One of the country’s largest health insurers warned Thursday that it may leave the ObamaCare exchanges within two years, delivering a shock announcement that could ripple through the marketplace. 
 
 At a shareholder meeting Thursday, UnitedHealthcare cast doubt on its ability to carry plans on the healthcare law’s exchanges beyond 2016, offering a more grim financial outlook than it had previously expected. 
 
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 “In recent weeks, growth expectations for individual exchange participation have tempered industrywide," said Stephen Hemsley, the company's CEO. 
 
 "Co-operatives have failed, and market data has signaled higher risks and more difficulties while our own claims experience has deteriorated, so we are taking this proactive step,” he said. 
 
 The company's statement said it will be “evaluating the viability of the insurance exchange product segment and will determine during the first half of 2016 to what extent it can continue to serve the public exchange markets in 2017.” 
 
 It also projected that its fourth-quarter revenue will be $425 million less than expected — amounting to 26 cents in earnings per share. 
 
 The company also announced it has “pulled back” on marketing plans for 2016. 
 
 Hemsley's mention of the ObamaCare co-operatives, or co-ops, refers to the half-dozen startup insurers that have collapsed in the past few weeks. 
 
 Opponents of the healthcare law have seized on the closure of the co-op insurers, which were intended to increase competition, and highlighted the troubles in hearings on Capitol Hill. 
 
 Fewer than half of the original 23 co-ops are still running, and only a handful are on solid financial footing. 

 UnitedHealth chopped its 2015 earnings forecast and the nation's largest health insurer has begun to question its future in public insurance exchanges, a key component in the nation's health care overhaul. 
 
 FILE - This Tuesday, Oct. 16, 2012, file photo, shows a portion of The UnitedHealth Group Inc.'s campus in Minnetonka, Minn. UnitedHealth announced Thursday, Nov. 19, 2015, it is chopping its 2015 earnings... (Associated Press) 
 
 The company said Thursday that it would pull back on the marketing of its exchange business a few weeks after open enrollment for that coverage began nationwide. It also said that it will decide in the first half of next year "to what extent it can continue to serve the public exchange markets in 2017." 
 
 "We cannot sustain these losses," CEO Stephen Hemsley said Thursday. "We can't really subsidize a marketplace that doesn't appear at the moment to be sustaining itself." 
 
 Hemsley told investors Thursday that the company doesn't intend to take further losses from this business in 2017. 
 
 State-based health insurance exchanges opened a few years ago as a way for customers to buy individual health insurance, many with help from income-based tax credits. 
 
 The exchanges offered a potential growth boom for insurers but also risk because UnitedHealth and others had little sense of the health needs of new customers. They also didn't know whether the new business would attract enough healthy customers to balance the expected enrollment of sicker customers who had not been able to find coverage before. 
 
 UnitedHealth's unexpected announcement Thursday is sure to raise more concerns about the sustainability of the overhaul's public insurance exchanges. 
 
 With less than a year before the U.S. presidential election, Goldman Sachs analyst Matthew Borsch wrote that the health of the exchanges "may ultimately have significant policy and political implications." 
 
 For UnitedHealth, it marks a dramatic shift after the Minneapolis company said just last month that it was expanding into 11 more exchanges next year. UnitedHealth initially sold coverage on only 4 exchanges before expanding to 24 this year. 
 
 Chief Financial Officer David Wichmann told analysts in October that the company expected its exchange business to be "strikingly better" in 2016 and that the exchanges will mature into a strong growth market. 
 
 The company still plans to expand into more exchanges, but medical claims have come in higher than expected on the exchanges overall, and its business in particular has deteriorated. 
 
 UnitedHealth doesn't detail the performance of its exchange business, but the insurer did say Thursday that it was cutting its forecast in part to account for the advanced recognition of $275 million in losses it expects next year. The company now expects now forecasts 2015 earnings of about $6 per share, down from its previous forecast for $6.25 to $6.35 per share. 
 
 UnitedHealth had raised that forecast twice so far this year before reaffirming it last month. 
 
 Analysts expect earnings of $6.31 per share, on average, according to FactSet. 
 
 UnitedHealth hasn't been alone in endorsing the exchange business, which amounts to a small slice of income for major insurers. Aetna Inc. CEO Mark Bertolini told analysts last month that the nation's third-largest insurer still sees the exchange business as a big opportunity and it was "way too early to call it quits." 
 
 The Blue Cross-Blue Shield insurer Anthem Inc. also told analysts that it was well positioned for growth in that market once it stabilizes. 
 
 But insurers also have struggled to entice healthy customers to buy high-deductible insurance commonly sold on the exchanges. The plans require patients to first pay deductibles that can top several thousand dollars before most coverage begins. 
 
 Several nonprofit health insurance cooperatives established to compete with insurers on the exchanges announced earlier this year that they would fold. Those plans also have been hurt by lower-than-expect payments from overhaul programs designed to support the insurers while they learn how to price coverage on the exchanges. 
 
 UnitedHealth Group Inc. shares sank 6 percent, or $7.06,, to $110.25 in premarket trading Thursday. Shares of insurers Anthem and Aetna also fell sharply.
– The biggest health insurer in the country announced Thursday it could leave ObamaCare in 2017. The Hill calls the announcement a "shock ... that could ripple through the marketplace," and the AP notes it could have an impact on policies during the presidential election season. In a statement to shareholders, UnitedHealth Group claims its Affordable Care Act business hasn't met financial expectations while lowering its projected fourth-quarter earnings by $425 million. "We cannot sustain these losses," says CEO Stephen Hemsley. "We can't really subsidize a marketplace that doesn't appear at the moment to be sustaining itself." This is quite the turnaround, as executives in recent weeks had expressed optimism in ObamaCare policies and planned for their expansion, according to the Chicago Tribune. Hemsley says the number of Affordable Care Act enrollees hasn't been growing fast enough while current enrollees are using more medical services, leading to trouble, the Tribune reports. UnitedHealth has approximately 550,000 people—slightly more than 1% of its total customers—enrolled in Affordable Care Act plans. "Participation in exchanges is not essential to our overall benefit offerings, but we remain hopeful these markets will eventually evolve into a viable coverage category for Americans," Hemsley says. According to the Hill, a number co-op insurers have gone under in recent weeks for similar reasons, leading to additional criticisms of ObamaCare. But the AP reports a number of large ensurers are still optimistic about the financial prospects of the Affordable Care Act and say it's much too early to give up on it.