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UnitedHealth Results In-Line With Expectations

We are reiterating our fair value estimate and narrow moat rating for the managed-care firm.

Vishnu Lekraj Jul 17, 2018

There were no major surprises for

From our perspective, we believe secular growth trends within the health insurance market will largely be driven by the higher-cost Medicare and Medicaid cohorts. The members that make up this risk pool tend to skew older and sicker, and thus, usually carry a materially high level of medical costs. With this shift in membership growth, we believe it’s essential for United to control its operating costs.

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About the Author

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Vishnu Lekraj

Senior Equity Analyst

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Vishnu Lekraj is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers the healthcare services industry.

Lekraj joined Morningstar in 2008 after receiving a master’s degree in business administration from the University of Florida’s Hough Graduate School of Business. Before business school, he was a financial analyst for HSBC bank.

Lekraj holds a bachelor’s degree in finance from the Warrington College of Business Administration at the University of Florida, where he graduated summa cum laude. He is also a member of the Beta Gamma Sigma international honor society. In 2012, Lekraj ranked first in the professional services industry in the StarMine Analyst Awards, presented by the Financial Times.

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