SEC Form 10-Q filed by UnitedHealth Group Incorporated

11/4/24 4:22:23 PM ET

$UNH

Medical Specialities

Health Care

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unh-20240930

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 September 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 October 31, 2024, there were 920,284,334 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 September 30, 2024 and December 31, 2023		1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023		4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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.	Other Intangible Assets	12
	7.	Shareholder’s Equity	13
	8.	Commitments and Contingencies	13
	9.	Dispositions and Held for Sale	14
	10.	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		28
Signatures			29

PART I

ITEM 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	32,400	$	25,427
Short-term investments	4,734		4,201
Accounts receivable, net	20,024		21,276
Other current receivables, net	27,461		17,694
Assets under management	—		3,755
Prepaid expenses and other current assets	7,639		6,084
Total current assets	92,258		78,437
Long-term investments	48,689		47,609
Property, equipment and capitalized software, net	10,139		11,450
Goodwill	105,978		103,732
Other intangible assets, net	23,594		15,194
Other assets	18,651		17,298
Total assets	$	299,309	$	273,720
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	33,951	$	32,395
Accounts payable and accrued liabilities	33,080		31,958
Short-term borrowings and current maturities of long-term debt	3,909		4,274
Unearned revenues	3,320		3,355
Other current liabilities	27,305		27,072
Total current liabilities	101,565		99,054
Long-term debt, less current maturities	74,101		58,263
Deferred income taxes	4,014		3,021
Other liabilities	15,174		14,463
Total liabilities	194,854		174,801
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	4,574		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; 923 and 924 issued and outstanding	9		9
Additional paid-in capital	461		—
Retained earnings	96,518		95,774
Accumulated other comprehensive loss	(2,453)		(7,027)
Nonredeemable noncontrolling interests	5,346		5,665
Total equity	99,881		94,421
Total liabilities, redeemable noncontrolling interests and equity	$	299,309	$	273,720

See Notes to the Condensed Consolidated Financial Statements


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Revenues:
Premiums	$	77,442	$	72,339	$	232,327	$	217,599
Products	12,631		10,354		36,751		31,272
Services	9,104		8,671		26,742		25,414
Investment and other income	1,643		997		3,651		2,910
Total revenues	100,820		92,361		299,471		277,195
Operating costs:
Medical costs	65,957		59,550		197,150		179,663
Operating costs	13,280		13,855		40,519		41,289
Cost of products sold	11,834		9,423		34,230		28,576
Depreciation and amortization	1,041		1,007		3,058		2,998
Total operating costs	92,112		83,835		274,957		252,526
Earnings from operations	8,708		8,526		24,514		24,669
Interest expense	(1,074)		(834)		(2,903)		(2,416)
Loss on sale of subsidiary and subsidiaries held for sale	(20)		—		(8,331)		—
Earnings before income taxes	7,614		7,692		13,280		22,253
Provision for income taxes	(1,356)		(1,654)		(3,822)		(4,784)
Net earnings	6,258		6,038		9,458		17,469
Earnings attributable to noncontrolling interests	(203)		(197)		(596)		(543)
Net earnings attributable to UnitedHealth Group common shareholders	$	6,055	$	5,841	$	8,862	$	16,926
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	6.56	$	6.31	$	9.61	$	18.20
Diluted	$	6.51	$	6.24	$	9.53	$	18.01
Basic weighted-average number of common shares outstanding	923		926		922		930
Dilutive effect of common share equivalents	7		10		8		10
Diluted weighted-average number of common shares outstanding	930		936		930		940
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	4		6		6		6


