INDIANAPOLIS – Anthem Inc. said Wednesday that earnings nearly doubled for the second consecutive quarter as the rapidly growing health insurer posted record customer and revenue growth.

The results matched a pre-earnings forecast the company released April 17 and were boosted by $24 million in one-time gains.

The nation’s fifth-largest publicly traded health benefits company said its $4 billion acquisition last summer of Richmond, Va.-based Trigon Healthcare Inc. continued to help fuel growth as Anthem posted a 46 percent increase in operating revenue. Excluding the acquisition, revenue grew 13 percent.

Indianapolis-based Anthem’s 92 percent increase in earnings for the January-March period followed a 96 percent jump in the fourth quarter, and 60 percent growth for all of 2002.

Larry Glasscock, Anthem’s president and chief executive, said medical costs climbed less sharply than expected in the first quarter, boosting earnings.

“Anthem is off to a great start in 2003,” Glasscock said. “Operating revenue, operating margin, membership gains and adjusted net income per share were all record achievements for the company.”

Anthem reported first-quarter net income of $191.7 million, or $1.36 per share, on $4 billion in revenue. That compared with a profit of $99.8 million, or 95 cents per share, on $2.7 billion in revenue in the year-ago period.

The figures account for one-time gains, including a $16 million gain for resolving litigation and $8 million in investment gains.

Excluding those items, net income grew 27 percent to $1.18 per share, compared with a year-ago profit of 93 cents a share.

The performance matched expectations of analysts surveyed by Thomson First Call.

For the full year, Anthem expects earnings of $5 to $5.05 per share, with a second-quarter forecast of $1.20 to $1.25.

The forecast remained unchanged from expectations Anthem announced April 17, even though Glasscock told analysts Wednesday the company was cutting its full-year revenue forecast from $17 billion to $16.5 billion because of declines in its large group insurance business. Anthem expects overall membership to grow 5 percent to 7 percent in 2003, up from an earlier forecast of 4 percent to 6 percent.

Anthem shares were priced at $36 when the 58-year-old company made an initial public offering in November 2001 and converted from policyholder ownership.

Health plan enrollment grew to 11.5 million members in the first quarter, a 41 percent jump from a year ago with a 4 percent quarterly increase. Excluding the Trigon acquisition, full-year membership grew 10 percent.

Anthem is the Blue Cross and Blue Shield licensee in nine states: Indiana, Kentucky, Ohio, Connecticut, New Hampshire, Colorado, Nevada and Maine, and part of Virginia.