UnitedHealth to offload Banmedica to Patria Investments for $1bn

Core Insights - UnitedHealth Group has agreed to divest its South American unit Banmedica to Patria Investments for $1 billion (CI$831.99 million) [1] - The divestment is part of UnitedHealth's strategy to exit Latin America, which began in 2022, following previous divestitures in Brazil and Peru [1][2] - Banmedica, operating in Colombia and Chile, reported 1.7 million health insurance members, seven hospitals, and 47 medical centers as of June [2] Financial Performance - UnitedHealth recorded a loss of $8.3 billion last year, with $7.1 billion attributed to Brazil and $1.2 billion related to Banmedica [2] - The divestment allows UnitedHealth to focus on restructuring measures under CEO Stephen Hemsley [2] Leadership Changes - CEO Stephen Hemsley, who resumed leadership in May, is overseeing management changes and efforts to stabilize the company after various challenges [3][4] - Wayne DeVeydt was appointed as chief financial officer (CFO) in August, replacing John Rex, who will now serve as a strategic adviser to the CEO [4] Future Outlook - In October, UnitedHealth increased its annual profit forecast, indicating targets for growth resumption in 2026 and plans for accelerated expansion by 2027 [3]