UnitedHealth Group reported $14.4 billion in 2024 profits as its UnitedHealthcare health insurance and Optum provider services overcame rising costs and a cyberattack.

UnitedHealth reported fourth-quarter results on Thursday that reflected persistent challenges for the health insurance sector.

In his first public comments since one of his executives was shot to death, UnitedHealth Group CEO Andrew Witty said the healthcare system “needs to function better.”

In his first public remarks since the murder of UnitedHealthcare CEO Brian Thompson last month and the backlash against the insurance industry it provoked, Witty said the healthcare conglomerate is looking for ways to simplify and accelerate its prior authorization processes. He did not offer specifics.

CEO Andrew Witty promised that UnitedHealthcare would work to speed up turnaround times for approval of some procedures and services in Medicare Advantage plans.

UnitedHealth Group (NYSE:UNH), a leading diversified healthcare company with a substantial market capitalization of $469.7 billion, continues to navigate a complex landscape of opportunities and challenges as it maintains its position as a dominant force in the healthcare industry.

Click in for more news from The Hill{beacon} Health Care Health Care   The Big Story UnitedHealth CEO blames drug companies for high costsIn his first public remarks since the murder of

Analyst David Windley of Jefferies maintained a Buy rating on UnitedHealth (UNH – Research Report), reducing the price target to $609.00.Invest

In 2024, UnitedHealth Group saw full year revenue grow 8% over 2023 to reach $400.3 billion. Adjusted earnings from operations, excluding costs related to last year’s cyberattack on Change Healthcare and the company’s sale of its South American operations, were $34.4 billion for full year 2024.

UnitedHealth's CEO acknowledged discontent with the health care system, but quickly shifted the blame elsewhere.

But high medical costs contributed to results that disappointed Wall Street, and the company’s stock fell on the news that it had made less than analysts expected.

UnitedHealth Group reported bottom-line earnings that surpassed estimates despite regulatory challenges impacting revenue.