As per reports, UnitedHealth Group Incorporated (UNH) reported Q4 earnings & exceeded Wall Street’s quarterly profit estimates. The beat was powered in part by lower medical costs due to fewer elective surgeries. Health insurers also gained as people who were afraid of contracting the virus and avoided hospital visits for routine and elective medical procedures during the height of the pandemic.
The company reported adjusted earnings of $2.52 per share beating estimates of $2.41 per share. A medical loss ratio (the percentage of premiums paid out for medical service) of 79.1% was reported in the fourth quarter, improving from 82.5% a year earlier. UnitedHealth maintained its 2021 profit forecast from December and expects adjusted net earnings of $17.75 to $18.25 per share, including a $1.80 per share hit due to treatment and testing costs related to Covid-19.
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