UnitedHealth stock jumps after earnings top estimates despite rising medical costs

UnitedHealth Group is the biggest health-care company in the U.S. by market cap and revenue, and is

The company reported total revenue of $92.9 billion for the quarter, up 16% from the same period a year ago. That excludes $33.6 billion in "eliminations," which are payments from the company's UnitedHealthcare business to its other division, Optum. UnitedHealth Group can't record those transactions as revenue because it is paying itself.

Optum offers health services and runs one of the largest pharmacy benefit managers, or middlemen who negotiate drug discounts with drug manufacturers on behalf of health insurers and large employers. The medical cost ratio is up almost 2% from the same period a year ago. UnitedHealth Care said that was driven by the previously noted uptick in elective surgeries and outpatient care activity, primarily among seniors.

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