UnitedHealth Group Inc reported a 2.5per cent fall in first-quarter profit on Wednesday, hurt by higher medical costs.
REUTERS: UnitedHealth Group Inc on Wednesday reported a better-than-expected quarterly profit due to strength in the pharmacy benefit business and maintained its forecast for the year, sending the company's shares up nearly 3per cent before the bell.
The largest U.S. health insurer said it continues to expect adjusted net earnings of US$16.25 to US$16.55 per share for the year, the mid-point of which is above analysts' estimate of US$16.22, according to Refinitiv IBES data.Health insurers including UnitedHealth, Cigna Corp and Anthem Inc have announced measures to reduce patient cost sharing on COVID-19 testing and care.
However, the company reported medical loss ratio - the percentage of premiums paid out for medical services - of 81.0per cent, a decrease of 1per cent from a year earlier, benefiting from the return of the industry-wide health insurance fee."Deferred and avoided care from the broad economic shutdown likely more than offset the narrower direct costs of COVID-19 patients," Evercore ISI analyst Michael Newshel said.
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