UnitedHealth Group reported $22 billion in 2023 profits including $5.5 billion in the fourth quarter as its portfolio of health insurance and provider services grew by double-digit percentages.
UnitedHealth Group, a nationwide provider of medical care services under the Optum umbrella and a company that pays for benefits through its UnitedHealthcare health insurance plans, said 2023 revenue jumped 14.6%, or $47.5 billion, to $371.6 billion, “driven by serving more people, more comprehensively across its offerings,” the company said Friday. For the fourth quarter, UnitedHealth reported nearly $5.5 billion in profits as revenue increased to $94.4 billion from $82.7 billion in the year-ago period.
At UnitedHealthcare, in particular, full-year revenue grew nearly 13% to $281.4 billion as the company grew its customers served in its health plans by more than 1 million people last year to 52.7 million. Meanwhile, Optum full year revenues grew 24% to $226.6 billion year over year.
“UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth,” said Andrew Witty, chief executive officer of UnitedHealth Group.
Friday’s fourth quarter and full year 2023 report once again eased investor worries that rising medical costs across the health insurance industry would hamper growth. UnitedHealth is the first of the nation’s largest health insurers to report quarterly earnings, which could signal yet another solid quarter for the industry.
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