UnitedHealth Group has posted an 8% rise in Q2 2023 net earnings, benefitting from gains at healthcare services arm Optum and insurance unit UnitedHealthcare.

The US healthcare giant’s net income was $5.47bn, or $5.82 a share, in the three months to June 2023, compared with $5.07bn, or $5.34 a share, in Q2 2022.

Group-wide revenues grew 16% year-on-year (YoY) to $92.9bn, with double-digit growth at both Optum and UnitedHealthcare.

At Optum, revenues increased 25% to $56.3bn. This was partly led by a 33% surge in revenue per customer served as the patient count increased by more than 900,000 in the Optum Health segment under value-based care arrangements. 

Revenues at UnitedHealthcare increased 13% to $70.2bn from $62.1bn. The growth was attributed to a rise in the total number of people served with medical benefits by more than 1.1 million.

Earnings from operations at the group increased to $8.1bn from $7.1bn, driven by a 13% rise in Optum to $3.7bn and 13% in UnitedHealthcare to $4.4bn.

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Total operating costs spiked to $84.8bn from $73.2bn.

The group’s medical care ratio stood at 83.2%, due to a rise in senior outpatient care versus 81.5% a year ago.

Cash flows from operations were $11bn in the period between April and June 2023.

UnitedHealth Group CEO Andrew Witty said: “Our diverse healthcare capabilities and dedicated colleagues are enabling us to meet the needs of more people in more ways, driving substantial growth and expanding our opportunities to serve well into the future.”

Looking ahead to 2023, the company projects adjusted net earnings of $24.70-$25.00 per share.