Shares of the nation's fifth-largest health insurer are expected to begin trading today on the New York Stock Exchange after the company underwent a more than $1.7 billion initial public offering.

        Policy owners for Indianapolis-based Anthem Inc. on Monday voted overwhelmingly to demutualize — or convert the company from being a nonprofit that they owned to a publicly held, for-profit company.

        Late Monday, Anthem, which provides health-care insurance to about 4.8 million people in Ohio, Kentucky and Indiana, issued 48 million shares at $36 each.

        Company officials would not comment Monday on the offering because they were in a quiet period required by the Securities and Exchange Commission during an initial public offering. Anthem's ticker will be ATH.

        Anthem, which owns the most Blue Cross plans nationwide, was formed in 1995 in a merger between Cincinnati-based Community Mutual Insurance Co. and Indianapolis' Associated Group. It operates its prescription management divi sion in Mason and employs 2,200 in Greater Cincinnati.

        Indiana regulators approved the move Friday, clearing the way for Monday's policyholder vote, which passed with 95 percent approval.

        Company news releases say the capital raised by the offering will allow Anthem to purchase more expensive computer equipment and better Internet capabilities, as well as attract better executives by offering stock options. Anthem is the fourth company nationwide to demutualize and go public this year, and another has approval to do so.

        Anthem previously has said the process will not cause health-care premiums and coverages to change.

        Yet many consumer groups have questioned the need for such a move given Anthem's strong position in the marketplace — it's seeking to purchase Blue Cross and Blue Shield of Kansas — and its potential impact on policyholders.

        It also has 3 million subscribers in Connecticut, New Hampshire, Colorado, Nevada and Maine. It said cash and stock in the offering, together valued at about $3.5 billion, will be divided among more than 1 million policyholders in Connecticut, Indiana, Kentucky and Ohio who have ownership rights under Indiana law.

        The policyholders will receive at least 21 shares each.

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