REUTERS: UnitedHealth Group Inc on Tuesday reported a quarterly profit above estimates and raised its 2019 earnings forecast on increased prescription volumes at its pharmacy benefits unit, sending shares of the largest U.S. health insurer up 3 percent.
Analysts said the industry bellwether's quarterly results reinforce that underlying fundamentals for the sector remain fully on track, despite the recent slump in share prices. UnitedHealth on Tuesday also raised its full-year adjusted earnings forecast to between US$14.50 and US$14.75 per share from its prior view of US$14.40 to US$14.70."We find this notable, as UnitedHealth has historically been conservative in adjusting guidance early in the year," Cantor Fitzgerald analyst Steven Halper said.
In its health insurance business, UnitedHealth's medical care ratio, which compares premiums with the cost of delivering medical care, worsened to 82 percent, from 81.4 percent last year, on deferral of the health insurance tax, the company said. Analysts on average were expecting 82.2 percent.
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