false2024Q3000073176612/3150xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesutr:Ratexbrli:pureunh:reportableSegments00007317662024-01-012024-09-3000007317662024-10-3100007317662024-09-3000007317662023-12-3100007317662024-07-012024-09-3000007317662023-07-012023-09-3000007317662023-01-012023-09-300000731766us-gaap:ProductMember2024-07-012024-09-300000731766us-gaap:ProductMember2023-07-012023-09-300000731766us-gaap:ProductMember2024-01-012024-09-300000731766us-gaap:ProductMember2023-01-012023-09-300000731766us-gaap:ServiceMember2024-07-012024-09-300000731766us-gaap:ServiceMember2023-07-012023-09-300000731766us-gaap:ServiceMember2024-01-012024-09-300000731766us-gaap:ServiceMember2023-01-012023-09-300000731766us-gaap:CommonStockMember2024-06-300000731766us-gaap:AdditionalPaidInCapitalMember2024-06-300000731766us-gaap:RetainedEarningsMember2024-06-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000731766us-gaap:NoncontrollingInterestMember2024-06-3000007317662024-06-300000731766us-gaap:RetainedEarningsMember2024-07-012024-09-300000731766us-gaap:NoncontrollingInterestMember2024-07-012024-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300000731766us-gaap:CommonStockMember2024-07-012024-09-300000731766us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000731766us-gaap:CommonStockMember2024-09-300000731766us-gaap:AdditionalPaidInCapitalMember2024-09-300000731766us-gaap:RetainedEarningsMember2024-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000731766us-gaap:NoncontrollingInterestMember2024-09-300000731766us-gaap:CommonStockMember2023-06-300000731766us-gaap:AdditionalPaidInCapitalMember2023-06-300000731766us-gaap:RetainedEarningsMember2023-06-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300000731766us-gaap:NoncontrollingInterestMember2023-06-3000007317662023-06-300000731766us-gaap:RetainedEarningsMember2023-07-012023-09-300000731766us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300000731766us-gaap:CommonStockMember2023-07-012023-09-300000731766us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000731766us-gaap:CommonStockMember2023-09-300000731766us-gaap:AdditionalPaidInCapitalMember2023-09-300000731766us-gaap:RetainedEarningsMember2023-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000731766us-gaap:NoncontrollingInterestMember2023-09-3000007317662023-09-300000731766us-gaap:CommonStockMember2023-12-310000731766us-gaap:AdditionalPaidInCapitalMember2023-12-310000731766us-gaap:RetainedEarningsMember2023-12-310000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000731766us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000731766us-gaap:NoncontrollingInterestMember2023-12-310000731766us-gaap:RetainedEarningsMember2024-01-012024-09-300000731766us-gaap:NoncontrollingInterestMember2024-01-012024-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000731766us-gaap:CommonStockMember2024-01-012024-09-300000731766us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000731766us-gaap:CommonStockMember2022-12-310000731766us-gaap:AdditionalPaidInCapitalMember2022-12-310000731766us-gaap:RetainedEarningsMember2022-12-310000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000731766us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000731766us-gaap:NoncontrollingInterestMember2022-12-3100007317662022-12-310000731766us-gaap:RetainedEarningsMember2023-01-012023-09-300000731766us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000731766us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300000731766us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300000731766us-gaap:CommonStockMember2023-01-012023-09-300000731766us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000731766unh:ProductsAndServicesMember2024-09-300000731766unh:ProductsAndServicesMember2023-12-3100007317662024-10-012024-09-300000731766us-gaap:USTreasuryAndGovernmentMember2024-09-300000731766us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000731766us-gaap:CorporateDebtSecuritiesMember2024-09-300000731766us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300000731766us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300000731766us-gaap:USTreasuryAndGovernmentMember2023-12-310000731766us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000731766us-gaap:CorporateDebtSecuritiesMember2023-12-310000731766us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000731766us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000731766us-gaap:DebtSecuritiesMember2024-09-300000731766us-gaap:DebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel1Member2024-09-300000731766us-gaap:FairValueInputsLevel2Member2024-09-300000731766us-gaap:FairValueInputsLevel3Member2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300000731766us-gaap:FairValueInputsLevel1Member2023-12-310000731766us-gaap:FairValueInputsLevel2Member2023-12-310000731766us-gaap:FairValueInputsLevel3Member2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000731766us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000731766us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000731766us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000731766us-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000731766us-gaap:LongTermDebtMember2024-09-300000731766us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000731766us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000731766us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000731766us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000731766us-gaap:LongTermDebtMember2023-12-3100007317662024-03-310000731766unh:A4.600NotesDueApril2027Member2024-03-310000731766unh:A4.700NotesDueApril2029Member2024-03-310000731766unh:A4.900NotesDueApril2031Member2024-03-310000731766unh:A5.000NotesDueApril2034Member2024-03-310000731766unh:A5.375NotesDueApril2054Member2024-03-310000731766unh:A5.500NotesDueApril2064Member2024-03-3100007317662024-07-310000731766unh:FloatingRateNotesDueJuly2026Member2024-07-310000731766unh:A4.750NotesDueJuly2026Member2024-07-310000731766unh:A4.800NotesDueJanuary2030Member2024-07-310000731766unh:A4.950NotesDueJanuary2032Member2024-07-310000731766unh:A5.150NotesDueJuly2034Member2024-07-310000731766unh:A5.500NotesDueJuly2044Member2024-07-310000731766unh:A5.625NotesDueJuly2054Member2024-07-310000731766unh:A5.750NotesDueJuly2064Member2024-07-310000731766us-gaap:CommercialPaperMember2024-09-300000731766unh:May2024364DayRevolvingBankCreditFacilityMember2024-05-310000731766unh:May2024364DayRevolvingBankCreditFacilityMember2024-05-012024-05-310000731766unh:May2024364DayDelayedDrawTermLoanMember2024-05-310000731766unh:May2024364DayDelayedDrawTermLoanMember2024-05-012024-05-310000731766us-gaap:CustomerRelatedIntangibleAssetsMember2024-01-012024-09-300000731766unh:TrademarksAndTechnologyMemberMember2024-01-012024-09-300000731766us-gaap:OtherIntangibleAssetsMember2024-01-012024-09-3000007317662024-03-192024-03-1900007317662024-06-252024-06-2500007317662024-09-242024-09-240000731766us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-09-300000731766us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-01-012024-09-300000731766us