UnitedHealth Group Inc (NYSE:UNH) has reported a strong rise in first-quarter revenue as its UnitedHealthcare insurance plans and Optum medical provider businesses served more patients, with expanded capabilities to care for them more comprehensively.
The Minnetonka, Minnesota-based managed healthcare and insurance company grew revenues by 15% to $91.9 billion in the three months to March 31, 2023, including diversified double-digit growth at both its Optum and UnitedHealthcare units.
Earnings from operations amounted to $8.1 billion, an increase of 16%, with strong contributions from both Optum and UnitedHealthcare. It said the growth was led by Optum Health as a result of its growing positive impact in serving patients with value-based care services.
Net earnings attributable to its common shareholders improved by 12% to $5.61 billion, resulting in adjusted earnings per share (EPS) of $6.26, up 14%.
“Our strong, enterprise-wide growth this quarter is a direct result of our colleagues’ unwavering commitment to offering more health services to more people and connecting consumers with greater access to high-quality, affordable care,” the company’s CEO Andrew Witty said in a statement.
The company increased its full-year net earnings outlook to $23.25 to $23.75 per share and adjusted net earnings to $24.50 to $25.00 per share.
Contact the author at stephen.gunnion@proactiveinvestors.com