WellPoint's 2Q profit rises 4 percent

NEW YORK (AP) - Insurer WellPoint says its second-quarter profit rose 4 percent due to favorable reserve development, even as commercial enrollment continued to tumble in a tough economy.

The Indianapolis insurer says it earned $722.4 million, or $1.71 per share, in the three months ended June 30. Excluding investment gains, earnings per share were $1.67. Per-share results are helped by fewer shares outstanding.

Revenue fell 6.2 percent to $14.46 billion.

Analyst polled by Thomson Reuters forecast a profit of $1.55 per share on revenue of $14.61 billion.

WellPoint is the largest commercial health insurer based on membership.

The company raised its profit forecast to $6.30 per share from $6 per share.