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UnitedHealth, Cigna, Humana earnings show insurers are recovering

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UnitedHealth, Cigna, Humana earnings show insurers are recovering

Piotr Swat | SOPA Images | Lightrocket | Getty Images

Major health insurers appear to be off to an encouraging start this year — but a crucial test for the sector is still ahead.

Solid first-quarter results have helped lift investor sentiment, even as insurers continue to grapple with higher medical costs. Companies including UnitedHealth, Elevance, Cigna and Humana all beat estimates for the quarter, with some hiking their 2026 outlooks. 

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Those results were largely expected due to seasonal factors such as a milder flu season and weather disruptions that temporarily suppressed medical costs, said Barclays analyst Andrew Mok. A more meaningful signal, Mok said, is that insurers strengthened medical reserves — money set aside to pay future claims — adding a cushion that could support their outlooks.

But there’s still a “huge caveat,” according to Baird analyst Michael Ha.

Insurers have incomplete data on medical costs in the first quarter due to a lag in claims processing, as expenses like hospital stays and procedures can take one or two months to be fully reviewed and reimbursed. By the end of the quarter, companies may only have “real hard claims data” from January, so “we always tell investors to take the first quarter with a grain of salt,” Ha said. 

That sets up the second quarter as the real proving ground. As those delayed claims come in, insurers and investors can get a clearer read on whether medical costs are actually tracking as expected, whether companies have priced their plans appropriately and how their earnings could be shaping up for the rest of the year.

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“The second quarter is the real underwriting hurdle to pay attention to as you get more claims data that crystallizes your performance for the year in a bigger way,” Ha said. “If you clear that hurdle, that could imply positive earnings implications for 2026.”

A solid first quarter 

Beneath the surface, insurers’ stronger start to the year also reflects steps they’ve taken to rein in costs after two years of significant pressure.

Ha said he attributes the quarterly beats to “conservative pricing” for key plans like Medicare Advantage. Those privately run Medicare plans have been a driving source of runaway medical costs for many insurers, as seniors use more medical services after the pandemic. 

Companies have exited less profitable markets and shrunk membership, while also adjusting pricing and benefits to better align with rising medical expenses, Ha noted. For example, UnitedHealth in October said it will stop offering Medicare Advantage plans in 109 U.S. counties starting in 2026, impacting 180,000 members who had to look for new insurance options.

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“Heading into this year, companies came in with a lot of inherent pricing cushion,” Ha said. 

Those efforts are beginning to show up in metrics such as medical loss ratios — a key measure of medical costs as a share of premiums — which came in lower than the Street had expected for several companies in the first quarter. 

Barclays’ Mok noted that first-quarter results were supported by strength across all major segments. In commercial coverage, higher premiums helped offset rising medical costs, while offering fewer benefits boosted Medicare performance, he said

Mok also said improved cost controls and stabilizing medical costs contributed to “surprisingly solid results” in Medicaid. He called that an “encouraging sign,” even as states tighten eligibility and Medicaid enrollment shrinks.

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Still, the industry isn’t out of the woods yet. 

Key test in the second quarter

The question is whether those improvements will hold as more complete data comes in during the second quarter. 

Because of the lag in medical claims processing, insurers rely more heavily on estimates when reporting first-quarter results. Companies receive more medical claims by the second quarter, giving them a clearer read on underlying cost trends. 

“Seeing how those claims develop into the second quarter will really help you understand whether you’ve priced your plans correctly,” Mok said. 

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A screen displays the logo and trading information for CVS at the New York Stock Exchange, March 24, 2026.

Jeenah Moon | Reuters

Ha said the second quarter will be especially key for Humana, which expects Medicare Advantage membership to grow 25% in 2026 while keeping benefits stable.

He said CVS Health followed a similar pattern in the second quarter of 2024, growing Medicare Advantage membership while maintaining benefits. But the company later missed its medical loss ratio targets by a wide margin as costs came in higher than expected.

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While CVS is not a direct comparison, Ha said a repeat of its disappointing results has become a potential concern heading into Humana’s second-quarter results.

