CompBenefits First Half of 2005 Shows Continued Strength
Atlanta (July 29, 2005) – CompBenefits marked the end of the first half of 2005 with continued membership expansion and outstanding financial performance. The company's earnings are growing at a double-digit rate for the second year in a row. New product lines are performing well above plan. Both dental and vision revenue are growing at a pace twice that of the industry. Membership in the dental and vision plans has grown to almost 5 million people.
The outlook for the second half of 2005 is equally bright. Recent new clients include:
"We knew we had to set the bar high for 2005," said CompBenefits CEO Kirk Rothrock. "It is gratifying to see the company performing as expected." Rothrock attributes much of the company's growth to enhancements made on technology platforms along with an expansion of the number of sales representatives and account managers.
- The Franciscan Sisters of Chicago with 1,400 employees eligible to start coverage in July;
- The North East Independent School District in San Antonio, Texas, with 8,000 employees eligible to start coverage in October and;
- Orlando Regional Hospital with 10,000 employees eligible to become CompBenefits members in January of next year.
"We have really focused our people on clearly articulating why protection against unexpected dental and vision problems is important," commented Rothrock. "When you combine that with CompBenefits'
product breadth and network strength, it is not surprising to see the market respond in such a positive manner."
CompBenefits provides Dental HMO, PPO and indemnity plans as well as hybrid products that allow clients extra flexibility in structuring their benefit programs. CompBenefits' VisionCare Plan is one of the leading vision insurance providers in the U.S. that utilizes a network of private optometrists and ophthalmologists.