UnitedHealth Group says its first-quarter net income dropped 14 percent, as the health insurer's medical costs climbed, and it booked a smaller gain due to leftover insurance claims.
The Minnetonka, Minn., insurer also says it still expects 2013 earnings to range between $5.25 and $5.50 per share.
In the three months that ended March 31, UnitedHealth earned $1.19 billion, or $1.16 per share. That's down from $1.39 billion, or $1.31 per share, a year ago. Revenue rose 11 percent to $30.34 billion.
Analysts expect earnings of $1.14 per share on $30.54 billion in revenue.
The nation's largest insurer booked a $280 million gain because claims left over from previous quarters came in lower than expected. That compares to a $530 million gain in last year's quarter.