SEC Form 10-Q filed by UnitedHealth Group Incorporated

8/9/24 4:10:48 PM ET

$UNH

Medical Specialities

Health Care

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unh-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

FORM 10-Q

__________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 1-10864

__________________________________________________________

UnitedHealth Group Incorporated

(Exact name of registrant as specified in its charter)

__________________________________________________________

Delaware

41-1321939

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

9900 Bren Road East

55343

655 New York Avenue NW

20001

Minnetonka,

Minnesota

Washington,

(Address of principal executive offices)

(Zip Code)

(Address of principal executive offices)

(Zip Code)

(800) 328-5979

(Registrant’s telephone number, including area code)

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

UNH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2024, there were 923,418,150 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.

UNITEDHEALTH GROUP

Table of Contents


			Page

Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023		1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023		2
	Condensed Consolidated Statements of Comprehensive Income for the Three an d Six Months Ended June 3 0 , 2024 and 2023		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023		4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023		6
	Notes to the Condensed Consolidated Financial Statements		7
	1.	Basis of Presentation	7
	2.	Investments	8
	3.	Fair Value	10
	4.	Medical Costs Payable	11
	5.	Short-Term Borrowings and Long-Term Debt	12
	6.	Shareholder ’s Equity	12
	7.	Commitments and Contingencies	13
	8.	Disposition and Held for Sale	14
	9.	Segment Financial Information	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26
Item 4.	Controls and Procedures		26
Part II. Other Information
Item 1.	Legal Proceedings		26
Item 1A.	Risk Factors		26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		27
Item 5.	Other Information		27
Item 6.	Exhibits		27
Signatures			28

PART I

ITEM 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	26,286	$	25,427
Short-term investments	5,037		4,201
Accounts receivable, net	23,115		21,276
Other current receivables, net	26,762		17,694
Assets under management	3,414		3,755
Prepaid expenses and other current assets	7,424		6,084
Total current assets	92,038		78,437
Long-term investments	46,113		47,609
Property, equipment and capitalized software, net	9,801		11,450
Goodwill	105,436		103,732
Other intangible assets, net	14,729		15,194
Other assets	17,939		17,298
Total assets	$	286,056	$	273,720
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	32,547	$	32,395
Accounts payable and accrued liabilities	30,886		31,958
Short-term borrowings and current maturities of long-term debt	11,371		4,274
Unearned revenues	2,572		3,355
Other current liabilities	27,294		27,072
Total current liabilities	104,670		99,054
Long-term debt, less current maturities	63,727		58,263
Deferred income taxes	3,631		3,021
Other liabilities	14,794		14,463
Total liabilities	186,822		174,801
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	4,558		4,498
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding	—		—
Common stock, $0.01 par value - 3,000 shares authorized; 921 and 924 issued and outstanding	9		9
Additional paid-in capital	373		—
Retained earnings	92,400		95,774
Accumulated other comprehensive loss	(3,423)		(7,027)
Nonredeemable noncontrolling interests	5,317		5,665
Total equity	94,676		94,421
Total liabilities, redeemable noncontrolling interests and equity	$	286,056	$	273,720

See Notes to the Condensed Consolidated Financial Statements


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2024		2023		2024		2023
Revenues:
Premiums	$	76,897	$	72,474	$	154,885	$	145,260
Products	12,211		10,651		24,120		20,918
Services	8,750		8,663		17,638		16,743
Investment and other income	997		1,115		2,008		1,913
Total revenues	98,855		92,903		198,651		184,834
Operating costs:
Medical costs	65,458		60,268		131,193		120,113
Operating costs	13,162		13,809		27,239		27,434
Cost of products sold	11,340		9,748		22,396		19,153
Depreciation and amortization	1,020		1,021		2,017		1,991
Total operating costs	90,980		84,846		182,845		168,691
Earnings from operations	7,875		8,057		15,806		16,143
Interest expense	(985)		(828)		(1,829)		(1,582)
Loss on sale of subsidiary and subsidiaries held for sale	(1,225)		—		(8,311)		—
Earnings before income taxes	5,665		7,229		5,666		14,561
Provision for income taxes	(1,244)		(1,572)		(2,466)		(3,130)
Net earnings	4,421		5,657		3,200		11,431
Earnings attributable to noncontrolling interests	(205)		(183)		(393)		(346)
Net earnings attributable to UnitedHealth Group common shareholders	$	4,216	$	5,474	$	2,807	$	11,085
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	4.58	$	5.89	$	3.05	$	11.91
Diluted	$	4.54	$	5.82	$	3.02	$	11.77
Basic weighted-average number of common shares outstanding	921		930		921		931
Dilutive effect of common share equivalents	7		10		8		11
Diluted weighted-average number of common shares outstanding	928		940		929		942
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	8		7		7		6


