NU Online News Service, Jan. 24, 2:02 p.m. – UnitedHealth Group Inc., Minnetonka, Minn., is reporting $247 million in net income for the fourth quarter of 2001 on $6 billion in revenue, up from $193 million in net income on $5.4 billion in revenue for the fourth quarter of 2000.
Operating income, which excludes income taxes and interest, increased to $421 million, from $330 million.
The managed care unit provided or administered major medical coverage for 16.5 million people at the end of 2001, up 10% from the end of 2000, but enrollment in insured programs increased only 1%, to 8.5 million.
The average insured major medical member generated $29 in operating earnings and $612 in revenue for the quarter, up from $24 in earnings and $571 in revenue.
UnitedHealth gave a little more information than it usually does about the giant Medicare supplement program it runs for AARP, Washington.
AARP Medigap enrollment is flat because of shrinkage in some plans that are closed to new members, but enrollment in plans that are open to new members is up 9%, UnitedHealth says.