UnitedHealth tumbles on annual profit forecast cut; drags down sector

Shares of UnitedHealth Group UNH.N slump 20.6%, set for its worst day in over 26 years, 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 3.9%, Centene CNC.N down 2.8%

Elevance Health ELV.N falls 5.9%, Humana HUM.N down 8.5% and Molina Healthcare MOH.N 4.3%

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

Including session's move, UNH shares down 7.5% YTD