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-09-300000731766unh:OtherDispositionsMember2024-01-012024-09-3000007317662024-02-062024-02-060000731766us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-02-060000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberunh:TotalOptumMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMember2024-07-012024-09-300000731766unh:ExternalCustomersMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:UnitedhealthcareMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumHealthMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumInsightMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumRxMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ProductMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMemberunh:TotalOptumMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:UnitedhealthcareMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumHealthMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumInsightMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumRxMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ServiceMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMemberunh:TotalOptumMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:IntersegmentEliminationMember2024-07-012024-09-300000731766unh:IntersegmentMemberunh:TotalOptumMember2024-07-012024-09-300000731766unh:IntersegmentMemberus-gaap:CorporateNonSegmentMember2024-07-012024-09-300000731766unh:IntersegmentMember2024-07-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-07-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-07-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-07-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-07-012024-09-300000731766us-gaap:IntersegmentEliminationMember2024-07-012024-09-300000731766unh:TotalOptumMember2024-07-012024-09-300000731766us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberunh:TotalOptumMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMember2023-07-012023-09-300000731766unh:ExternalCustomersMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:UnitedhealthcareMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumHealthMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumInsightMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumRxMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ProductMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMemberunh:TotalOptumMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:UnitedhealthcareMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumHealthMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumInsightMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumRxMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ServiceMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMemberunh:TotalOptumMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300000731766unh:IntersegmentMemberunh:TotalOptumMember2023-07-012023-09-300000731766unh:IntersegmentMemberus-gaap:CorporateNonSegmentMember2023-07-012023-09-300000731766unh:IntersegmentMember2023-07-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-07-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-07-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-07-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-07-012023-09-300000731766us-gaap:IntersegmentEliminationMember2023-07-012023-09-300000731766unh:TotalOptumMember2023-07-012023-09-300000731766us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberunh:TotalOptumMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMember2024-01-012024-09-300000731766unh:ExternalCustomersMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:UnitedhealthcareMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumHealthMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumInsightMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumRxMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ProductMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMemberunh:TotalOptumMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:UnitedhealthcareMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumHealthMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumInsightMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumRxMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ServiceMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMemberunh:TotalOptumMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:IntersegmentEliminationMember2024-01-012024-09-300000731766unh:IntersegmentMemberunh:TotalOptumMember2024-01-012024-09-300000731766unh:IntersegmentMemberus-gaap:CorporateNonSegmentMember2024-01-012024-09-300000731766unh:IntersegmentMember2024-01-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2024-01-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumHealthMember2024-01-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumInsightMember2024-01-012024-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumRxMember2024-01-012024-09-300000731766us-gaap:IntersegmentEliminationMember2024-01-012024-09-300000731766unh:TotalOptumMember2024-01-012024-09-300000731766us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberunh:TotalOptumMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMember2023-01-012023-09-300000731766unh:ExternalCustomersMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:UnitedhealthcareMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumHealthMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumInsightMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMemberunh:OptumRxMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ProductMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMemberunh:TotalOptumMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ProductMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:UnitedhealthcareMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumHealthMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumInsightMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberunh:OptumRxMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:IntersegmentEliminationMemberus-gaap:ServiceMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMemberunh:TotalOptumMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2023-01-012023-09-300000731766unh:ExternalCustomersMemberus-gaap:ServiceMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:IntersegmentEliminationMember2023-01-012023-09-300000731766unh:IntersegmentMemberunh:TotalOptumMember2023-01-012023-09-300000731766unh:IntersegmentMemberus-gaap:CorporateNonSegmentMember2023-01-012023-09-300000731766unh:IntersegmentMember2023-01-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:UnitedhealthcareMember2023-01-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumHealthMember2023-01-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumInsightMember2023-01-012023-09-300000731766us-gaap:OperatingSegmentsMemberunh:OptumRxMember2023-01-012023-09-300000731766us-gaap:IntersegmentEliminationMember2023-01-012023-09-300000731766unh:TotalOptumMember2023-01-012023-09-300000731766us-gaap:CorporateNonSegmentMember2023-01-012023-09-30