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net earnings	$	4,421	$	5,657	$	3,200	$	11,431
Other comprehensive income (loss):
Gross unrealized (losses) gains on investment securities during the period	(75)		(431)		(365)		209
Income tax effect	17		99		85		(48)
Total unrealized (losses) gains, net of tax	(58)		(332)		(280)		161
Gross reclassification adjustment for net realized gains included in net earnings	(26)		(47)		(58)		(34)
Income tax effect	6		11		13		8
Total reclassification adjustment, net of tax	(20)		(36)		(45)		(26)
Foreign currency translation gains (losses)	8		267		(285)		608
Reclassification adjustment for translation losses included in net earnings	86		—		4,214		—
Total foreign currency translation gains	94		267		3,929		608
Other comprehensive income (loss)	16		(101)		3,604		743
Comprehensive income	4,437		5,556		6,804		12,174
Comprehensive income attributable to noncontrolling interests	(205)		(183)		(393)		(346)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	4,232	$	5,373	$	6,411	$	11,828


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended June 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at March 31, 2024	920	$	9	$	—	$	90,118	$	(2,218)	$	(1,221)	$	5,682	$	92,370
Net earnings						4,216						158		4,374
Other comprehensive (loss) income								(78)		94				16
Issuances of common stock, and related tax effects	1	—		196										196
Share-based compensation				210										210
Common share repurchases	—	—		3		1								4
Cash dividends paid on common shares ($2.10 per share)						(1,935)								(1,935)
Redeemable noncontrolling interests fair value and other adjustments				(36)										(36)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(338)		(338)
Distribution to nonredeemable noncontrolling interests												(185)		(185)
Balance at June 30, 2024	921	$	9	$	373	$	92,400	$	(2,296)	$	(1,127)	$	5,317	$	94,676

Balance at March 31, 2023	932	$	9	$	—	$	88,852	$	(2,275)	$	(5,274)	$	4,509	$	85,821
Net earnings						5,474						139		5,613
Other comprehensive (loss) income								(368)		267				(101)
Issuances of common stock, and related tax effects	1	—		218										218
Share-based compensation				232										232
Common share repurchases	(6)	—		(442)		(2,585)								(3,027)
Cash dividends paid on common shares ($1.88 per share)						(1,747)								(1,747)
Redeemable noncontrolling interests fair value and other adjustments				(8)										(8)
Acquisition and other adjustments of nonredeemable noncontrolling interests												478		478
Distribution to nonredeemable noncontrolling interests												(111)		(111)
Balance at June 30, 2023	927	$	9	$	—	$	89,994	$	(2,643)	$	(5,007)	$	5,015	$	87,368


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	5,007	$	—	$	(264)	$	4,743
State and municipal obligations	7,299		4		(397)		6,906
Corporate obligations	23,193		14		(1,222)		21,985
U.S. agency mortgage-backed securities	9,320		3		(899)		8,424
Non-U.S. agency mortgage-backed securities	2,894		—		(218)		2,676
Total debt securities - available-for-sale	47,713		21		(3,000)		44,734
Debt securities - held-to-maturity:
U.S. government and agency obligations	413		—		(4)		409
State and municipal obligations	28		—		(3)		25
Corporate obligations	124		—		—		124
Total debt securities - held-to-maturity	565		—		(7)		558
Total debt securities	$	48,278	$	21	$	(3,007)	$	45,292
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,674	$	3	$	(234)	$	4,443
State and municipal obligations	7,636		39		(322)		7,353
Corporate obligations	23,136		67		(1,186)		22,017
U.S. agency mortgage-backed securities	8,982		22		(708)		8,296
Non-U.S. agency mortgage-backed securities	3,023		3		(240)		2,786
Total debt securities - available-for-sale	47,451		134		(2,690)		44,895
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		1		(6)		501
State and municipal obligations	28		—		(2)		26
Corporate obligations	69		—		—		69
Total debt securities - held-to-maturity	603		1		(8)		596
Total debt securities	$	48,054	$	135	$	(2,698)	$	45,491


