Sierra Health Services Raises 2003 Earnings Estimates

February 20, 2003

Las Vegas-based Sierra Health Services, Inc. is raising its earnings estimates from continuing operations for 2003, based on preliminary data for January and February.

Sierra now expects to earn between $0.40 and $0.42 for the first quarter of 2003 and between $1.75 and $1.80 for the year. Sierra had previously estimated it would earn between $1.60 and $1.65 for the year 2003. The company had not previously provided quarterly guidance.

A preliminary review of January and February 2003 performance and financial indicators are showing better than projected results for commercial membership growth and commercial pricing yields for the company’s core Las Vegas market.

Commercial membership growth for January was 2.5 percent for Las Vegas. The company currently expects 2003 net commercial membership growth in Las Vegas to be at the higher end of the 7 percent to 10 percent range previously announced. Commercial pricing yields for January, blended for the company’s HMO, PPO and Point-of-Service products, are also better than expected.

Sierra Health Services, Inc. is a diversified health care services company that operates health maintenance organizations, indemnity and workers’ compensation insurers, military health programs, preferred provider organizations and multi-specialty medical groups.

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