Health insurer UnitedHealth Group’s plan to spend $1.5 billion on customers hasn’t impacted its bottom line so far. In fact, the group has reported, in its Q2 financial results, that profits for the period have more than doubled.
Net earnings attributable to shareholders increased to $6.64 billion in the three months ended June 30, from $3.29 billion a year earlier. Total revenue also went up, coming in at $62.14 billion from $60.60 billion in 2019.
The positive results for the company are attributed to lower medical costs from a drop in healthcare utilization following coronavirus-related lockdowns and social distancing measures. However, UnitedHealth said that it expects future results to be offset in the coming quarters by the assistance measures it has already taken, as well as the resumption of deferred care and unavoidable COVID-19 economic impacts.