UNITED STATES

証券取引委員会

ワシントンDC20549

__________________________________________________________ 

フォーム 10-Q

__________________________________________________________ 

☒			証券取引法第13条または15(d)条に基づく四半期報告書

報告期間が終了した2023年6月30日をもって2024年9月30日

または

☐			移行期間：             から             まで

_______から_______の移行期間中

報告書番号：1-10864

__________________________________________________________ 

ユナイテッドヘルスグループ

（会社設立時の指定名）

 __________________________________________________________ 

デラウェア

41-1321939

（設立または組織の州またはその他の管轄区域） （I.R.S.雇用者識別番号）

（I.R.S. 雇用主識別番号） 識別番号）

9900 Bren Road East

55343

655ニューヨークアベニューNW

20001

ミネトンカ、

ミネソタ州

Washington,

DC

(主要執行オフィスの住所)

（郵便番号）

(主要執行オフィスの住所)

（郵便番号）

(800) 328-5979

（登録者の電話番号（市外局番を含む））

_________________________________________________________  

法第12条（b）に基づく登録証券

各クラスの名称

取引シンボル

登録されている各取引所の名称

普通株式、0.01ドル普通株式

UNH

ニューヨーク証券取引所

登録者が法案のセクション13、15(d)によって報告義務のあるすべての報告書を過去12ヵ月間(またはその期間中に登録者がそのような報告書を提出することが求められたより短い期間)に提出したか、または(2)過去90日間にわたって当該報告書の提出要件の対象となったかどうかを示すチェックマークを記入してください。はい ☒✓印を付しませんでした場合、登録者の内部統制に関するマネジメント評価を報告するよう求められたことを意味します。☐

