UnitedHealth Group (NYSE:UNH) beat analysts estimates with its second-quarter earnings released Thursday.
The nation’s largest health insurer reported earnings of $1.34 billion ($1.27 per share), up from last year’s $1.27 billion, ($1.16 per share). Revenues of $27.3 billion rose about 8%. Expectations from analysts averaged at about $1.19 per share.
Despite the gains, UNH shares dipped more than 3.5% during Thursday morning trading.
The company spent about the same percentage on customer care premiums as it had last year, mainly because many Americans are making fewer visits to health care providers in response to the battered economy. Increased enrollment also helped the company. At the end of last month, enrollment in UnitedHealth’s plans was up about 5% to reach nearly 35.9 million.
UnitedHealth raised its full-year earnings estimate to between $4.90 and $5 per share from its April forecast of $4.80 to $4.95 per share. The company also expects full-year revenue of $110 billion.