(Bloomberg) — Shares of the health insurer Humana Inc. rose after a report that the company hired Goldman Sachs Group Inc. to sell itself.

Humana rose 16 percent to $206.70 at 1:32 p.m. in New York, the stock's biggest intraday gain since 1999. The Wall Street Journal reported Friday that the company had hired the bank after being approached about a takeover, citing people familiar with the matter.

Humana and UnitedHealth Group Inc. are the top two sellers of private Medicare policies, the health insurer-run version of the U.S.'s program to cover the elderly and disabled. It also sells coverage to the under-65 population in the U.S., and runs insurance plans for companies that insure themselves.