規制S-tのルール405に基づき、過去12か月間(またはそのような短期間)、登録者が提出を求められたすべてのインタラクティブデータファイルを電子的に提出したかどうかをチェックマークで示す。はい ☒✓印を付しませんでした場合、登録者の内部統制に関するマネジメント評価を報告するよう求められたことを意味します。☐

登録者が大型加速ファイラー、加速ファイラー、非加速ファイラー、報告書備付小型企業、または新興成長企業であるかどうかをチェックマークで示します。 規則1202の「大型加速ファイラー」、「加速ファイラー」、「報告書備付小型企業」、「新興成長企業」の定義を参照してください。

大型加速ファイラー

☒

加速度ファイラー

☐

非加速ファイラー

☐

小規模報告会社

☐

新興成長企業

☐

新しいまたは改訂された財務会計基準に従うための拡張期間を使用しないことを選択した場合は、新興成長企業である場合、エクステンデッドトランジション期間を利用しないことを示すために、チェックマークを付けてください。☐

登録者がShell Company（Rule 1202 of the Exchange Actで定義されている）であるかどうかをチェックマークで示します。はい ☐ いいえ☒

2024年10月31日現在、 920,284,334

---

ユナイテッドヘルスグループ

目次

 

												ページ
第I部　財務情報
項目 1.						財務諸表（未監査）						1
						縮小された連結貸借対照表 2024年および2023年12月31日現在 9月 2024年12月30日および2023年12月31日						1
						3か月および 9 日付の6か月 9月 30、2024年および2023年						2
						3か月と12か月にわたる総合損益の要約連結財務諸表 9 日付の6か月 9月 2024年と2023年						3
						3つの 株主の資産の変化の要約された連結純資産の変動計算書 9 日付の6か月 9月 2024年と2023年						4
						圧縮された連結キャッシュフロー計算書 9 日付の6か月 9月 2024年と2023年						6
						財務諸表注記						7
						1.			「Performance-Based Awards（成果に基づく受賞）」は、第7.7条に基づき、委員会によって設定されたパフォーマンス目標や他の事業目標の達成に依存して現金、株式またはその他の受賞を受け取るための受賞です。			7
						2.			投資			8
						3.			公正価値			10
						4.			医療関連費用支払可能額			11
						5.			短期借入金および長期債務			12
						6.			その他の無形資産			12
						7.			株主資本			13
						8.			コミットメントとコンティンジェンシー			13
						9.			処分及び新規売			14
						10.			部門財務情報			15
項目2。						経営陣による財務状況と業績に関する会話と分析						17
項目3。						市場リスクに関する数量的および質的な開示						26
項目4。						内部統制および手順						26
Part II. その他の情報
項目 1.						法的措置						26
項目1A。						リスクファクター						26
項目2。						未登録の株式の販売および手数料の利用						27
項目5。						その他の情報						27
項目6.						展示資料						28
署名												29

---

第I部分

項目1. 財務諸表

ユナイテッドヘルスグループ

簡易合算貸借対照表

（未確定）

（百万単位、1株あたりのデータを除く）						9月30日 2024						12月31日、 2023
資産
流動資産：
現金および現金同等物						$	32,400					$	25,427
短期投資						4,734						4,201
売掛金、純額						20,024						21,276
その他の現在の売掛金、純額						27,461						17,694
運用資産						—						3,755
前払費用およびその他の流動資産						7,639						6,084
流動資産合計						92,258						78,437
長期投資						48,689						47,609
資産、設備、資本化されたソフトウェア、純額						10,139						11,450
グッドウィル						105,978						103,732
その他の無形資産、純額						23,594						15,194
その他の資産						18,651						17,298
総資産						$	299,309					$	273,720
負債、償還可能な非支配持分および資本
現在の負債:
医療費の支払い						$	33,951					$	32,395
買掛金と未払負債						33,080						31,958
短期借入と現在の長期債務の満期						3,909						4,274
未収収入						3,320						3,355
その他の流動負債						27,305						27,072
流動負債合計						101,565						99,054
長期債務、現在の満期を差し引いたもの						74,101						58,263
繰延所得税						4,014						3,021
その他の負債						15,174						14,463
負債総額						194,854						174,801
コミットメントと不測の事態（注8）
償還可能な非支配持分						4,574						4,498
株式:
優先株式、$0.001 額面価格- 10 承認された株式; いいえ 発行済みまたは発行済株式						—						—
普通株式、$0.01 額面価格- 3,000 承認された株式; 923 そして 924 発行済みで未処理です						9						9
その他の払込資本						461						—
利益剰余金						96,518						95,774
その他の包括損失の累計						(2,453)						(7,027)
償還不可の非支配持分						5,346						5,665
総資本						99,881						94,421
負債総額、償還可能な非支配持分および資本						$	299,309					$	273,720

