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Insurer UnitedHealth Group Announces Strong Quarter Earnings- Raises Full-Year Earnings Target

By John F. Heerdink, Jr.

UnitedHealth Group Incorporated (UNH) reported strong quarterly profit and also raised its full-year earnings, boosted by strong growth in its Optum unit that manages drug benefits. Spending on medical services at the company’s health insurance business, UnitedHealthcare, regained in the latter part of last year due to Covid-19 testing and treatment-related customer assistance measures, after patients and hospitals had delayed care due to the pandemic.

Quarter Highlights Ending June 30:

  • The company reported a medical loss ratio (the percentage of collected premiums spent on medical services) of 82.8% compared to 70.2% a year earlier,  analysts were expecting 83.08%.
  • Revenue from UnitedHealth’s Optum unit, which manages drug benefits and offers healthcare data analytics services, rose 17.2% to $38.3 billion.
  • UnitedHealth reported adjusted earnings of $4.70 per share, beating estimates of $4.43 per share.
  • The company raised its full-year profit target for the second time this year, and now expects adjusted earnings of $18.30 to $18.80 per share in 2021, compared with its previous forecast of $18.10 to $18.60. The forecast takes into account a potential negative impact of $1.80 per share related to Covid-19 costs.

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(Read Original Story: HEALTH INSURANCE Insurer UnitedHealth raises 2021 profit view on Optum strength in CNBC)


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