Top health insurer Aetna reported boosted profits in the second quarter since Obamacare has been in effect as large insurance companies continue to win big from the health-care law.Â
Aetnaâ€™s earnings rose 2 percent to $548.8 million this quarter, compared to just $536 million this time last year, before the health-care law forced more Americans to purchase coverage,Â Forbes reports. The company raised its earnings projection for all of 2014 to $6.45 to $6.60 per share, up from $6.35 to $6.55 per share.Â
â€śOur results speak to the strength of our diversified portfolio of business and our ability to succeed across many fronts,â€ť Aetna CEO Mark Bertolini said in a conference call Tuesday.
Aetna already offers plans on Obamacare exchanges in 16 states and Washington, D.C. and will expand into Georgia for 2015. Theyâ€™re currently one of the biggest players in Obamacare exchanges nationwide. UnitedHealth Group, one of Aetnaâ€™s top competitors, took a slight hit in the second quarter but announced higher profits than it had projected.Â (RELATED: Top Insurance Company UnitedHealth Doing Better Than Expected Under Obamacare)
Large insurance companies are one of the biggest beneficiaries from the health-care law. While they continue to lobby against certain provisions â€” especially a hefty tax placed on each insurance policy a company sells â€” the individual mandateâ€™s requirement that all Americans purchase coverage rapidly expands their customer base.