UnitedHealth Group CEO Andrew WItty stated on Thursday the corporate is assured it will likely be in a position to develop its enterprise in fiscal yr 2025. His optimism comes shortly after the top of its insurance coverage unit was gunned down in New York Metropolis, inciting a heated dialog concerning the position of the medical insurance business in the US.
“The people of UnitedHealth Group remain focused on making high-quality, affordable health care more available to more people while making the health system easier to navigate for patients and providers, positioning us well for growth in 2025,” Witty stated within the firm’s earnings report Thursday.
The corporate reached $100.81 billion in income for the quarter. It got here in barely beneath Wall Avenue’s estimate of $101.76 billion.
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The corporate’s annual medical price ratio — which is calculated by dividing whole medical bills paid by an insurer by the entire insurance coverage premiums it collects — jumped to 85.5%, up from 83.2% in 2023.
Income from premiums rose to $76.48 billion for the fourth quarter, up from $73.23 throughout the identical interval a yr in the past.
Andrew Witty, chief govt officer of UnitedHealth Group Inc., arrives throughout a Senate Finance Committee listening to in Washington, D.C., on Wednesday, Might 1, 2024. (Al Drago/Bloomberg by way of Getty Photos / Getty Photos)
This marked the primary quarter since Brian Thompson, United Healthcare’s CEO, was shot and killed exterior a New York Metropolis lodge in early December in what police known as a “pre-meditated, targeted attack.” Because the manhunt for his killer started, scores of individuals unleashed their frustrations concerning the U.S. healthcare system on-line, with a lot of them even mocking Thompson’s homicide.
Luigi Mangione was arrested and charged in reference to the Dec. 4 homicide of Thompson.
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Throughout the firm’s earnings name, Witty thanked everybody for the “overwhelming expressions of condolence and support” following Thompson’s homicide.
“Many of you knew Brian personally. You knew how much he meant to all of us, and how he devoted his time to helping make the health system work better for all of the people were privileged to serve,” Witty stated, including that Thompson “would dive in with passion and care in to find solutions to improve experiences, whether for an individual consumer or an employer or a public health agency.”
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He continued saying that there are a whole lot of 1000’s of nurses, medical doctors, caseworkers, customer support specialists, pharmacists and technologists throughout the firm “who share that commitment and are determined to advance that work.”
Ticker Safety Final Change Change % UNH UNITEDHEALTH GROUP INC. 520.07 -23.28
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“The task in front of us, all of us health care providers, payers, employers, drug companies and policymakers is to continue improving quality and health outcomes for individuals and their families while lowering costs for everyone,” Witty stated.
