UnitedHealth Group reported strong profits for the second quarter of 2022, with double digit growth at both UnitedHealthcare and Optum. UnitedHealth Group’s strong second quarter profits beat analysts’ expectations.
UnitedHealth Group posted profits of $5.1 billion for the second quarter, up from $4.3 billion for the second quarter in 2021. UnitedHealth Group also posted revenues of $83.1 billion for the second quarter of 2022, up from $71.3 billion for the prior year quarter, a 13% increase. In its earnings report, UnitedHealth Group described its earnings as reflecting “well-diversified contributions from across the enterprise.”
UnitedHealthcare reported revenues of $62.1 billion for the second quarter, up from $55.5 billion for the prior year quarter a 12% increase. In a press release, UnitedHealth Group attributed these strong profits as being “driven especially by continued strong expansion in people served at UnitedHealthcare.” The total number of individuals served by UnitedHealthcare has grown by over 200,000 in 2022 including 80,000 in the second quarter. UnitedHealthcare is the country’s largest health insurer as measured by revenues, membership and market share.
Optum also reported increased revenues year over year, with $45.1 billion in revenues for the second quarter of 2022, up from $38.3 billion in the prior year quarter, an 18 % increase. Optum provides healthcare data, data analytics, and technology to UnitedHealthcare, other health insurers, and providers. In addition, its Optum Health division is the third largest healthcare delivery enterprise in the country, providing care directly to over 20 million patients though its over 60,000 physicians and numerous ambulatory surgery centers, urgent care centers, imaging centers and home health services.
As a result of its strong earnings, UnitedHealth Group increased its earnings forecast to between $20.45 and $20.95 a share, and increased its full year net earnings outlook to $20.45 to $20.95 a share.