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net earnings	$	6,258	$	6,038	$	9,458	$	17,469
Other comprehensive income (loss):
Gross unrealized gains (losses) on investment securities during the period	1,434		(893)		1,069		(684)
Income tax effect	(328)		204		(243)		156
Total unrealized gains (losses), net of tax	1,106		(689)		826		(528)
Gross reclassification adjustment for net realized (gains) losses included in net earnings	(291)		7		(349)		(27)
Income tax effect	67		(2)		80		6
Total reclassification adjustment, net of tax	(224)		5		(269)		(21)
Foreign currency translation gains (losses)	88		(354)		(197)		254
Reclassification adjustment for translation losses included in net earnings	—		—		4,214		—
Total foreign currency translation gains (losses)	88		(354)		4,017		254
Other comprehensive income (loss)	970		(1,038)		4,574		(295)
Comprehensive income	7,228		5,000		14,032		17,174
Comprehensive income attributable to noncontrolling interests	(203)		(197)		(596)		(543)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	7,025	$	4,803	$	13,436	$	16,631


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended September 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at June 30, 2024	921	$	9	$	373	$	92,400	$	(2,296)	$	(1,127)	$	5,317	$	94,676
Net earnings						6,055						155		6,210
Other comprehensive income								882		88				970
Issuances of common stock, and related tax effects	4	—		842										842
Share-based compensation				208										208
Common share repurchases	(2)	—		(957)		—								(957)
Cash dividends paid on common shares ($2.10 per share)						(1,937)								(1,937)
Redeemable noncontrolling interests fair value and other adjustments				(5)										(5)
Acquisition and other adjustments of nonredeemable noncontrolling interests												28		28
Distribution to nonredeemable noncontrolling interests												(154)		(154)
Balance at September 30, 2024	923	$	9	$	461	$	96,518	$	(1,414)	$	(1,039)	$	5,346	$	99,881

Balance at June 30, 2023	927	$	9	$	—	$	89,994	$	(2,643)	$	(5,007)	$	5,015	$	87,368
Net earnings						5,841						149		5,990
Other comprehensive loss								(684)		(354)				(1,038)
Issuances of common stock, and related tax effects	1	—		395										395
Share-based compensation				235										235
Common share repurchases	(3)	—		(588)		(923)								(1,511)
Cash dividends paid on common shares ($1.88 per share)						(1,739)								(1,739)
Redeemable noncontrolling interests fair value and other adjustments				(42)										(42)
Acquisition and other adjustments of nonredeemable noncontrolling interests												42		42
Distribution to nonredeemable noncontrolling interests												(136)		(136)
Balance at September 30, 2023	925	$	9	$	—	$	93,173	$	(3,327)	$	(5,361)	$	5,070	$	89,564


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	5,005	$	5	$	(182)	$	4,828
State and municipal obligations	7,301		23		(256)		7,068
Corporate obligations	23,752		82		(781)		23,053
U.S. agency mortgage-backed securities	9,209		21		(600)		8,630
Non-U.S. agency mortgage-backed securities	2,832		6		(154)		2,684
Total debt securities - available-for-sale	48,099		137		(1,973)		46,263
Debt securities - held-to-maturity:
U.S. government and agency obligations	414		1		(2)		413
State and municipal obligations	28		—		(2)		26
Corporate obligations	22		—		—		22
Total debt securities - held-to-maturity	464		1		(4)		461
Total debt securities	$	48,563	$	138	$	(1,977)	$	46,724
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	$	4,881	$	4,861	$	320	$	319
Due after one year through five years	15,152		14,810		113		114
Due after five years through ten years	10,993		10,432		14		13
Due after ten years	5,032		4,846		17		15
U.S. agency mortgage-backed securities	9,209		8,630		—		—
Non-U.S. agency mortgage-backed securities	2,832		2,684		—		—
Total debt securities	$	48,099	$	46,263	$	464	$	461


