UnitedHealth tumbles on annual profit forecast cut; drags down sector

Shares of UnitedHealth Group UNH.N slump 19.5% premarket after the insurance bellwether cuts its annual profit forecast on higher costs; sparks slide across sector

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

CVS Health CVS.N down 7.8%, Cigna CI.N 3.2%, Centene CNC.N 8.8%

Elevance Health ELV.N falls 10.4%, Humana HUM.N 13.5% and Molina Healthcare MOH.N 7.5%

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

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