UnitedHealth profit falls over 10% as patients catch up on deferred care
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Oct 14 (Reuters) - Health insurer UnitedHealth Group Inc said on Wednesday its quarterly profit fell 10.3%, weighed down by a rise in medical costs as patients began to catch up on elective medical care, previously postponed due to COVID-19 related restrictions.
The company is the first among large U.S. health insurers to report third quarter earnings, amid investor concerns around the impact of the upcoming presidential election as well as continued pressure from the ongoing pandemic.
Net earnings attributable to shareholders fell to $3.17 billion, or $3.30 per share, in the third quarter ended Sept. 30, from $3.54 billion, or $3.67 per share, a year earlier.
(Reporting by Manojna Maddipatla in Bengaluru; Editing by Vinay Dwivedi)