	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
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	894	$	(7)	$	2,448	$	(175)	$	3,342	$	(182)
State and municipal obligations	726		(6)		4,278		(250)		5,004		(256)
Corporate obligations	3,499		(18)		12,174		(763)		15,673		(781)
U.S. agency mortgage-backed securities	2,140		(20)		5,018		(580)		7,158		(600)
Non-U.S. agency mortgage-backed securities	138		(1)		1,990		(153)		2,128		(154)
Total debt securities - available-for-sale	$	7,397	$	(52)	$	25,908	$	(1,921)	$	33,305	$	(1,973)
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
September 30, 2024
Cash and cash equivalents	$	32,230		$	170		$	—		$	32,400
Debt securities - available-for-sale:
U.S. government and agency obligations	4,682			146			—			4,828
State and municipal obligations	—			7,068			—			7,068
Corporate obligations	27			22,719			307			23,053
U.S. agency mortgage-backed securities	—			8,630			—			8,630
Non-U.S. agency mortgage-backed securities	—			2,684			—			2,684
Total debt securities - available-for-sale	4,709			41,247			307			46,263
Equity securities	1,833			25			65			1,923
Total assets at fair value	$	38,772		$	41,442		$	372		$	80,586
Percentage of total assets at fair value	48		%	51		%	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


(in millions, except years)	Fair Value		Weighted-Average Useful Life
Customer-related	$	1,070	13 years
Trademarks and technology	509		5 years
Other	20		8 years
Total finite-lived	$	1,599	11 years
Total indefinite-lived - trade names, trademarks, operating licenses and certificates and other	8,793
Total intangible assets	$	10,392


Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 19	$	1.88	$	1,729
June 25	2.10		1,935
September 24	2.10		1,937


	Three Months Ended September 30,						Increase/ (Decrease)					Nine Months Ended September 30,						Increase/ (Decrease)
(in millions, except percentages)	2024			2023			2024 vs. 2023					2024			2023			2024 vs. 2023
Revenues
UnitedHealthcare	$	74,853		$	69,853		$	5,000		7	%	$	224,076		$	210,552		$	13,524		6	%
Optum Health	25,917			23,864			2,053			9		79,698			70,785			8,913			13
Optum Insight	4,931			4,977			(46)			(1)		13,976			14,147			(171)			(1)
Optum Rx	34,207			28,857			5,350			19		97,457			84,921			12,536			15
Optum eliminations	(1,130)			(961)			(169)			18		(3,275)			(2,713)			(562)			21
Optum	63,925			56,737			7,188			13		187,856			167,140			20,716			12
Eliminations	(37,958)			(34,229)			(3,729)			11		(112,461)			(100,497)			(11,964)			12
Consolidated revenues	$	100,820		$	92,361		$	8,459		9	%	$	299,471		$	277,195		$	22,276		8	%
Earnings from operations
UnitedHealthcare	$	4,212		$	4,592		$	(380)		(8)	%	$	12,611		$	13,293		$	(682)		(5)	%
Optum Health	2,161			1,568			593			38		5,979			4,869			1,110			23
Optum Insight	791			1,109			(318)			(29)		1,827			2,984			(1,157)			(39)
Optum Rx	1,544			1,257			287			23		4,097			3,523			574			16
Optum	4,496			3,934			562			14		11,903			11,376			527			5
Consolidated earnings from operations	$	8,708		$	8,526		$	182		2	%	$	24,514		$	24,669		$	(155)		(1)	%
Operating margin
UnitedHealthcare	5.6		%	6.6		%	(1.0)		%			5.6		%	6.3		%	(0.7)		%
Optum Health	8.3			6.6			1.7					7.5			6.9			0.6
Optum Insight	16.0			22.3			(6.3)					13.1			21.1			(8.0)
Optum Rx	4.5			4.4			0.1					4.2			4.1			0.1
Optum	7.0			6.9			0.1					6.3			6.8			(0.5)
Consolidated operating margin	8.6		%	9.2		%	(0.6)		%			8.2		%	8.9		%	(0.7)		%


