(Bloomberg) — UnitedHealth Group Inc. will offer coverage in just a dozen of the Affordable Care Act’s new insurance exchanges, in the latest sign big insurers see little gain from quickly plunging into the new markets.

The country’s largest health insurer is taking a conservative approach to the online markets set to open in states Oct. 1, Chief Executive Officer Stephen Hemsley told investors last week at the Sanford C. Bernstein & Co. conference in New York. The company’s plans reflect its concern that the first wave of newly insured customers under the law may be the costliest, Hemsley says.

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