The Affordable Care Act marketplace is also closely watched in the second quarter for insurers like Centene, Molina and Elevance, Ha added. A key data point is the Wakely analysis, released in late June, which helps determine whether insurers’ revenue assumptions match the actual health risk profile of enrolled members, he said. 

Even small shifts in enrollment or member health can lead to meaningful earnings gains or losses, Ha added. 

Investors will be watching medical loss ratios closely, along with any changes to full-year outlooks as second-quarter results come in.

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For now, insurers are benefiting from a favorable setup, but the coming months will determine whether that momentum is sustainable.

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Ferrari NV (RACE) earnings Q1 2026

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Ferrari NV (RACE) earnings Q1 2026

Ferrari technicians inspect supercars on the production line inside the company’s factory in Maranello, Italy, October 2, 2025. REUTERS/Remo Casilli/File Photo

Remo Casilli | Reuters

DETROIT — Ferrari on Tuesday beat Wall Street’s first-quarter earnings expectations and reconfirmed its guidance for the year, weeks ahead of the sports car maker revealing its first all-electric vehicle.

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Here’s how the company performed in the first quarter compared with average estimates compiled by LSEG:

  • Earnings per share: 2.33 euros (US $2.72) adjusted vs. 2.27 euros expected
  • Revenue: 1.85 billion euros vs. 1.81 billion euros expected

Ferrari’s revenue was up more than 3% compared with 1.79 billion euros during the first quarter of 2025, while its operating profit and adjusted earnings increased 1.1% and 4.2% year-over-year, respectively.

The company’s 2026 guidance includes 7.5 billion euros in net revenues and an adjusted operating profit of at least 2.22 billion euros, or 9.45 euros adjusted EPS. Its industrial free cash flow is targeted at 1.5 billion euros or more for the year.

Those results were despite deliveries being down 4.4% year-over-year to 3,436 units, as the sports car maker said it slowed production to “ease the execution of the planned model change-over.”

The company said deliveries “were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions.”

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Ferrari’s results come weeks before the scheduled debut of the Luce, its first fully electric vehicle, on May 25.

“With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high. The Ferrari Luce brings together so much extraordinary technologies and the passion of so many people. It is the evidence of how tradition and innovation can come together to create something unique,” Ferrari CEO Benedetto Vigna said in a statement Tuesday.

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ADM beats earnings, misses revenue estimates

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Full Schedule, Presale Times and Ticket Guide for Massive Run

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Eminem

LOS ANGELES — Olivia Rodrigo announced “The Unraveled Tour,” a sweeping 65-date global arena run supporting her highly anticipated third studio album “you seem pretty sad for a girl so in love,” set for release June 12 via Geffen Records. The tour kicks off Sept. 25, 2026, with back-to-back nights at PeoplesBank Arena in Hartford, Connecticut, and stretches into May 2027 across North America, Europe and the UK.

Pop star Olivia Rodrigo waits to speak as White House Press Secretary Jen Psaki holds a press briefing
Olivia Rodrigo Unraveled Tour 2026: Full Schedule, Presale Times and Ticket Guide for Massive Run

The three-time Grammy winner, whose previous Guts World Tour showcased her explosive live presence, promises an emotionally raw and visually ambitious production for this next chapter. Fans can expect a setlist heavy on new material alongside beloved hits from “Sour” and “Guts.”

Tour Schedule Highlights

The North American leg features multiple-night residencies in major markets. After launching in Hartford, the tour hits Pittsburgh, Washington D.C., Chicago, Atlanta, Nashville, Toronto, Vancouver, Oakland, Las Vegas and more before wrapping the domestic run in mid-February 2027 at Barclays Center in Brooklyn with several shows.

International dates follow in spring 2027, with stops in Stockholm, Paris, Milan, London, Munich, Amsterdam, Barcelona and additional European cities. Full itineraries are available on Ticketmaster and Rodrigo’s official site.

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Special guests vary by region and include Wolf Alice, Devon Again, Grace Ives, Die Spitz and The Last Dinner Party on select nights, adding depth and excitement to the bill.

Presale and Ticket Information

Amex cardholders gain early access during the official presale beginning Tuesday, May 5, at 12 p.m. local time through Wednesday, May 6, at 10 p.m. local time. No presale code is required, but purchases must use an eligible American Express card. Availability varies by market.

