Health insurer UnitedHealth said Tuesday it is extending and expanding its relationship with the AARP and will continue to offer AARP-branded Medicare and insurance products.
UnitedHealth is the largest health insurance company in the U.S. It said its new agreement with AARP, formerly the American Association of Retired Persons, runs through 2020 and includes UnitedHealth’s Optum segment, which provides services such as technology outsourcing and pharmacy benefits management.
Financial terms of the agreement in principle were not disclosed.
Since 1997, UnitedHealth has offered AARP-branded Medicare-related and indemnity insurance products including Medicare Advantage, Medicare Part D and Medicare supplement products. It said more than 10 million people are enrolled in its Medicare plans, and most of those members are enrolled in an AARP-branded plan.
AARP says it has 37 million members.
UnitedHealth Group Inc. shares lost 85 cents to $73.87 in Tuesday’s regular-session trading, and were unchanged in aftermarket trading.