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	5,172	$	5,137	$	363	$	362
Due after one year through five years	14,656		14,021		171		168
Due after five years through ten years	10,930		10,044		14		13
Due after ten years	4,741		4,432		17		15
U.S. agency mortgage-backed securities	9,320		8,424		—		—
Non-U.S. agency mortgage-backed securities	2,894		2,676		—		—
Total debt securities	$	47,713	$	44,734	$	565	$	558


	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
June 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,187	$	(9)	$	2,773	$	(255)	$	3,960	$	(264)
State and municipal obligations	1,942		(30)		4,584		(367)		6,526		(397)
Corporate obligations	5,334		(49)		13,570		(1,173)		18,904		(1,222)
U.S. agency mortgage-backed securities	2,511		(45)		5,757		(854)		8,268		(899)
Non-U.S. agency mortgage-backed securities	403		(4)		2,157		(214)		2,560		(218)
Total debt securities - available-for-sale	$	11,377	$	(137)	$	28,841	$	(2,863)	$	40,218	$	(3,000)
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,270	$	(7)	$	2,077	$	(227)	$	3,347	$	(234)
State and municipal obligations	907		(7)		4,063		(315)		4,970		(322)
Corporate obligations	1,826		(17)		14,696		(1,169)		16,522		(1,186)
U.S. agency mortgage-backed securities	1,337		(12)		5,069		(696)		6,406		(708)
Non-U.S. agency mortgage-backed securities	279		(6)		2,202		(234)		2,481		(240)
Total debt securities - available-for-sale	$	5,619	$	(49)	$	28,107	$	(2,641)	$	33,726	$	(2,690)


(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
June 30, 2024
Cash and cash equivalents	$	26,070		$	216		$	—		$	26,286
Debt securities - available-for-sale:
U.S. government and agency obligations	4,571			172			—			4,743
State and municipal obligations	—			6,906			—			6,906
Corporate obligations	20			21,768			197			21,985
U.S. agency mortgage-backed securities	—			8,424			—			8,424
Non-U.S. agency mortgage-backed securities	—			2,676			—			2,676
Total debt securities - available-for-sale	4,591			39,946			197			44,734
Equity securities	1,701			16			69			1,786
Assets under management	1,414			1,893			107			3,414
Total assets at fair value	$	33,776		$	42,071		$	373		$	76,220
Percentage of total assets at fair value	44		%	55		%	1		%	100		%
December 31, 2023
Cash and cash equivalents	$	25,345		$	82		$	—		$	25,427
Debt securities - available-for-sale:
U.S. government and agency obligations	4,167			276			—			4,443
State and municipal obligations	—			7,353			—			7,353
Corporate obligations	15			21,800			202			22,017
U.S. agency mortgage-backed securities	—			8,296			—			8,296
Non-U.S. agency mortgage-backed securities	—			2,786			—			2,786
Total debt securities - available-for-sale	4,182			40,511			202			44,895
Equity securities	2,468			16			69			2,553
Assets under management	1,505			2,140			110			3,755
Total assets at fair value	$	33,500		$	42,749		$	381		$	76,630
Percentage of total assets at fair value	44		%	55		%	1		%	100		%


(in millions, except percentages)	Par Value
4.600% notes due April 2027	$	500
4.700% notes due April 2029	400
4.900% notes due April 2031	1,000
5.000% notes due April 2034	1,250
5.375% Notes due April 2054	1,750
5.500% Notes due April 2064	1,100


