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WellPoint profit falls as investments weigh


    NEW YORK (Reuters) - WellPoint Inc posted a 5.4 percent drop in third-quarter profit on Wednesday as the health insurer recorded major investment losses that overshadowed a gain from a tax resolution.

    Net income fell to $820.7 million, or $1.60 per share, from $868 million, or $1.45 per share, a year earlier, when the company had more shares outstanding.

    Revenue rose 2 percent to $15.3 billion.

    The largest U.S. health insurer by membership also narrowed its full-year profit forecast to a range of $5.43 to $5.49 per share. It previously expected $5.42 to $5.57.

    WellPoint shares have fallen some 52 percent so far this year, roughly the same as the S&P Managed Health Care index .

    (Reporting by Lewis Krauskopf; Editing by Lisa Von Ahn)