United Health reported 35 percent higher profits in the first quarter as it cut participation in the Obamacare exchanges, the Associated Press reported.

Last year United Health announced it would cut participation on the Affordable Act Exchanges to 3 states after they had expanded to 34. They projected losses of more than $800 million.

In the first quarter, while the major health insurer scaled back Obamacare participation, the company increased nearly every other sector of its business.

"The insurer also hiked its 2017 earnings forecast on Tuesday, and company shares started climbing shortly after it detailed results," the article said.

"Enrollment in Medicare Advantage plans and the state- and federally funded Medicaid coverage both swelled for UnitedHealth, which also continued to grow an Optum segment that sells several services outside the company's core health insurance," the article said.

In the first quarter, the company made $2.17 billion on $48.72 billion in total revenue. The major insurer is projecting earnings of between $9.65 and $9.85 per share in 2017.