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UPS: Q2 Earnings Snapshot
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Bridgehaven Europe to acquire Irish insurer SureStone
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UnitedHealth Group reports mixed second quarter earnings, highest MLR ever
UnitedHealth Group (UNH) reported second quarter earnings Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continues a trend of higher-than-expected costs in the industry this quarter. The company reported revenues of $111.6 billion, compared to Wall Street expectations of $111.53 billion, and adjusted earnings per share (EPS) of $4.08, compared to $4.59 expected by the Street. The company also updated its guidance for the full year, after pulling it last quarter. It now expects revenues between $445.5 to $448.0 billion, and adjust earnings at least $16 per share. UnitedHealth's stock was falling in premarket trading on Tuesday, more than 3% after the earnings report released. Industry pressure More patients seeking care means more premiums being paid out and less revenue for health insurers. Typically, insurers aim to be on the lower end of between 80%-85% of the premiums they receive, known as the medical expense ratio. UnitedHealth reported 89.4% this quarter, compared to 84.8% in the first. That number is the highest in the company's history, breaking its 2024 record of 85.5% — which was attributed to higher utilization of care by seniors. Other insurers have reported 90% or more in the second quarter this year — a significant jump from prior quarters, and it's all related to Medicare or Medicaid programs. The marks a continuing trend, which has been plaguing the industry since last year and has taken several stocks for a ride every quarter. Notably, CVS (CVS) saw a hit to its stock after its Aetna Medicare costs came in higher than expected, but then its stock was boosted last quarter as fears of costs were allayed. This quarter, Centene (CNC) and Elevance (ELV) have faced higher-than-expected costs. The hit to UnitedHealth Tuesday appears to be a delayed part of that trend — and the company has acknowledged it, like other big insurers, is surprised by the hit. Especially with the company's focus on revenue management, owning and acquiring companies over the years that would rely on technology to streamline and increase profits. 'UnitedHealth Group has embarked on a rigorous path back to being a high-performing company fully serving the health needs of individuals and society broadly,' said CEO Stephen Hemsley, in a statement. 'As we strengthen operating disciplines, positioning us for growth in 2026 and beyond, the people at UnitedHealth Group will continue to support the millions of patients, physicians and customers who rely on us, guided by a culture of service and longstanding values.' Industry change In addition to the insurance market woes, UnitedHealth has faced internal struggles. Former CEO Andrew Witty was ousted in May, and former CEO and board chair Stephen Hemsley then took the helm. The executive shakeup came after a year of turmoil for the company, including the largest ever cyberattack on its Change Healthcare subsidiary. Meanwhile, the company is still reeling from the death of insurance executive Brian Thompson, who was shot and killed in New York City last year. The incident prompted an awakening in the insurance industry, which faced a backlash for its system of prior authorization requirements that result in denials of care. Several companies, and the Trump administration, have pledged to fix the problems and relax prior authorization burdens for patients. Humana executives said last week during an earnings call that the company would reduce prior authorizations by one-third of the current volume. United Health previously said that it only sees prior authorizations for 2% of total claims and that it will further reduce that amount. UnitedHealth said Tuesday the company is focused on greater transparency with Hemsley leading, and expects to continue offering greater insight into its operations as it rebuilds the company. Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, provider services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem.
