$UNH (-0,2 %) boasts a well-diversified business model underpinned by its solid profitability across insurance, PBM, and healthcare analytics. Hence, investors shouldn't understate the solid profitability underpinned by its Optum business (which includes UNH's PBM segment).
Optum contributed $4.5B to UNH's 3Q FY2024 earnings, and it represents an estimated adjusted operating margin of almost 18%.