参照：縮小連結財務諸表ノート

1

---

目次

ユナイテッドヘルスグループ

損益計算書

（未確定）

						年度第3四半期が終了した時点での 9月30日												九ヶ月終了 9月30日
（百万ドル、1株当たり金額を除く）						2024						2023						2024						2023
収益:
プレミアム						$	77,442					$	72,339					$	232,327					$	217,599
製品						12,631						10,354						36,751						31,272
サービス						9,104						8,671						26,742						25,414
投資及びその他の収益						1,643						997						3,651						2,910
収益合計						100,820						92,361						299,471						277,195
運営費用：
医療関連費用						65,957						59,550						197,150						179,663
運営費用						13,280						13,855						40,519						41,289
製品販売原価						11,834						9,423						34,230						28,576
減価償却費および償却費						1,041						1,007						3,058						2,998
運営費合計						92,112						83,835						274,957						252,526
営業利益						8,708						8,526						24,514						24,669
利子費用						(1,074)						(834)						(2,903)						(2,416)
子会社売却に伴う損失および売却目的の子会社						(20)						—						(8,331)						—
所得税前利益						7,614						7,692						13,280						22,253
所得税引当金						(1,356)						(1,654)						(3,822)						(4,784)
純利益						6,258						6,038						9,458						17,469
非支配株主持分						(203)						(197)						(596)						(543)
ユナイテッドヘルスグループの普通株主に帰属する純利益						$	6,055					$	5,841					$	8,862					$	16,926
ユナイテッドヘルスグループ株主に帰属する1株当たり利益：
基本						$	6.56					$	6.31					$	9.61					$	18.20
希薄化後						$	6.51					$	6.24					$	9.53					$	18.01
普通株式の基本的加重平均発行株式数						923						926						922						930
普通株式相当額の希薄化効果						7						10						8						10
希薄化後の普通株式の発行済株式数の加重平均数						930						936						930						940
普通株式の希薄化後分母株式数の希薄化効果から除外される希薄化しない株式						4						6						6						6

参照：縮小連結財務諸表ノート

2

---

目次

ユナイテッドヘルスグループ

総合損益計算書の簡易連結

（未確定）

						三ヶ月間の終了 9月30日,												9ヶ月が終了した 9月30日,
(百万単位)						2024						2023						2024						2023
純利益						$	6,258					$	6,038					$	9,458					$	17,469
その他包括利益（損失）：
期間中の投資証券に関する未実現の総利益（損失）						1,434						(893)						1,069						(684)
法人税効果						(328)						204						(243)						156
合計未実現利益（損失）、税金控除後						1,106						(689)						826						(528)
純利益に含まれる実現利益（損失）のための総再分類調整						(291)						7						(349)						(27)
法人税効果						67						(2)						80						6
税引き後の総再分類調整額						(224)						5						(269)						(21)
外国通貨換算利益（損失）						88						(354)						(197)						254
純利益に含まれる換算損失のための再分類調整						—						—						4,214						—
合計外国通貨換算利益（損失）						88						(354)						4,017						254
その他の包括的収入（損失）						970						(1,038)						4,574						(295)
包括利益						7,228						5,000						14,032						17,174
非支配株主に帰属する包括利益						(203)						(197)						(596)						(543)
ユナイテッドヘルスグループの普通株主に帰属する包括利益						$	7,025					$	4,803					$	13,436					$	16,631

