UnitedHealthcare made a very public exit from many state Obamacare exchanges last year, scaling back its participation from 34 to just three states. The nation’s largest health insurer said Tuesday that its first-quarter profit soared 35%, growing almost every part of its business, especially Medicare Advantage, according to the Associated Press.
UnitedHealthcare officials said that they would have lost more than $800 million if it continued participating in Obamacare the way it had been.
“Overall, the company earned $2.17 billion in the first quarter on $48.72 billion in total revenue,” the AP reports. “Adjusted results came to $2.37 per share…. UnitedHealth now expects adjusted 2017 earnings of between $9.65 and $9.85 per share after predicting $9.30 to $9.60 per share last fall.”
Source: Associated Press