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UnitedHealth's financial power is growing. Photo: UnitedHealth Group

UnitedHealth Group registered more than $6.6 billion in profits in the second quarter — by far the conglomerate's highest quarterly profit ever, according to an analysis of company financial data from FactSet.

Why it matters: Most companies struggled in the second quarter as the coronavirus pandemic froze the economy, but health insurers like UnitedHealth heavily benefited as people held off on going to the doctor or hospital, resulting in fewer medical claims that needed to be paid.

The big picture: The jump in profits exceeded Wall Street's predictions and was heavily driven by UnitedHealth's insurance division.

  • The operating margin in the second quarter for UnitedHealthcare was 14.3% vs. 6.8% for Optum, which is the division of the company that runs doctors' practices, technology, consulting and pharmacy benefits.

Zoom in: UnitedHealth's "medical loss ratio" in the quarter was 70.2% compared with 83.1% during the same time last year — meaning UnitedHealth paid out just 70 cents in medical claims for every dollar it received in premiums.

Yes, but: The company expects that ratio will rise later this year as more people get the care they delayed. UnitedHealth also said some of its commercial employers cut coverage for workers due to the pandemic, which affected its revenue.

Go deeper: UnitedHealth's political and financial heft just keeps growing

Go deeper

Jan 24, 2021 - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

Updated 20 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexican President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."