参照：縮小連結財務諸表ノート

3

---

目次

ユナイテッドヘルスグループ

財務諸表要約：株主資本の変動表

（未確定）

						普通株式												資本剰余金の増加分						留保利益						その他包括利益累積損失												償還不可の非支配持分						合計 株式
9月30日に終了した3か月間 (百万単位)						株式						金額																		投資に関するネット未実現（損失）利益						外国通貨換算（損失）利益
2024年6月30日の残高						921						$	9					$	373					$	92,400					$	(2,296)					$	(1,127)					$	5,317					$	94,676
純利益																								6,055																		155						6,210
その他包括利益																														882						88												970
普通株式の発行及び関連する税効果						4						—						842																														842
株式報酬																		208																														208
自社株購入						(2)						—						(957)						—																								(957)
普通株式に対する現金配当（$2.10 シェアあたり）																								(1,937)																								(1,937)
償還可能な非支配株主持分の公正価値及びその他の調整																		(5)																														(5)
非償還の非支配株主持分の取得及びその他の調整																																										28						28
非償還の非支配株主持分への配分																																										(154)						(154)
2024年9月30日の残高						923						$	9					$	461					$	96,518					$	(1,414)					$	(1,039)					$	5,346					$	99,881
2023年6月30日の残高						927						$	9					$	—					$	89,994					$	(2,643)					$	(5,007)					$	5,015					$	87,368
純利益																								5,841																		149						5,990
その他包括損失																														(684)						(354)												(1,038)
普通株式の発行および関連する税の影響						1						—						395																														395
株式報酬																		235																														235
自社株購入						(3)						—						(588)						(923)																								(1,511)
普通株式に対して支払われた配当（$1.88 シェアあたり）																								(1,739)																								(1,739)
償還可能な非支配株主持分の公正価値とその他の調整																		(42)																														(42)
償還不可能な非支配株主持分の取得とその他の調整																																										42						42
償還不可能な非支配株主持分への配分																																										(136)						(136)
2023年9月30日の残高						925						$	9					$	—					$	93,173					$	(3,327)					$	(5,361)					$	5,070					$	89,564

参照：縮小連結財務諸表ノート

4

---

目次

ユナイテッドヘルスグループ

財務諸表要約：株主資本の変動表

（未確定）

						普通株式												資本剰余金の増加分						留保利益						その他包括利益累積損失												取り戻せない非支配持分						合計 株式
9月30日に終了した9か月間 (百万単位)						株式						金額																		投資に関する未実現（損失）利益						外国通貨換算（損失）利益
2024年1月1日時点の残高						924						$	9					$	—					$	95,774					$	(1,971)					$	(5,056)					$	5,665					$	94,421
純利益																								8,862																		462						9,324
その他包括利益																														557						4,017												4,574
普通株式の発行と関連する税金の影響						7						—						1,280																														1,280
株式報酬																		770																														770
自社株購入						(8)						—						(1,528)						(2,517)																								(4,045)
普通株式に対して支払われた配当（$6.08 シェアあたり）																								(5,601)																								(5,601)
償還可能な非支配株主持分の公正価値及びその他の調整																		(61)																														(61)
非償還非支配株主持分の取得及びその他の調整																																										(291)						(291)
非償還非支配株主持分への分配																																										(490)						(490)
2024年9月30日の残高						923						$	9					$	461					$	96,518					$	(1,414)					$	(1,039)					$	5,346					$	99,881
2023年1月1日の残高						934						$	9					$	—					$	86,156					$	(2,778)					$	(5,615)					$	3,678					$	81,450
純利益																								16,926																		401						17,327
その他包括損益																														(549)						254												(295)
普通株式の発行と関連する税効果						4						—						963																														963
株式報酬																		833																														833
自社株購入						(13)						—						(1,663)						(4,886)																								(6,549)
普通株式に対する現金配当の支払い ($5.41 シェアあたり）																								(5,023)																								(5,023)
償還可能な非支配持分の公正価値およびその他の調整																		(133)																														(133)
非償還型非支配持分の取得およびその他の調整																																										1,339						1,339
非償還型非支配持分への配分																																										(348)						(348)
2023年9月30日の残高						925						$	9					$	—					$	93,173					$	(3,327)					$	(5,361)					$	5,070					$	89,564

