HealthSpring Inc. Oct 11
- ID: 1929160
- October 2011
- Standard & Poors
Top 10 national market shares in Medicare Advantage (MA) and Medicare Part D (PDP) based on total membership Tightly managed coordinated care model that has controlled medical costs well historically Good earnings profile based on current and projected operating margins Conservative, liquid investment portfolio Highly concentrated business focus on highly regulated and politically sensitive product segments (MA, PDP, Medicaid) Smaller scale and weaker capitalization versus key national competitors (including UnitedHealth Group Inc. and Humana Inc.) Capital adequacy is good based on regulatory requirements but slightly deficient on a 'BBB' basis, per Standard & Poor's model Weak tangible equity based on large amount of intangibles on balance sheet Active acquisition strategy that could result in higher debt leverage over the medium...
Companies mentioned in this report are: HealthSpring Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis