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Las Vegas insurer reports strong growth

Thursday, Feb. 20, 2003 | 11:16 a.m.

Sierra Health Services Inc. of Las Vegas today raised its 2003 earnings estimates, based on better-than-expected commercial membership growth and pricing yields for its core Southern Nevada market.

The insurer said it now expects to earn $1.75 to $1.80 a share in 2003, above its earlier estimate of $1.60 to $1.65 a share.

For the first quarter, Sierra Health projects earnings of 40 cents to 42 cents a share. The company hadn't issued any prior guidance for the quarter. Wall Street had expected the company to earn 37 cents a share in the first quarter and $1.63 a share in 2003, according to Thomson First Call.

Sierra Health said a preliminary review of its performance showed that January commercial membership growth was 2.5 percent in Las Vegas, while commercial pricing yields for the month were also better than expected.

Sierra stock advanced 79 cents or 6.42 percent on the news this morning.

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