Fans who pre-ordered the new album or registered on OliviaRodrigo.com may receive additional presale access or codes for select dates, particularly in Europe and the UK. In the UK, an O2 Priority presale also opens May 5 at 10 a.m. local time.

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General public on-sale starts Thursday, May 7, at 12 p.m. local time via Ticketmaster and official channels. A limited number of $20 Silver Star Tickets will be released during these windows for select shows, offering more affordable options.

Where and How to Buy Tickets

Primary tickets will be available through Ticketmaster, with links also on OliviaRodrigo.com. Fans should create accounts in advance, enable two-factor authentication and have payment information ready to navigate high demand.

Resale platforms such as StubHub, Vivid Seats and SeatGeek will offer secondary market inventory after the initial sale, though prices will likely exceed face value. Official warnings advise against third-party purchases before general sale to avoid scams.

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Ticket limits are typically four per order. Dynamic pricing may apply, with face values expected to range from $49.50 to several hundred dollars depending on seating. VIP packages and meet-and-greet experiences are anticipated but details remain limited at announcement.

Fan Tips for Success

Set multiple alarms for presale and onsale times adjusted to local venue hours. Use a reliable internet connection, preferably on a computer rather than mobile during peak traffic. Joining official fan communities or Rodrigo’s mailing list can provide last-minute updates or extra presale opportunities.

Those without Amex cards should monitor for any artist or venue presales. Pre-ordering the album, even without immediate purchase, has unlocked codes in past campaigns. Patience during the checkout process is essential as queues can be long.

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Context and Excitement

Rodrigo’s rise from Disney actress to global pop-rock phenomenon has been meteoric. Her tours consistently sell out arenas, with fans praising the emotional authenticity and high-energy performances. This new outing arrives as she evolves her sound further, promising “unraveled” vulnerability onstage.

The announcement generated massive social media buzz, with fans celebrating the extensive routing that reaches both coasts and international markets. Hashtags like #UnraveledTour and #OliviaRodrigo2026 trended immediately after the reveal.

Industry analysts predict rapid sellouts for many dates given her dedicated “Livies” fanbase and the post-album release timing. The tour represents one of the largest arena campaigns by a young female artist in recent years.

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What to Expect on Tour

While production details remain under wraps, expectations are high for theatrical elements, given Rodrigo’s cinematic music videos and past stage designs. The setlist will likely interweave new singles like “drop dead” with fan favorites, creating an emotional journey that matches the “unraveled” theme of raw self-expression.

As tickets become available this week, demand is expected to surge. Fans unable to secure primary tickets should monitor official resale policies and verified platforms for fair options closer to show dates.

Olivia Rodrigo’s “The Unraveled Tour” marks a major milestone in her career. With a new album on the horizon and a globe-spanning itinerary, the 2026-2027 run is poised to be one of the year’s most talked-about concert experiences. Mark your calendars, prepare your strategies and get ready for nights of cathartic anthems and unforgettable performances from one of pop’s brightest stars.

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‘Vital’ Somerset coastal road could reopen if cash secured

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The local authority is bidding for money from the government’s Structures Fund

The B3191 Cleeve Hill in Watchet

The B3191 Cleeve Hill in Watchet(Image: Local Democracy Reporting Service / BBC)

A “vital” coastal road in Somerset that closed three years ago over safety concerns could reopen to traffic. Somerset Council is bidding for Government cash to reopen the B3191 Cleeve Hill, which links Watchet to Blue Anchor in Somerset.

The road was shut by the local authority in January 2023 due to concerns around coastal erosion. The closure left just one route in and out of the town centre, using a 150-year-old bridge over the West Somerset Railway heritage line.

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The B3191 reopened to pedestrians and cyclists in 2024 but has remained closed to motor vehicles.

Somerset Council has now submitted an initial bid to the government’s Structures Fund for a contribution towards what would be a £30 to £40m scheme to reinstate the B3191, either by making the existing route safe for vehicles or by redirecting the route further inland.