参照：縮小連結財務諸表ノート

5

---

目次

ユナイテッドヘルスグループ

簡易連結キャッシュフロー計算書

（未確定）

						9ヶ月が終了した 9月30日,
(百万単位)						2024						2023
営業活動
純利益						$	9,458					$	17,469
非現金項目：
減価償却および償却						3,058						2,998
繰延所得税						(234)						(494)
株式報酬						831						851
子会社売却に伴う損失および売却目的の子会社						8,331						—
その他、純額						(610)						(59)
その他の運用項目の純変動、M＆Aおよび譲渡の影響を差し引いた純額：
売掛金						685						(2,574)
その他の資産						(2,988)						(2,358)
医療費用支払義務						2,235						3,837
支払手形およびその他債務						1,250						2,370
未獲得収益						(181)						12,221
営業活動からの現金流入						21,835						34,261
投資活動
投資の購入						(19,951)						(12,998)
投資の売却額						15,065						3,674
投資の満期日						6,738						6,474
M&アのために支払った現金及びその他取引、現金相当物による控除額						(11,674)						(8,389)
固定資産、設備及び資本化ソフトウェアの購入						(2,587)						(2,427)
介護提供者への融資-サイバー攻撃						(8,904)						—
介護提供者ローンの返済 - サイバー攻撃						3,189						—
その他、純額						(1,284)						(721)
投資活動に関するキャッシュフローの使用						(19,408)						(14,387)
財務活動
自社株購入						(4,028)						(6,500)
現金配当						(5,601)						(5,023)
普通株式の発行による収入						1,611						1,039
新規買の長期債務償還						(2,500)						(2,125)
新規買取りによる(短期借入金の返済を含む)収益、純額						(191)						1,579
長期債券発行による受取額						17,811						6,394
顧客資金の運用						(1,059)						2,037
その他、純額						(1,213)						(1,774)
財務活動からの現金フロー（投資活動に使用）						4,830						(4,373)
為替レート変動の現金および現金同等物への影響						(30)						49
売却予定の事業内に保有されている現金を含む現金及び現金同等物の増加						7,227						15,550
売却予定の事業内に保有されている現金を差し引いた金額						(254)						—
現金及び現金同等物の純増加						6,973						15,550
現金及び現金同等物期首残高						25,427						23,365
期末現金及び現金同等物						$	32,400					$	38,915

参照：縮小連結財務諸表ノート

6

---

目次

ユナイテッドヘルスグループ

未監査連結財務諸表の注記

（未確定）

1.    プレゼンテーションの基礎

ユナイテッドヘルスグループ株式会社（以下、子会社を含むユナイテッドヘルスグループおよび同社という）は、人々がより健康的な生活を送るのを支援し、ヘルスケアシステムがすべての人々にとってより良く機能するよう支援する使命を持つヘルスケアおよびウェルビーイング企業です。同社の2つの異なるが互い補完的なビジネスであるOptumとUnitedHealthcareは、同社が奉仕する個人や組織に向けて、アクセス、手頃な価格、アウトカム、体験の改善を通じて近代的で高性能なヘルスケアシステムの構築に取り組んでいます。

当社は、アメリカの一般に認められた会計原則（GAAP）に従って、連結財務諸表を作成し、ユナイテッドヘルスグループおよびその子会社の口座を含めました。年度末の簡易連結貸借対照表は、監査済み財務諸表から作成されたものですが、GAAPにより要求されるすべての開示を含んでいるわけではありません。アメリカ証券取引委員会（SEC）の規則および規制に従い、当社は、年次監査済み連結財務諸表に含まれる開示を実質的に重複する特定の脚注の開示を省略しました。したがって、これらの簡易連結財務諸表は、に含まれる連結財務諸表と注記と併せて読まれるべきです。2023年12月31日に終了した年度のSECに提出された年次報告書（2023 10-K）の第II部、第8項「財務諸表および補足データ」に含まれています。付属の簡易連結財務諸表は、中間財務諸表を公平に提示するために必要なすべての通常の繰り返し調整を含んでいます。

