UnitedHealth slumps on annual profit forecast cut; drags down sector

Shares of UnitedHealth Group UNH.N tumble 20.6%, set for worst day in over 26 years, after the insurance bellwether cuts FY profit forecast on higher costs; sparks slide across sector

UNH cuts FY adjusted profit forecast to between $26 and $26.50 per share, from $29.50 to $30 projected earlier

CVS Health CVS.N down 3.9%, Centene CNC.N down 2.8%

*Elevance Health's shares ELV.N fall 1.7%; they were down more than 5% but pared losses after ELV forecast Q1 profit above estimates and maintained FY profit view, hours after UNH results

Humana HUM.N down 8.5% and Molina Healthcare MOH.N down 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