Anthem Inc (NYSE:ANTM) stock rose 2.64% (As on Jan 27, 12:27:18 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 21. Medical enrollment totaled approximately 45.4 million members as of December 31, 2021, an increase of 2.4 million, or 5.7 percent from the prior year quarter. Government Business enrollment increased by 2.2 million lives compared to the prior year quarter, primarily driven by organic growth in the Medicaid business, aided by the suspension of eligibility recertification efforts in our markets, the acquisition of MMM, the launch of HealthyBlue in North Carolina, and organic growth in our Medicare Advantage business. Commercial & Specialty Business enrollment increased by 249 thousand year over year primarily driven by strong risk-based membership growth, partially offset by in-group attrition in the group fee-based business. During the fourth quarter of 2021, medical enrollment increased sequentially by 303 thousand driven by organic growth in the Medicaid business, and growth in Commercial risk-based and fee-based membership. Operating cash flow was $1.7 billion, or 1.5 times net income in the fourth quarter of 2021, a decrease of $2.1 billion as compared to the prior year quarter.

ANTM in the fourth quarter of FY 21 has reported the adjusted earnings per share of $5.14, beating the analysts’ estimates for the adjusted earnings per share of $5.11. The company had reported the adjusted revenue growth of 14.2 percent to $36.02 billion in the fourth quarter of FY 21, missing the analysts’ estimates for revenue of $36.35 billion. The increase for both the quarter and the full year was driven by higher premium revenue due to growth in Medicaid, Medicare and Commercial risk-based membership, and growth in pharmacy product revenue within IngenioRx, partially offset by the repeal of the health insurance tax.

The company expects enrollment to grow, especially in Medicare Advantage, the privately run version of the federal government’s coverage program. But it also anticipates some increased costs at least initially as the new customers start using their coverage.

Anthem expects this year that adjusted earnings will be greater than $28.25 per share on $152 billion in operating revenue, which excludes investment income.

The insurer also sees total enrollment ending up at somewhere between 45.6 million and 46.2 million people for the year after ending 2021 with about 45.4 million.

For next year, analysts expect, on average, earnings of $28.59 per share on $153 billion in revenue, with enrollment totaling about 46.8 million people, according to FactSet.