US health insurer UnitedHealth Group is considering multiple bids to offload its operations in Latin America, reported Reuters, citing sources.    

The insurer has been attempting to divest its Latin American assets since 2022, following losses exceeding $8bn in the region, the report said.  

The news agency further noted that the urgency to sell its subsidiary Banmedica, which operates in Colombia and Chile, has intensified in recent months due to financial pressures on multiple fronts. 

The company has already exited its operations in Brazil and Peru and is now focusing on securing a deal for its Colombian and Chilean operations. 

Currently, UnitedHealth has received four non-binding bids for Banmedica, estimated at around $1bn.  

The bidding entities are Acon Investments, Patria Investments, Christus Health and Auna from Lima.  

Auna is reportedly in discussions with a financial partner to strengthen its bid. 

UnitedHealth acquired Banmedica in 2018, with then-CEO David Wichmann expressing a long-term vision for growth in South America. However, the insurer decided to withdraw from the region three years later due to losses, particularly from its Brazilian operation, Amil. 

Despite Banmedica being profitable, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of more than $200m, it is deemed too small for UnitedHealth’s interests.  

Brazilian investment bank BTG Pactual is said to be advising UnitedHealth on the sale process.  

UnitedHealth expects to set a deadline for binding proposals for Banmedica by July, as it seeks to streamline its operations and focus on more profitable markets. 

The company bounced back to profitability in the first quarter of 2025, with net earnings of $6.4bn, compared with a net loss of $1.2bn in the same period a year ago. 

Stephen Hemsley took over the role of group CEO from Andrew Witty in May.