The health care giant also saw earnings jump for its Optum Rx segment, which runs prescription drug coverage as one of the nation’s largest pharmacy benefit managers.
Overall, the company said Friday that its profit soared 17% to
UnitedHealth shares climbed while broader markets slipped in mid-morning trading.
The company’s UnitedHealthcare insurance business added more than 600,000 customers to its Medicare Advantage business, which offers privately run versions of the government’s Medicare program mainly for people ages 65 and older. It then added another half million people through Medicaid coverage it manages for states.
Those gains helped operating earnings, which exclude investment gains or losses, surge 38% to nearly
Medical costs, the company's largest expense, also jumped 11% to more than
Operating earnings advanced 16% to almost
UnitedHealth once mainly sold health insurance, but it has been providing more care for several years now.
Overall, UnitedHealth booked adjusted earnings of
Analysts expected
Total revenue grew 12% to
For the full year, UnitedHealth earned more than
UnitedHealth also reaffirmed on Friday its forecast for adjusted earnings to range between
Analysts have set the bar a little higher, expecting
Shares of
UnitedHealth shares had climbed past
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