What You Need to Know
- Interest rates have risen but not enough to boost earnings: KBW.
- Stock prices are up for life and annuity issuers.
- COVID-19 deaths could affect some insurers' results.
UnitedHealth Group Inc. kicked off the earnings release season for the first quarter by announcing growth in earnings and revenue, in spite of a COVID-19 wave that killed 200,000 people in the United States in Q1 2021.
The Minnetonka, Minnesota-based health insurer reported $5 billion in net income for the quarter on $70 billion in revenue, up from $3.5 billion in net income on $64 billion in revenue for the first quarter of 2020.
Operating earnings at the UnitedHealthcare health insurance unit increased to $4.1 billion, from $2.9 billion.
The company ended the quarter providing or administering health coverage for 49 million people, up from 48 million people a year earlier.
What Your Peers Are Reading
Other life, health and annuity issuers will be releasing their earnings starting next week.