UnitedHealth forecasts 2022 profit below estimates

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FILE PHOTO: The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California

– UnitedHealth Group Inc on Monday forecast profit for 2022 below Wall Street estimates, as it grapples with a surge in insurance claims due to the COVID-19 pandemic.

The U.S. health insurer said it was expecting to post an adjusted profit of $21.10 to $21.60 per share in 2022. Analysts on average were estimating a profit of $21.65 per share, according to Refinitiv IBES data.

UnitedHealth, however, raised the lower end of its 2021 adjusted earnings forecast by 10 cents. It had previously forecast a range of $18.65 per share to $18.90 per share.

(Reporting by Manojna Maddipatla and Rithika Krishna in Bengaluru; Editing by Krishna Chandra Eluri and Anil D’Silva)