Councillor Richard Wilkins, Somerset Council’s lead member for transport and waste services, said: “There is of course no guarantee that we can get this agreed, and any scheme would need to be approved by council, but we have been directed to this fund by the Secretary of State who recognises the issues locally and this is the first real chance we have had to find a way to reinstate this vital route for the community since it closed in 2023.

“We will be pushing hard for this funding, as we have been doing so from the outset – we fully understand the impact on the community of only having one road into Watchet, and the potential impact on the West Somerset traffic that has to take long diversions if the A39 has to close due to an incident.

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“We consulted our communities about the ongoing closure and they told us that it is having a major effect on the economy of Watchet including the cost to the local economy and the inconvenience in terms of hours lost in delays, the logistics of coping with delivering goods to and from Minehead as well as the negative effects on tourism.”

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AI marine monitoring venture Ecodetect looking to scale on equity boost

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Based at M-SParc in Ecodetect has developed an advanced ecology detection toolkit that combines artificial intelligence and machine learning

Ecodetech investment: Left to right: David Gold, founder and CEO of Ecodetect; Bobby Williams, lead Investor; Tom Preene, Fund Manager for the Wales Angel Co-Investment Fund.

Anglesey-based Ecodetech,, which specialises in AI-driven marine monitoring for offshore infrastructure, has secured a £490,000 equity investment to help scale its technology.

The funding round includes £245,000 from a six-strong angel syndicate led by Bobby Williams, a member of the M-SParc Angel Network, which also included £25,000 from climate-focused investor OnePlanet Capital. This has been matched by another £245,000 from the Wales Angel Co-Investment Fund, managed by the Development Bank of Wales.

The equity investment will help the business strengthen its team over the next six months, with four new jobs being created, and increase its ability to deliver its technology at scale as offshore and floating renewable energy projects expand.

The new roles are expected to be created over the next six months, with the business looking to recruit from the local area wherever possible as it builds its capability in marine monitoring, AI and offshore renewables.

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Based at M-SParc in Ecodetect has developed an advanced ecology detection toolkit that combines artificial intelligence and machine learning with specialist programming to automatically identify and record wildlife interactions with marine infrastructure using data captured by underwater imaging sensors. Its core customers are renewable energy developers, who must monitor and report environmental impacts as part of project licensing and compliance requirements.

The company says the latest investment will allow it to expand in parallel with the wider renewable energy market, where developers are moving from small numbers of turbines to larger-scale installations that generate large volumes of environmental monitoring data. The funding will also support further technology development, including marine communication systems designed to improve how data is transmitted, processed and analysed.

Founded and led by managing director Dr David Gold, Ecodetect brings together three key areas of expertise: offshore and renewable energy, marine wildlife, and advanced technology including AI.

Dr Gold has a background in the energy sector and has built the business around the goal of helping renewable energy developers meet environmental obligations more efficiently while supporting marine conservation. The wider team combines technical, scientific and commercial capability, with the business already recognised for eco-tech innovation in the UK and Europe.

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The company is targeting growth in offshore wind, floating wind and tidal energy, including opportunities emerging in Welsh waters. It also sees wider applications for its marine monitoring technology across other sectors including aquaculture, fishing and broader marine infrastructure.

READ MORE: Wendy Hopkins Family Law Practice marks 30 years as it continues to expandREAD MORE: What the parties are promising on transport in Wales ahead of the Senedd Election

Dr Gold, founder and managing director of Ecodetect, said:“This investment gives us the platform to grow the team, strengthen our technology and make sure we are ready to support the rapid expansion of offshore and floating renewables. There is huge momentum building in the sector and a clear need for robust, scalable monitoring solutions that can keep pace with that growth.

“We are proud to be building this business in North Wales. We want to create high-quality local jobs, contribute to the green economy and develop technology here in Wales that can be deployed internationally.”

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Bobby Williams, lead investor, said:“Ecodetect is working at the intersection of AI, marine science and renewable energy at exactly the right time. The business has developed a compelling solution to a real and growing challenge for offshore developers, and David has built a company with strong technical foundations and clear market relevance.

“I’m pleased to be joining the board and supporting the next stage of the company’s growth as it scales its capability and builds its presence in a sector with significant long-term potential.”

