NU Online News Service, April 14, 2005, 5:22 p.m. EDT
Acquisitions and strong “same store growth” helped UnitedHealth Group Inc. increase profits during the latest quarter.[@@]
UnitedHealth, Minnetonka, Minn., is reporting $779 million in net income for the first quarter on $9.9 billion in revenue, up from $554 million in net income on $7.3 billion in revenue for the first quarter of 2004.
The company ended the quarter providing or administering health coverage for 55 million people, up from 54 million people a year earlier.
- Penn Treaty American Corp., Allentown, Pa., one of the pioneers in the long term care insurance market, is reporting a $4.3 million net loss for the fourth quarter of 2004 on $78 million in revenue, compared with a $14 million net loss on $78 million in revenue for the fourth quarter of 2003.
The net income figure includes a $12 million reduction in goodwill, or the stated value of 2 agency units acquired in 1999 and 2000, Penn Treaty says.
New LTC insurance sales increased 36%, to $4.1 million, the company says.