	Three Months Ended September 30,				Increase/ (Decrease)				Nine Months Ended September 30,				Increase/ (Decrease)
(in millions, except percentages)	2024		2023		2024 vs. 2023				2024		2023		2024 vs. 2023
UnitedHealthcare Employer & Individual - Domestic	$	18,985	$	16,854	$	2,131	13	%	$	55,470	$	50,157	$	5,313	11	%
UnitedHealthcare Employer & Individual - Global	769		2,417		(1,648)		(68)		2,892		6,905		(4,013)		(58)
UnitedHealthcare Employer & Individual - Total	19,754		19,271		483		3		58,362		57,062		1,300		2
UnitedHealthcare Medicare & Retirement	34,904		32,022		2,882		9		105,294		97,468		7,826		8
UnitedHealthcare Community & State	20,195		18,560		1,635		9		60,420		56,022		4,398		8
Total UnitedHealthcare revenues	$	74,853	$	69,853	$	5,000	7	%	$	224,076	$	210,552	$	13,524	6	%


	September 30,		Increase/(Decrease)
(in thousands, except percentages)	2024	2023	2024 vs. 2023
Commercial - Domestic:
Risk-based	8,900	8,120	780	10	%
Fee-based	20,830	19,130	1,700	9
Total Commercial - Domestic	29,730	27,250	2,480	9
Medicare Advantage	7,810	7,645	165	2
Medicaid	7,450	8,065	(615)	(8)
Medicare Supplement (Standardized)	4,340	4,345	(5)	—
Total Community and Senior	19,600	20,055	(455)	(2)
Total UnitedHealthcare - Domestic Medical	49,330	47,305	2,025	4
Commercial - Global	1,335	5,475	(4,140)	(76)
Total UnitedHealthcare - Medical	50,665	52,780	(2,115)	(4)	%
Supplemental Data:
Medicare Part D stand-alone	3,055	3,335	(280)	(8)	%


(in millions)	Brazil Disposition		Businesses Held for Sale
Assets
Cash and cash equivalents	$	778	$	254
Accounts receivable and other current assets	515		652
Long-term investments	788		36
Property, equipment and capitalized software	1,052		674
Deferred tax assets	1,035		—
Goodwill and other intangible assets	317		450
Other long-term assets	439		253
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	—		(1,245)
Total assets	$	4,924	$	1,074
Liabilities
Medical costs payable	$	701	$	200
Accounts payable and other current liabilities	834		395
Other long-term liabilities	136		544
Total liabilities	$	1,671	$	1,139


(in millions, except percentages and per share data)	Three Months Ended September 30,					Increase/ (Decrease)					Nine Months Ended September 30,					Increase/ (Decrease)
	2024			2023		2024 vs. 2023					2024			2023		2024 vs. 2023
Revenues:
Premiums	$	77,442		$	72,339	$	5,103		7	%	$	232,327		$	217,599	$	14,728		7	%
Products	12,631			10,354		2,277			22		36,751			31,272		5,479			18
Services	9,104			8,671		433			5		26,742			25,414		1,328			5
Investment and other income	1,643			997		646			65		3,651			2,910		741			25
Total revenues	100,820			92,361		8,459			9		299,471			277,195		22,276			8
Operating costs:
Medical costs	65,957			59,550		6,407			11		197,150			179,663		17,487			10
Operating costs	13,280			13,855		(575)			(4)		40,519			41,289		(770)			(2)
Cost of products sold	11,834			9,423		2,411			26		34,230			28,576		5,654			20
Depreciation and amortization	1,041			1,007		34			3		3,058			2,998		60			2
Total operating costs	92,112			83,835		8,277			10		274,957			252,526		22,431			9
Earnings from operations	8,708			8,526		182			2		24,514			24,669		(155)			(1)
Interest expense	(1,074)			(834)		(240)			29		(2,903)			(2,416)		(487)			20
Loss on sale of subsidiary and subsidiaries held for sale	(20)			—		(20)			nm		(8,331)			—		(8,331)			nm
Earnings before income taxes	7,614			7,692		(78)			(1)		13,280			22,253		(8,973)			(40)
Provision for income taxes	(1,356)			(1,654)		298			(18)		(3,822)			(4,784)		962			(20)
Net earnings	6,258			6,038		220			4		9,458			17,469		(8,011)			(46)
Earnings attributable to noncontrolling interests	(203)			(197)		(6)			3		(596)			(543)		(53)			10
Net earnings attributable to UnitedHealth Group common shareholders	$	6,055		$	5,841	$	214		4		$	8,862		$	16,926	$	(8,064)		(48)
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	6.51		$	6.24	$	0.27				$	9.53		$	18.01	$	(8.48)
Medical care ratio (a)	85.2		%	82.3%		2.9		%			84.9		%	82.6%		2.3		%
Operating cost ratio	13.2			15.0		(1.8)					13.5			14.9		(1.4)
Operating margin	8.6			9.2		(0.6)					8.2			8.9		(0.7)
Tax rate	17.8			21.5		(3.7)					28.8			21.5		7.3
Net earnings margin (b)	6.0			6.3		(0.3)					3.0			6.1		(3.1)
Return on equity (c)	26.3%			28.0%		(1.7)					13.2%			27.7%		(14.5)


	Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	2024		2023		2024 vs. 2023
Sources of cash:
Cash provided by operating activities	$	21,835	$	34,261	$	(12,426)
Issuances of short-term borrowings and long-term debt, net of repayments	15,120		5,848		9,272
Proceeds from common stock issuances	1,611		1,039		572
Customer funds administered	—		2,037		(2,037)
Sales and maturities of investments, net of purchases	1,852		—		1,852
Repayments of care provider loans - cyberattack	3,189		—		3,189
Total sources of cash	43,607		43,185		422
Uses of cash:
Common stock repurchases	(4,028)		(6,500)		2,472
Cash paid for acquisitions and other transactions, net of cash assumed	(11,674)		(8,389)		(3,285)
Purchases of investments, net of sales and maturities	—		(2,850)		2,850
Purchases of property, equipment and capitalized software	(2,587)		(2,427)		(160)
Cash dividends paid	(5,601)		(5,023)		(578)
Loans to care providers - cyberattack	(8,904)		—		(8,904)
Customer funds administered	(1,059)		—		(1,059)
Other	(2,497)		(2,495)		(2)
Total uses of cash	(36,350)		(27,684)		(8,666)
Effect of exchange rate changes on cash and cash equivalents	(30)		49		(79)
Increase in cash and cash equivalents, including cash classified within assets held for sale	$	7,227	$	15,550	$	(8,323)
Less: net increase in cash classified within assets held for sale	(254)		—		(254)
Net increase in cash and cash equivalents	$	6,973	$	15,550	$	(8,577)


	September 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 %	$	824	$	457	$	(3,773)	$	(10,539)
1	412		229		(1,936)		(5,745)
(1)	(412)		(212)		2,015		7,016
(2)	(824)		(423)		4,083		15,514


For the Month Ended	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under The Plans or Programs
	(in millions)			(in millions)	(in millions)
July 30, 2024	0.1	$	571.53	0.1	43.7
August 31, 2024	1.3	577.00		1.3	42.4
September 30, 2024	0.2	596.03		0.2	42.2
Total	1.6			1.6


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
10/17/2024		Buy → Hold	HSBC Securities
10/11/2024	$675.00	Overweight	KeyBanc Capital Markets
7/17/2024	$555.00 → $615.00	Outperform	RBC Capital Mkts
7/17/2024	$481.00 → $647.00	Hold → Buy	Jefferies
6/5/2024	$580.00	Hold → Buy	HSBC Securities
5/30/2024	$597.00	Outperform	Robert W. Baird
4/4/2024	$460.00	Reduce → Hold	HSBC Securities
3/6/2024	$551.00	Overweight	Barclays

SEC Form 10-Q filed by UnitedHealth Group Incorporated

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