1.09%XLF 19.94 2.92%QQQQ 47.01 1.24%
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NEW YORK - Fitch Ratings cut its outlook on the U.S. health insurance sector Wednesday, expecting smaller profits and limited financial flexibility for insurers.
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The company revised its outlook to "Negative" from "Stable," forecasting smaller profits in the sector in late 2008 into 2009.
Fitch said results in the sector this year show managed care companies are willing to cut prices, and their ability to forecast costs is not as strong as expected. The service added that the companies may be having difficulty integrating several large acquisitions made over the last few years.
Peter Patrino, managing director of Fitch Ratings, added that larger amounts of debt and an expected decrease in profits are putting pressure on the companies' finances. Patrino also cited increased concerns about future Medicare funding.
In afternoon trading, shares of UnitedHealth Group Inc. fell 35 cents to close at $22.93.
Cigna Corp. lost 24 cents to $35.61.
Humana Inc. fell 65 cents to $38.64.
WellPoint Inc. added 77 cents to $47.55.
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