July 17, 2018

UnitedHealth 2Q profits jump 28%

United Healthcare's Hartford offices.

Health insurer UnitedHealth Group Inc., which has a strong presence in Hartford, says it posted double-digit revenue and profit increases during the second quarter this year.

For the quarter ended June 30, the health insurer reported net earnings of $2.92 billion, or $2.98 a diluted share, up from $2.28 billion, or 2.32 a share, in the year-ago period.

Revenues increased by $6 billion, or 12 percent, to more than $56.1 billion during the second quarter.

The health insurer posted revenues of more than $111.2 billion for the first half of 2018, up from over 98.7 billion in the first half last year.

Based on its first half of 2018, UnitedHealth says it adjusted its full-year earnings projections to a range of $12.50 to $12.75 a share.

UnitedHealth says it grew to serve 2.2 million more consumers vs. the year-ago period during the second quarter.

"Revenue growth was driven by an increasing number of people served, a higher revenue membership mix, pricing increases to cover expected medical cost trends and resumption of the health insurance tax for 2018," the company said.

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