UnitedHealth Group Inc, the largest US health insurer, reported a better-than-expected quarterly revenue and profit, driven by strength in its pharmacy benefit management business.
UnitedHealth, which has pulled out of virtually all Obamacare individual markets, is the first health insurer to report its results a month after legislation to overhaul the US healthcare system was pulled by Republican leaders.
The Republicans' failure to repeal Obamacare, at least for now, means it remains federal law. President Donald Trump and Republicans have promised to repeal and replace the law.
UnitedHealth, which sells employer-based insurance as well as Medicare and Medicaid, said net earnings attributable rose to $2.17 billion, or $2.23 per share, in the first quarter ended March 31, from $1.61 billion, or $1.67 per share, a year earlier.
Excluding items, the company earned $2.37 per share, beating average analysts' estimate of $2.17, according to Thomson Reuters I/B/E/S.
Revenue rose 9.4 percent to $48.73 billion, above estimates of 48.35 billion.