Insurer UnitedHealth’s quarterly profit more than doubles

Michael Nagle | Bloomberg | Getty Images

Representatives speak with customers at a UnitedHealthcare store in the Queens borough of New York, U.S., on Monday, Jan. 14, 2013.

UnitedHealth, the largest U.S. health insurer, more than doubled its net profit in the fourth quarter, driven by a one-time tax gain due to U.S. tax code overhaul.

The tax benefit also helped the company raise its 2018 full-year adjusted earnings per share forecast range to between $12.30 and $12.60.

UnitedHealth had in November forecast 2018 adjusted earnings per share to be in the range of $10.55 and $10.85 on a revenue of $223 billion to $225 billion.

The company, which sells employer-based insurance as well as Medicare and Medicaid, said net earnings attributable to shareholders rose to $3.62 billion, or $3.65 per share, in the fourth quarter ended Dec. 31, from $1.68 billion, or $1.74 per share, a year earlier.

The quarterly earnings included a one-time tax benefit of $1.21 per share, the company said.

Excluding items, UnitedHealth earned $2.59 per share.

Total revenue rose 9.5 percent to $52.06 billion.

UnitedHealth’s shares jumped 3.6 percent to $236.77 in premarket trading.