Oct 14 (Businesshala) – UnitedHealth Group Inc (UNH.N) on Thursday raised its full-year adjusted profit forecast after beating analysts’ estimates for third-quarter earnings, fueled by a jump in revenue from its Optum unit. Found help that manages drug benefits.
The largest US health insurer said revenue in its Optum business, which provides healthcare data analysis services, jumped nearly 14%.
The results come as US health insurance companies wrestle with fluctuating medical costs since the coronavirus outbreak.
For the three months ended September 30, UnitedHealth reported a medical loss ratio — the percentage of premiums paid for medical services — of 83.0%, worse than 81.9% a year earlier. Analysts were expecting 83.5%.
The surge in infections in the country in July and August due to the fast-spreading delta variant prompted hospitals in some states to postpone non-urgent medical procedures again, while increasing the number of COVID-19 cases and hospital admissions. rejected Then September.
Excluding items, UnitedHealth earned $4.52 per share, beating analysts’ estimates of $4.41, according to Refinitiv IBES data.
UnitedHealth raised its 2021 adjusted earnings per share forecast from $18.65 to $18.90, up from $18.30 previously to $18.80.
The company’s shares rose 2% in premarket trading.