UnitedHealth Group recorded higher revenue and $3.2 billion in profit during the third quarter of 2020 as the company saw care volumes move closer to pre-pandemic levels.
Three things to know:
1. In the three months ended Sept. 30, UnitedHealth's revenues grew 7.9 percent to $65.1 billion when compared to the same period a year prior. The increase was driven by 21 percent growth in the company's Optum health services line, as well as growth in its public sector and senior business lines within its UnitedHealthcare health insurance segment.
2. UnitedHealth's earnings from operations fell 7.2 percent year over year to $4.7 billion in the most recent quarter. The company said the declines reflect consumer and customer financial relief measures it has taken during the COVID-19 pandemic, along with costs related to COVID-19 treatment and testing.
3. UnitedHealth ended the third quarter with a $3.2 billion profit, down 10.3 percent year over year. Year to date, the company's profits have risen 28.1 percent, thanks in part to deferred services during the pandemic that helped the insurer double its earnings in the second quarter of this year.