UnitedHealth Profit Up 47% in 3rd Quarter
UnitedHealth Group Inc., the biggest U.S. health insurer, said third-quarter profit rose 47% after the company gained 1.5 million customers in the New York area with its purchase of Oxford Health Plans Inc. in July.
Net income increased to $698 million, or $1.04 a share, from $476 million, or 77 cents, a year earlier, the Minnetonka, Minn.-based company said. Revenue rose 36% to $9.86 billion.
Chief Executive William McGuire is adding members through acquisitions while U.S. job growth is too slow to expand health plan rolls.
The company’s shares rose 65 cents to $72.66 on the New York Stock Exchange.