UnitedHealth Group Inc. reported its second-quarter adjusted earnings that exceeded analysts’ expectations. The company also boosted its earnings guidance for the full year.
UnitedHealth’s adjusted earnings came in at $5.57 a share, exceeding the $5.21 a share expected by analysts surveyed by FactSet.
Revenue of $80.3 billion also beat analysts’ forecasts for $79.7 billion (according to FactSet consensus estimates).
The company raised its full-year adjusted earnings outlook to $21.40 to $21.90 a share, which is a range compared to prior forecast of $21.20 to $21.70. Analysts had expected $21.69 a share.
UnitedHealth’s second quarter medical care ratio (i.e. the percentage of premiums paid out as medical claims) was 81.5%, down from 82.8%. A lower ratio implies higher profitability for the insurer.
“Customers are responding as we build on our five growth pillars, enabling us to move into the second half of 2022 with strong momentum serving ever more people more deeply,” said Andrew Witty, chief executive officer of UnitedHealth Group.