Tom Preene, fund manager for the Wales Angel Co-Investment Fund, said:“Ecodetect is a strong example of the kind of innovative Welsh business attracting investment from angel investors that the Wales Angel Co-Investment Fund is designed to support. The company is developing specialist technology in a sector with clear global demand, while also creating skilled jobs and contributing to the growth of Wales’ green economy.

“This investment also shows the value of bringing together experienced angel investors and public capital to help ambitious businesses build the capacity they need to scale.”

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Pryderi ap Rhisiart, M-SParc’s managing director, said: “Ecodetect’s success reflects the strength of the innovation ecosystem we are continuing to build at M-SParc. From early support through to investment, scale-up and global opportunity, this is a great example of how ambitious businesses can grow here on Anglesey. It’s particularly encouraging to see connections through our wider network, including angel investors, playing a role in this journey. Supporting companies like Ecodetect to scale from North Wales while creating high-value local jobs is exactly what we are here to do.”

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FIIs sell Indian equities on 150 of last 240 trading days. What does it say about their return timing?

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FIIs sell Indian equities on 150 of last 240 trading days. What does it say about their return timing?
Foreign institutional investors have sold Indian equities on nearly 150 of the last 240 trading sessions, a pattern that says as much about global capital flows as it does about the changing structure of Indian markets. The numbers show that foreign investors have been net sellers on roughly three out of every five market days over the past year.

That is not a one-off reaction to elections, earnings misses or a single geopolitical event. It points to a sustained reassessment of India by global money managers at a time when oil prices are rising, the rupee is under pressure, US bond yields are climbing and the global technology trade is pulling capital back toward developed markets.

The intensity of the selling has also picked up sharply in recent months. The biggest single-day outflow during the period came on April 2, 2026, when FIIs sold a net Rs 19,837 crore worth of Indian equities. That was followed by a cluster of heavy selling days in March, including Rs 11,299 crore on March 24, Rs 10,966 crore on March 20, and Rs 10,827 crore on March 16.

Another major selloff was seen on May 21 last year, when foreign investors pulled out over Rs 10,000 crore in a single session.

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Most of the heavy selling has come since tensions in West Asia escalated earlier this year, pushing crude oil prices sharply higher and reviving concerns about India’s macroeconomic stability. Since the conflict intensified, foreign investors have pulled out more than Rs 1 lakh crore from Indian equities, while the Nifty has corrected over 9% from its recent highs.


For a country that imports more than 80% of its crude requirement, every sustained rise in Brent crude increases India’s import bill, widens the current account deficit and creates inflationary pressure across the economy. When oil moves toward $100-115 a barrel, as it has in recent weeks, foreign investors start reassessing not just earnings forecasts but the broader macro picture.
That pressure is now visible in the currency market as well. The rupee recently slipped beyond 95 against the US dollar, touching record lows. For dollar-based investors, that creates another problem. Even if Indian equities deliver returns in local currency terms, those gains can be reduced or even erased once translated back into dollars.At the same time, the global interest rate environment has become less supportive for emerging markets. The US 10-year Treasury yield moving toward 4.5% has significantly changed the risk-reward equation. When investors can earn close to 4.5% in dollar assets with virtually no credit risk, they become more selective about paying premium valuations in emerging markets.

India, despite the recent correction, still trades at a premium compared with most major Asian peers. Global investors today are not looking at India in isolation. They are comparing Indian valuations with markets such as South Korea, Taiwan and even parts of China, where earnings multiples are lower and, in some cases, currency risks are less pronounced.

That valuation gap has become harder to justify at a time when global money is chasing another powerful theme — artificial intelligence.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, says the AI-driven shift in global capital is becoming an important force behind FII behaviour.

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“The continuing momentum in the AI trade implies that FIIs will continue to sell in India. This might keep largecaps under check with activity moving significantly to the broader market,” he said. He believes even political triggers or domestic sentiment rallies may not be enough to reverse that trend immediately.

“Any rally triggered by domestic political developments will be used by FIIs to sell more. The global AI trade will continue to weigh on markets in the near term,” Vijayakumar added.

