UnitedHealthcare Group’s stock has risen in the hours following the fatal shooting of a top executive – which happened hours before the company’s earnings announcement.
Brian Thompson, CEO of the UnitedHealth insurance arm, was shot outside a Hilton Hotel in Midtown Manhattan around 6.45am on Wednesday morning.
The 50-year-old was taken to a local hospital in critical condition but died shortly afterwards.
UnitedHealthcare, America’s largest health insurance provider, was due to hold its Investor Day in the city, but it has since been cancelled.
Its stock was up by as much as 2.5 per cent his morning – and up 1.4 percent at 12.30pm ET.
The company had already released its guidance for 2025 ahead of closing down today’s shareholder meeting due to Thompson’s death.
Sales are expected to be more than $450 billion, which is ahead of the $431 billion that had been expected.
It is thought the better than expected earnings projection for next year sent the stock green.
‘We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare,’ the company said in a statement.
UnitedHealthcare CEO Brian Thompson lives in Minnesota but was in town to present the company’s 2025 financial outlook
UnitedHealthcare’s stock rose on Wednesday morning in the hours following the shooting
‘Brian was a highly respected colleague and friend to all who worked with him. We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.
‘Our hearts go out to Brian’s family and all who were close to him.’
Thompson was named UnitedHealthcare CEO in 2021 and earned a reported $10 million a year. For several years prior he ran the Medicare business within UnitedHealth.
He was slated to speak at an investor meeting at the Hilton Hotel soon after the shooting.
Headshots and biographies of UnitedHealthcare and UnitedHealth Group executives were inaccessible on the companies’ websites following Wednesday morning’s shooting.
The reason for the pages’ removal was not immediately clear.
It’s possible the company temporarily restricted access for security or privacy concerns, especially in the aftermath of a high-profile incident.
The insurance division Thompson managed is projected to generate more than $337 billion in revenue next year. It is the largest health insurer in the US. The other main division is Optum.
During Wednesday morning’s investor day, executives proceeded with their presentations until approximately 9.10am, when the company addressed the audience about the incident.
The suspect is at large, and is described as a white male wearing a cream-colored jacket, black face mask, black and white sneakers, and a grey backpack.
Headshots and biographies of UnitedHealthcare and UnitedHealth Group executives were inaccessible on the companies’ websites following the shooting.
The reason for the pages’ removal was not immediately clear.
The NYPD have announced a $10,000 reward to anyone with information regarding the shooting.
The NYPD have released chilling images of the assassin who killed United Healthcare CEO Brian Thompson on the streets of Manhattan
Thompson’s wife Paulette said he had been receiving ‘some threats’ before his trip to New York.
‘Basically, I don’t know, a lack of coverage? I don’t know details. I just know that he said there were some people that had been threatening him,’ she told NBC News.
It comes as Thompson was being investigated by the Department of Justice for antitrust violations and accused of insider trading.