(in millions, except percentages)	Par Value
Floating rate notes due July 2026	$	500
4.750% notes due July 2026	650
4.800% notes due January 2030	1,250
4.950% notes due January 2032	1,500
5.150% notes due July 2034	2,000
5.500% notes due July 2044	1,500
5.625% notes due July 2054	2,750
5.750% notes due July 2064	1,850


Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 19	$	1.88	$	1,729
June 25	2.10		1,935


(in millions)	2024		2023
Medical costs payable, beginning of period	$	32,395	$	29,056
Acquisitions (dispositions), net	(687)		1
Reported medical costs:
Current year	131,583		120,773
Prior years	(390)		(660)
Total reported medical costs	131,193		120,113
Medical payments:
Payments for current year	(102,288)		(91,621)
Payments for prior years	(27,887)		(25,602)
Total medical payments	(130,175)		(117,223)
Less: medical costs payable included within businesses held for sale	(179)		—
Medical costs payable, end of period	$	32,547	$	31,947


	Three Months Ended June 30,						Increase/ (Decrease)					Six Months Ended June 30,						Increase/ (Decrease)
(in millions, except percentages)	2024			2023			2024 vs. 2023					2024			2023			2024 vs. 2023
Revenues
UnitedHealthcare	$	73,866		$	70,231		$	3,635		5	%	$	149,223		$	140,699		$	8,524		6	%
Optum Health	27,050			23,917			3,133			13		53,781			46,921			6,860			15
Optum Insight	4,543			4,674			(131)			(3)		9,045			9,170			(125)			(1)
Optum Rx	32,415			28,646			3,769			13		63,250			56,064			7,186			13
Optum eliminations	(1,129)			(893)			(236)			26		(2,145)			(1,752)			(393)			22
Optum	62,879			56,344			6,535			12		123,931			110,403			13,528			12
Eliminations	(37,890)			(33,672)			(4,218)			13		(74,503)			(66,268)			(8,235)			12
Consolidated revenues	$	98,855		$	92,903		$	5,952		6	%	$	198,651		$	184,834		$	13,817		7	%
Earnings from operations
UnitedHealthcare	$	4,004		$	4,358		$	(354)		(8)	%	$	8,399		$	8,701		$	(302)		(3)	%
Optum Health	1,919			1,525			394			26		3,818			3,301			517			16
Optum Insight	546			968			(422)			(44)		1,036			1,875			(839)			(45)
Optum Rx	1,406			1,206			200			17		2,553			2,266			287			13
Optum	3,871			3,699			172			5		7,407			7,442			(35)			—
Consolidated earnings from operations	$	7,875		$	8,057		$	(182)		(2)	%	$	15,806		$	16,143		$	(337)		(2)	%
Operating margin
UnitedHealthcare	5.4		%	6.2		%	(0.8)		%			5.6		%	6.2		%	(0.6)		%
Optum Health	7.1			6.4			0.7					7.1			7.0			0.1
Optum Insight	12.0			20.7			(8.7)					11.5			20.4			(8.9)
Optum Rx	4.3			4.2			0.1					4.0			4.0			—
Optum	6.2			6.6			(0.4)					6.0			6.7			(0.7)
Consolidated operating margin	8.0		%	8.7		%	(0.7)		%			8.0		%	8.7		%	(0.7)		%


	Three Months Ended June 30,				Increase/ (Decrease)				Six Months Ended June 30,				Increase/ (Decrease)
(in millions, except percentages)	2024		2023		2024 vs. 2023				2024		2023		2024 vs. 2023
UnitedHealthcare Employer & Individual - Domestic	$	18,646	$	16,759	$	1,887	11	%	$	36,485	$	33,303	$	3,182	10	%
UnitedHealthcare Employer & Individual - Global	591		2,325		(1,734)		(75)		2,123		4,488		(2,365)		(53)
UnitedHealthcare Employer & Individual - Total	19,237		19,084		153		1		38,608		37,791		817		2
UnitedHealthcare Medicare & Retirement	34,904		32,440		2,464		8		70,390		65,446		4,944		8
UnitedHealthcare Community & State	19,725		18,707		1,018		5		40,225		37,462		2,763		7
Total UnitedHealthcare revenues	$	73,866	$	70,231	$	3,635	5	%	$	149,223	$	140,699	$	8,524	6	%


