Health Net Inc. on Monday said it expects a slight increase in commercial enrollment next year, with full-year profit slightly below Wall Street expectations.

In earnings guidance, the Woodland Hills health insurer said it expects earnings per share of at least $2.05. That includes costs related to its divested Northeast business but does not include a final payment the company expects to receive this month from UnitedHealth Group Inc., which bought the unit last year for about $510 million.

With the final payment, Health Net expects per-share profit of $2.75.Analysts surveyed by Thomson Reuters on average expect per-share profit of $2.80 excluding one-time items.

Health Net, which provides health benefits to about 6 million people through individual, Medicare, Medicaid and military Tricare and veterans affairs programs,

expects consolidated revenue between $12 billion to $12.5 billion. Commercial membership is expected to grow about 1 percent to 2 percent.

HealthNet said it expect government contracts revenue will fall between $1.4 billion and $1.5 billion in 2011. The Centers for Medicare & Medicaid Services last month suspended Health Net from enrolling new customers in Medicare Advantage and Medicare prescription drug plans due to improper administration of benefits.

Health Net last month said it expected current-year earnings per share to range between $2.55 to $2.58 from the Western Region and government segments. The Wall Street consensus is for $2.58.

Shares closed down 16 cents, or less than a percent, to $32.52 on the New York Stock Exchange.