(Reuters) -UnitedHealth reported a third-quarter profit on Friday that beat analysts’ estimates, helped by lower-than-expected medical costs for the healthcare conglomerate.
The company posted an adjusted profit of $6.56 per share for the third quarter, compared with analysts’ estimates of $6.32, according to LSEG data.
Both UnitedHealth and Humana, the two biggest providers of Medicare Advantage plans for people aged 65 and above, reported lower-than-expected medical costs in the second quarter despite warnings that an increase in non-urgent surgeries was driving up claims.
UnitedHealth said in July it expects medical costs for the third quarter to be “a little bit lower” compared with the second quarter.
The company’s medical loss ratio, the percentage of spend on claims compared to premiums collected, was 82.3%, compared with analysts’ estimates of 82.82%.
(Reporting by Mariam Sunny and Bhanvi Satija in Bengaluru; Editing by Shounak Dasgupta)