	June 30,		Increase/(Decrease)
(in thousands, except percentages)	2024	2023	2024 vs. 2023
Commercial - Domestic:
Risk-based	8,735	8,035	700	9	%
Fee-based	20,835	19,140	1,695	9
Total Commercial - Domestic	29,570	27,175	2,395	9
Medicare Advantage	7,770	7,590	180	2
Medicaid	7,410	8,355	(945)	(11)
Medicare Supplement (Standardized)	4,335	4,330	5	—
Total Community and Senior	19,515	20,275	(760)	(4)
Total UnitedHealthcare - Domestic Medical	49,085	47,450	1,635	3
Commercial - Global	1,330	5,385	(4,055)	(75)
Total UnitedHealthcare - Medical	50,415	52,835	(2,420)	(5)	%
Supplemental Data:
Medicare Part D stand-alone	3,065	3,355	(290)	(9)	%


(in millions)	Brazil Disposition		Businesses Held for Sale
Assets
Cash and cash equivalents	$	778	$	265
Accounts receivable and other current assets	515		608
Long-term investments	788		39
Property, equipment and capitalized software	1,052		633
Deferred tax assets	1,035		—
Goodwill and other intangible assets	317		445
Other long-term assets	439		246
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	—		(1,225)
Total assets	$	4,924	$	1,011
Liabilities
Medical costs payable	$	701	$	179
Accounts payable and other current liabilities	834		378
Other long-term liabilities	136		524
Total liabilities	$	1,671	$	1,081


(in millions, except percentages and per share data)	Three Months Ended June 30,					Increase/ (Decrease)					Six Months Ended June 30,					Increase/ (Decrease)
	2024			2023		2024 vs. 2023					2024			2023		2024 vs. 2023
Revenues:
Premiums	$	76,897		$	72,474	$	4,423		6	%	$	154,885		$	145,260	$	9,625		7	%
Products	12,211			10,651		1,560			15		24,120			20,918		3,202			15
Services	8,750			8,663		87			1		17,638			16,743		895			5
Investment and other income	997			1,115		(118)			(11)		2,008			1,913		95			5
Total revenues	98,855			92,903		5,952			6		198,651			184,834		13,817			7
Operating costs:
Medical costs	65,458			60,268		5,190			9		131,193			120,113		11,080			9
Operating costs	13,162			13,809		(647)			(5)		27,239			27,434		(195)			(1)
Cost of products sold	11,340			9,748		1,592			16		22,396			19,153		3,243			17
Depreciation and amortization	1,020			1,021		(1)			—		2,017			1,991		26			1
Total operating costs	90,980			84,846		6,134			7		182,845			168,691		14,154			8
Earnings from operations	7,875			8,057		(182)			(2)		15,806			16,143		(337)			(2)
Interest expense	(985)			(828)		(157)			19		(1,829)			(1,582)		(247)			16
Loss on sale of subsidiary and subsidiaries held for sale	(1,225)			—		(1,225)			nm		(8,311)			—		(8,311)			nm
Earnings before income taxes	5,665			7,229		(1,564)			(22)		5,666			14,561		(8,895)			(61)
Provision for income taxes	(1,244)			(1,572)		328			(21)		(2,466)			(3,130)		664			(21)
Net earnings	4,421			5,657		(1,236)			(22)		3,200			11,431		(8,231)			(72)
Earnings attributable to noncontrolling interests	(205)			(183)		(22)			12		(393)			(346)		(47)			14
Net earnings attributable to UnitedHealth Group common shareholders	$	4,216		$	5,474	$	(1,258)		(23)		$	2,807		$	11,085	$	(8,278)		(75)
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	4.54		$	5.82	$	(1.28)				$	3.02		$	11.77	$	(8.75)
Medical care ratio (a)	85.1		%	83.2%		1.9		%			84.7		%	82.7%		2.0		%
Operating cost ratio	13.3			14.9		(1.6)					13.7			14.8		(1.1)
Operating margin	8.0			8.7		(0.7)					8.0			8.7		(0.7)
Tax rate	22.0			21.7		0.3					43.5			21.5		22.0
Net earnings margin (b)	4.3			5.9		(1.6)					1.4			6.0		(4.6)
Return on equity (c)	19.2%			26.8%		(7.6)					6.4%			27.5%		(21.1)


