Following strong profits in 2022 and in the first quarter of 2023, UnitedHealth Group (“United”) again reported strong profits for the second quarter of 2023, with double-digit revenue growth at both UnitedHealth and Optum. United’s second quarter results once again beat analysts’ expectations. In a press release, United stated “strong and well-balanced growth continued across UnitedHealthGroup…in the second quarter of 2023.”
United posted profits of $5.5 billion for the second quarter, a 9% increase from the prior year quarter. United also posted revenues of $92.9 billion for the second quarter of 2023, up from $80.3 billion for the prior year quarter, a 16% increase. UnitedHealthcare’s revenues for the second quarter were $70.2 billion, up 13% from the prior year quarter. Optum’s second quarter revenues were $56.3 billion, up 25% from the prior year quarter.
As a result of its strong profits, UnitedHealth Group raised its full year net earnings outlook to $23.45 to $23.75 per share and its adjusted net earnings to $24.70 to $25.00 per share.
The total number of individuals served by UnitedHealthcare grew by 1.1 million for the first half of 2023, with nearly 500,000 more members in its commercial plans and 625,000 new members in its senior health plans.