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EARNINGS-UnitedHealth profit doubles as COVID-19 delays some surgeries

Credit: REUTERS/MIKE BLAKE

UnitedHealth Group Inc on Wednesday said its second-quarter profit more than doubled, as the largest U.S. health insurer's medical costs fell after the coronavirus outbreak forced Americans to delay less urgent surgeries and procedures.

Adds details on the quarter, shares

July 15 (Reuters) - UnitedHealth Group Inc UNH.N on Wednesday said its second-quarter profit more than doubled, as the largest U.S. health insurer's medical costs fell after the coronavirus outbreak forced Americans to delay less urgent surgeries and procedures.

The company, however, maintained its full-year adjusted profit forecast of $16.25 to $16.55 per share, saying demand for healthcare began to recover in May and approached more typical levels by the end of the second quarter.

For the quarter, the company's medical loss ratio - the percentage of premiums paid out for medical services - touched historic lows of 70.2%, compared with 83.1% a year earlier.

The ratio is better than analysts' estimates of 78.38%, according to IBES data from Refinitiv.

Net earnings attributable to shareholders jumped to $6.64 billion, or $6.91 per share, in the three months ended June 30, from $3.29 billion, or $3.42 per share, a year earlier.

Total revenue rose to $62.14 billion from $60.60 billion.

(Reporting by Manojna Maddipatla in Bengaluru; Editing by Sriraj Kalluvila)

((manojna.kalyani@thomsonreuters.com; +91 8061822700;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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