UnitedHealth First-Quarter Profit Falls on Medicare Cuts
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UnitedHealth Group Inc., the biggest U.S. health insurer, said profit fell 7.8 percent, hurt by cuts to its Medicare Advantage program for elderly and disabled Americans. The shares declined the most in six months.
Net income decreased in the first quarter to $1.1 billion, or $1.10 a share, from $1.19 billion, or $1.16, a year earlier, the Minnetonka, Minnesota-based company said today in a statement. Earnings beat by 1 cent the $1.09 per share average of 22 analyst estimates compiled by Bloomberg.