The Obama administration mitigated some of that risk in the first year with payments to insurers, but that funding has since declined. About a dozen nonprofit cooperative health plans that sold plans on the exchanges have collapsed.
Consumers have also criticized plans for requiring them to meet high deductibles out of pocket before their coverage kicks in, as well as steep increases in monthly premiums from year to year.
The company said the rest of its business continued to perform in line with its expectations.
“If exchange pricing/risk does not stabilize near-term,” Susquehanna analyst Chris Rigg wrote in a note, “we’d expect a quick rebound in profits as [UnitedHealth] exits this business line.”