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UnitedHealth Q3 profits increase by 23%

US based health insurer UnitedHealth has reported an increase in its profits by 23% with net earnings of $1.56bn, or $1.50 a share for the third quarter that ended on 30 September 2012, up from $1.27bn, or $1.17 a share, a year earlier.

Revenue jumped by 8% to $27.3bn, while raised its full-year earnings guidance to $5.20 to $5.25 per share, up from $4.90 to $5 in July.

The company’s UnitedHealthcare insurance business reported that revenues increased by 7.9% to $25.5bn with earnings growing by 26% to $2.2bn.

Revenue from its information- and technology-based health-services business Optum stood at $7.23bn, while earnings from operations grew by 28% to $408m during the year.

UnitedHealth Group president and chief executive officer Stephen Hemsley said, "We continue to focus on day-to-day execution on behalf of all those we serve throughout health care, while innovating and strengthening our products and services, and broadening our sources of growth, for the long term."

The company had also announced an agreement to acquire approximately 90% of the equity of Brazil’s Amil Participacoes for an effective purchase price of $4.3bn, net of an estimated $600m tax benefit.