By Matt Grossman
UnitedHealth Group Inc. Thursday logged higher revenue in the latest quarter, but its earnings fell year over year as the company paid out more as people sought healthcare they had deferred during the Covid-19 pandemic last year.
The Minnetonka, Minn.-based health insurer logged earnings attributable to shareholders of $4.46 a share, compared with $6.91 a share in the same quarter a year earlier. Total net earnings attributable to shareholders were $4.27 billion, down from $6.64 billion 12 months ago.
Excluding one-time items, the company posted adjusted earnings of $4.70 a share. Analysts surveyed by FactSet were forecasting adjusted earnings of $4.43 a share
Revenue climbed to $71.32 billion, from $62.14 billion in 2020's second quarter. Analysts were estimating revenue of $69.5 billion.
Revenue in the UnitedHealthcare insurance segment climbed to $55.5 billion, from $49.1 billion in the year-ago period. The medical-care ratio, a measure of the proportion of premiums paid out to cover health expenses, was 83%, compared with 70% a year earlier.
UnitedHealthcare's operating earnings declined to $3.1 billion, from $7 billion a year earlier, as people sought medical care they had deferred during the Covid-19 pandemic, the company said.
Revenue from the Optum health-services business was higher at $38.3 billion, compared with $32.7 billion a year earlier.
Write to Matt Grossman at email@example.com
(END) Dow Jones Newswires
July 15, 2021 06:27 ET (10:27 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.