That helps explain an unusual market trend seen this year. Even as FIIs continue to exit, several smallcap and midcap stocks have delivered strong gains, supported by domestic institutional investors and retail participation. In April alone, the Nifty Smallcap index staged one of its strongest monthly rebounds in nearly two decades.

This is where the story of Indian markets has changed. A decade ago, selling on 150 out of 240 trading days by foreign investors would likely have triggered a much deeper market correction. Today, domestic institutional investors have become an equally powerful force.

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Mutual fund SIP inflows, insurance money and pension allocations have created a steady domestic liquidity base. That domestic money has absorbed a significant portion of foreign selling and prevented sharper drawdowns in benchmark indices.

This does not mean foreign money has stopped mattering. FIIs still dominate largecap price discovery, currency sentiment and sector leadership. But the market is no longer entirely dependent on them for direction.

Analysts say the current phase should not be interpreted as foreign investors giving up on India. It is more accurately described as a period of “risk recalibration.”

Bajaj Broking believes the next phase of institutional flows will be driven largely by global macro developments rather than domestic headlines. The brokerage said developments in US-Iran negotiations, central bank commentary from the Federal Reserve and the Bank of Japan, and movements in global energy prices will remain the key variables influencing institutional activity.

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Oil prices need to cool. The rupee needs to stabilise. And US bond yields need to stop climbing. Until then, foreign investors may continue doing what they have done on 150 of the last 240 trading days — selling selectively, especially into strength.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Gap co-founder Doris Fisher dies aged 94

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Gap co-founder Doris Fisher dies aged 94

She opened the first store with her husband Don in 1969, with the company calling her “a pioneering force in American retail”.

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Tata Tech shares soar over 7% after Q4 results, but Motilal Oswal sees 15% downside; here’s why

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Tata Tech shares soar over 7% after Q4 results, but Motilal Oswal sees 15% downside; here’s why
Shares of Tata Technologies rallied as much 7.5% to the day’s high of Rs 635 on the BSE on Tuesday after it reported a consolidated net profit of Rs 204 crore for the March quarter, up 8% from Rs 189 crore in the same period last year. The profit is attributable to the company’s shareholders.

Revenue from operations for Q4 came in at Rs 1,572 crore, marking a 22% increase from Rs 1,286 crore in the year-ago quarter.

On a sequential basis, total operating revenue rose 15% to Rs 1,572 crore. Revenue from the services segment stood at Rs 1,220 crore, also up 15% quarter-on-quarter (QoQ). In dollar terms, services revenue was $132.6 million, reflecting an 11.9% sequential increase in constant currency.

Operating EBITDA for the quarter was Rs 252 crore, up 31% QoQ, while the EBITDA margin improved to 16% from 14.1% in the previous quarter. Adjusted net income stood at Rs 163 crore, up 20% sequentially, with net income margin at 10.3%, higher by 45 basis points on a QOQ basis.

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Profit after tax surged 2,975% sequentially from Rs 6.64 crore reported in the previous quarter. Revenue also increased 15% from Rs 1,366 crore in the previous quarter.


What are experts saying?
Motilal Oswal maintains ‘Sell’ on Tata Tech share price with TP of Rs 500, a 15% downside. The brokerage said that while 4QFY26 saw a strong rebound and deal momentum has improved, revenue growth remains in the early stages of recovery and is dependent on execution over the next few quarters. Margin expansion is likely to be gradual and back-ended. We remain watchful of deal ramp-ups, FVP conversions and sustainability of demand before turning constructive. Auto spending is yet to see a clear inflection and recovery remains at an early stage, and management execution over the next couple of quarters will be key.
Commenting on performance, Chief Executive Officer and Managing Director Warren Harris said the momentum seen in Q3 continued into Q4, resulting in 12% revenue growth in constant currency and a 190 basis point expansion in margins.He noted that growth was broad-based rather than driven by a single client or program. He added that strong execution, better order book visibility, and increasing wins in full-vehicle programs support the company’s outlook for FY27, where it expects double-digit organic growth along with sustained margin expansion.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Manchester United: Return To The Champions League

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Manchester United: Return To The Champions League

Manchester United: Return To The Champions League

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Commerzbank notes UniCredit offer at 8.7% discount to market

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