid | $ | 42,877 | $ | 50,444 |
Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||
MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 23,500 | 23,800 | 24,000 | 23,100 | 23,700 | ||||||||||||||
Florida | 214,000 | 209,600 | 204,100 | 199,500 | 198,300 | ||||||||||||||
Georgia | 313,700 | 312,400 | 313,300 | 306,000 | 298,200 | ||||||||||||||
Illinois | 18,000 | 17,900 | 17,800 | 17,400 | 16,300 | ||||||||||||||
Indiana | 204,000 | 205,400 | 205,000 | 206,300 | 206,900 | ||||||||||||||
Kentucky | 135,800 | 145,400 | 143,500 | 145,700 | 180,700 | ||||||||||||||
Louisiana | 165,600 | 167,200 | 168,700 | 51,300 | — | ||||||||||||||
Massachusetts | 21,500 | 28,000 | 41,400 | 36,000 | 35,700 | ||||||||||||||
Mississippi | 77,200 | 30,600 | 30,100 | 29,500 | 31,600 | ||||||||||||||
Missouri | 59,600 | 53,900 | — | — | — | ||||||||||||||
Ohio | 157,800 | 173,800 | 166,800 | 161,000 | 159,900 | ||||||||||||||
South Carolina | 90,100 | 89,400 | 87,800 | 86,700 | 82,900 | ||||||||||||||
Texas | 949,900 | 930,700 | 919,200 | 811,000 | 503,800 | ||||||||||||||
Washington | 57,200 | 42,000 | — | — | — | ||||||||||||||
Wisconsin | 72,400 | 72,900 | 75,800 | 76,000 | 78,000 | ||||||||||||||
Total at-risk membership | 2,560,300 | 2,503,000 | 2,397,500 | 2,149,500 | 1,816,000 | ||||||||||||||
Non-risk membership | — | — | — | — | 4,900 | ||||||||||||||
TOTAL | 2,560,300 | 2,503,000 | 2,397,500 | 2,149,500 | 1,820,900 | ||||||||||||||
Medicaid | 1,977,200 | 1,939,400 | 1,848,500 | 1,634,800 | 1,336,800 | ||||||||||||||
CHIP & Foster Care | 237,700 | 229,600 | 222,600 | 218,800 | 213,900 | ||||||||||||||
ABD & Medicare | 307,800 | 289,800 | 269,900 | 247,400 | 218,000 | ||||||||||||||
Hybrid Programs | 29,100 | 35,700 | 48,100 | 41,500 | 40,500 | ||||||||||||||
Long-term Care | 8,500 | 8,500 | 8,400 | 7,000 | 6,800 | ||||||||||||||
Total at-risk membership | 2,560,300 | 2,503,000 | 2,397,500 | 2,149,500 | 1,816,000 | ||||||||||||||
Non-risk membership | — | — | — | — | 4,900 | ||||||||||||||
TOTAL | 2,560,300 | 2,503,000 | 2,397,500 | 2,149,500 | 1,820,900 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health | |||||||||||||||||||
Arizona | 157,900 | 162,000 | 159,900 | 162,100 | 168,900 | ||||||||||||||
Kansas | 49,800 | 48,500 | 44,300 | 46,000 | 46,200 | ||||||||||||||
TOTAL | 207,700 | 210,500 | 204,200 | 208,100 | 215,100 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 292 | $ | 283 | $ | 279 | $ | 269 | $ | 262 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 641,000 | 826,800 | 1,195,000 | 735,000 | 495,500 | ||||||||||||||
Average inventory | 555,200 | 547,400 | 640,600 | 457,400 | 367,600 | ||||||||||||||
Period-end inventory per member | 0.25 | 0.33 | 0.50 | 0.34 | 0.27 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 6,800 | 6,400 | 6,200 | 5,700 | 5,300 |
Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 41.1 | 42.8 | 41.4 | 44.7 | 45.3 | ||||||||||||||
(c) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period, excluding the Kentucky premium deficiency reserve liability. | |||||||||||||||||||
CASH AND INVESTMENTS (in millions) | |||||||||||||||||||
Regulated | $ | 1,595.3 | $ | 1,493.8 | $ | 1,198.2 | $ | 1,166.9 | $ | 1,198.9 | |||||||||
Unregulated | 37.3 | 36.0 | 40.6 | 35.5 | 38.2 | ||||||||||||||
TOTAL | $ | 1,632.6 | $ | 1,529.8 | $ | 1,238.8 | $ | 1,202.4 | $ | 1,237.1 | |||||||||
DEBT TO CAPITALIZATION | 36.1 | % | 29.2 | % | 30.1 | % | 26.4 | % | 27.3 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 32.7 | % | 25.0 | % | 25.9 | % | 21.8 | % | 22.6 | % | |||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). | |||||||||||||||||||
(d) The non-recourse debt represents the Company's mortgage note payable ($75.4 million at December 31, 2012). |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid and CHIP | 92.4 | % | 82.9 | % | 91.2 | % | 82.4 | % | |||
ABD and Medicare | 89.1 | 88.8 | 92.1 | 89.8 | |||||||
Specialty Services | 92.7 | 94.0 | 92.5 | 89.1 | |||||||
Total | 91.3 | 85.9 | 91.6 | 85.2 | |||||||
Total General & Administrative Expense Ratio | 8.4 | % | 11.0 | % | 8.6 | % | 11.3 | % |
Balance, December 31, 2011 | $ | 607,985 | ||
Incurred related to: | ||||
Current period | 7,499,437 | |||
Prior period | (53,400 | ) | ||
Total incurred | 7,446,037 | |||
Paid related to: | ||||
Current period | 6,535,537 | |||
Prior period | 550,708 | |||
Total paid | 7,086,245 | |||
Less: Premium Deficiency Reserve | 41,475 | |||
Balance, December 31, 2012 | $ | 926,302 |
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