	Six Months Ended June 30,				Increase/(Decrease)
(in millions)	2024		2023		2024 vs. 2023
Sources of cash:
Cash provided by operating activities	$	7,890	$	27,359	$	(19,469)
Issuances of short-term borrowings and long-term debt, net of repayments	12,790		7,695		5,095
Proceeds from common stock issuances	744		628		116
Customer funds administered	990		4,069		(3,079)
Total sources of cash	22,414		39,751		(17,337)
Uses of cash:
Common stock repurchases	(3,072)		(5,000)		1,928
Cash paid for acquisitions, net of cash assumed	(3,031)		(8,161)		5,130
Purchases of investments, net of sales and maturities	(221)		(1,574)		1,353
Purchases of property, equipment and capitalized software	(1,596)		(1,589)		(7)
Cash dividends paid	(3,664)		(3,284)		(380)
Loans to providers - cyberattack	(8,100)		—		(8,100)
Other	(1,562)		(1,801)		239
Total uses of cash	(21,246)		(21,409)		163
Effect of exchange rate changes on cash and cash equivalents	(44)		106		(150)
Increase in cash and cash equivalents, including cash classified within assets held for sale	$	1,124	$	18,448	$	(17,324)
Less: net increase in cash classified within assets held for sale	(265)		—		(265)
Net increase in cash and cash equivalents	$	859	$	18,448	$	(17,589)


	June 30, 2024
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum		Interest Expense Per Annum		Fair Value of Financial Assets		Fair Value of Financial Liabilities
2 %	$	701	$	592	$	(3,634)	$	(7,939)
1	351		296		(1,869)		(4,329)
(1)	(351)		(279)		1,959		5,239
(2)	(701)		(557)		3,989		11,641


3.1						Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015)
3.2						Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on February 26, 2021)
4.1						Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023)
4.2						Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008)
4.3						Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023)
31.1						Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).


*						Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request.

Date	Price Target	Rating	Analyst
10/29/2025	$333.00	Buy → Hold	Deutsche Bank
10/14/2025	$406.00	Buy	Goldman
7/31/2025	$198.00	Neutral → Underperform	Robert W. Baird
7/30/2025	$400.00 → $325.00	Outperform	Oppenheimer
6/11/2025	$312.00	Outperform → Neutral	Robert W. Baird
5/21/2025	$270.00	Hold → Reduce	HSBC Securities
5/19/2025	$308.00	Buy → Hold	TD Cowen
5/14/2025		Strong Buy → Mkt Perform	Raymond James

SEC Form 10-Q filed by UnitedHealth Group Incorporated

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$UNH Insider Purchases

President & CFO Rex John F bought $4,999,919 worth of shares (17,175 units at $291.12), increasing direct ownership by 9% to 203,796 units (SEC Form 4)

CEO, UHG Hemsley Stephen J bought $25,019,019 worth of shares (86,700 units at $288.57), increasing direct ownership by 15% to 679,493 units (SEC Form 4)

Director Flynn Timothy Patrick bought $491,786 worth of shares (1,533 units at $320.80) (SEC Form 4)

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Chief Accounting Officer Roos Thomas E covered exercise/tax liability with 322 shares, decreasing direct ownership by 1% to 29,325 units (SEC Form 4)

EVP & Chief People Officer Mcsweeney Erin covered exercise/tax liability with 153 shares, decreasing direct ownership by 1% to 11,040 units (SEC Form 4)

EVP & Chief Legal Officer Zaetta Christopher R covered exercise/tax liability with 213 shares, decreasing direct ownership by 2% to 10,115 units (SEC Form 4)

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UnitedHealth Group Incorporated filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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