UnitedHealth Group has agreed to sell its South American unit, Banmedica, to Patria Investments for $1 billion. This move is part of UnitedHealth’s efforts to exit Latin America, following divestments in Brazil and Peru. Banmedica operates in Colombia and Chile, with 1.7 million health insurance members as of June.

The sale discussions for Banmedica have been ongoing for nearly a year. UnitedHealth recorded a loss of $8.3 billion last year, including $1.2 billion related to Banmedica. This divestment allows UnitedHealth to focus on other restructuring measures under CEO Stephen Hemsley, who returned to lead the company in May.

Hemsley is overseeing management changes to stabilize the company after facing challenges such as a senior executive’s death, rising medical costs, and federal investigations. Wayne DeVeydt was appointed as chief financial officer in August, replacing John Rex, who will now serve as a strategic adviser to the CEO. UnitedHealth aims for growth resumption in 2026 and accelerated expansion by 2027.

Read more at Yahoo Finance: UnitedHealth to offload Banmedica to Patria Investments for $1bn