With Elective Procedures Delayed, UnitedHealth 2Q Profit Spikes
(AP) -- The nation's largest health insurer more than doubled its profit in the second quarter, as COVID-19 shutdowns kept patients out of doctor's offices and off operating tables.
UnitedHealth Group earned $6.64 billion in the three-month window that ended June 30.
Sizable earnings gains are expected from health insurers in the second quarter with the rapidly spreading pandemic, and surge in cases, postponing elective surgeries and the medical claims to cover them.
Those procedures may ramp up again in the second half of this year if COVID-19 is brought under control.
"We moved swiftly to assist the people we serve and their care providers, including the provision of $3.5 billion in proactive voluntary customer assistance and accelerated care provider funding. We remain committed to taking further actions to address any future imbalances as a result of the pandemic," said David S. Wichmann, chief executive officer of UnitedHealth Group.
(© Copyright 2020 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)