Health insurers fall after UnitedHealth cuts annual profit forecast

Shares of health insurers fall in premarket trading, after UnitedHealth Group UNH.N cuts its annual profit forecast on higher costs

UNH shares fall 20.5% to $464.8; CVS Health CVS.N down 9%, Cigna CI.N down 4.5%, Centene CNC.N down 6.8%, Elevance Health ELV.N down 8.1% and Humana HUM.N down 8.7%

UNH cuts its annual adjusted profit forecast to a range of $26 to $26.50 per share from between $29.50 and $30 per share projected earlier

Company reports Q1 adjusted profit of $7.20 per share, compared with analysts' expectation of $7.29 per share - data compiled by LSEG

As of last close, UNH shares up ~16% YTD