A large managed care company has become the latest financial services company to announce that it turned a profit during the third quarter.
UnitedHealth Group Inc., Minnetonka, Minn., moved up its earnings release to today, from Oct. 21.
Here is a summary of the release:
3 Q 2008 Results
NET INCOME: $920 million
INVESTMENT AND OTHER INCOME: $143 million
REVENUE: $20 billion
MEDICAL MEMBERS: 33 million
3 Q 2007 Results
NET INCOME: $1.3 billion
INVESTMENT AND OTHER INCOME: $302 million
REVENUE: $19 billion
MEDICAL MEMBERS: 31 million
- Health care services operating earnings fell to $1.3 billion, from $1.8 billion.
- Reductions in commercial health plan profit margins and the percentage of plan members in fully insured plans hurt earnings.
- The number of Medicare supplement coverage holders increased 6%.