[1/2] A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019.
REUTERS/Lucy Nicholson/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - UnitedHealth (UNH.N) reported a third-quarter profit on Friday ahead of analysts' estimates, helped by a lower-than-feared rise in medical costs at the company's health insurance unit.
UnitedHealth's profit beat and slight raise in annual forecast set the stage for other insurers in the industry that suffered a nearly $60-billion wipeout in market value in June, on fears of a spike in medical costs.
UnitedHealth said in July it expects quarterly medical costs to be "a little bit lower" sequentially.
In the third quarter, the company's medical loss ratio, the percentage of spend on claims compared to premiums collected, was 82.3%, versus 83.2% in the second quarter.
Persons:
Lucy Nicholson, Stephens, Scott Fidel, UnitedHealth, Mariam Sunny, Bhanvi, Shounak Dasgupta
Organizations:
REUTERS, Humana, Thomson
Locations:
COVID, Bengaluru