見積もりの使用

これらの簡約化された連結財務諸表には、会社の最良の見積もりと判断に基づく一定の金額が含まれています。 会社の最も重要な見積もりには、支払われる医療費やのれんの見積もりと判断が関連しています。 これらの見積もりの一部は、複雑な仮定と判断の適用を必要とし、しばしば不確実性の本質的に関わる事項を含むため、予後期におそらく変化するであろう事項です。 見積もりの変更の影響は、見積もりが調整される期間に利益に含まれています。

収益-製品とサービス

2024年9月30日および2023年12月31日時点で、製品およびサービスに関連する売掛金はそれぞれドルでした。9.2私たちの入力によると、この文書には数字がありません。8.62024年9月30日時点で、将来のいずれかの年に認識されると予想される売上高は、以下の直ちに売掛金回収を伴う契約および変数に関連する契約を除く残存業績義務に関連してドルでした。13.0うち約半分が次の内に認識される見込みであり、そのうちをドルで認識する見込みです。 3年間.

資産管理

2024年7月、会社はメディケア補足プログラムを会員組織と共に修正・再定義しました（メディケア補足プログラム）。この修正により、会社はメディケア補足提供のマーケティング活動において商号およびその他の知的財産を使用する権利を得ました。以前は運用資産として報告されていた金額は、現在、会社の圧縮連結貸借対照表にその分類に基づいて含まれています。

改訂された新しいメディケア補助プログラム以前の期間について、会社はその凝縮された連結キャッシュフロー計算書において、特定のバランスシート項目の影響を除外していましたが、改訂後の期間ではこれらの影響が含まれています。.

7

---

目次

2.    投資

主要セキュリティタイプ別の債券・債務証券の概要は次の通りです:

(百万単位)						償却済 コスト						粗 未実現 利益						粗 未実現 Losses						公正 価値
2024年9月30日
債券・債務証券 - 売却可能
アメリカ合衆国政府および機関の債務						$	5,005					$	5					$	(182)					$	4,828
州および地方自治体の債務						7,301						23						(256)						7,068
資産						23,752						82						(781)						23,053
米国機関のモーゲージ担保証券						9,209						21						(600)						8,630
非米国機関のモーゲージ担保証券						2,832						6						(154)						2,684
総債券・債務証券 - 売却可能						48,099						137						(1,973)						46,263
債券・債務証券 - 満期保有:
米国政府および機関の義務						414						1						(2)						413
州および地方自治体の債務						28						—						(2)						26
資産						22						—						—						22
総債券・債務証券 - 満期保有						464						1						(4)						461
債券・債務証券の合計						$	48,563					$	138					$	(1,977)					$	46,724
2023年12月31日
債券・債務証券 - 売却可能:
米国政府および機関債務						$	4,674					$	3					$	(234)					$	4,443
州および地方自治体の債務						7,636						39						(322)						7,353
資産						23,136						67						(1,186)						22,017
米国機関のモーゲージ担保証券						8,982						22						(708)						8,296
非米国機関のモーゲージ担保証券						3,023						3						(240)						2,786
売却可能な債券・債務証券の合計						47,451						134						(2,690)						44,895
満期保有の債券・債務証券：
米国政府及び機関の債務						506						1						(6)						501
州および地方自治体の債務						28						—						(2)						26
資産						69						—						—						69
満期保有の債券・債務証券の合計						603						1						(8)						596
債券・債務証券の合計						$	48,054					$	135					$	(2,698)					$	45,491

会社は2024年9月30日時点で新規買ウェハ受託購入額が$である。これは長期ウェハ供給契約の下での供給業者への入金に関連しています。4.9 2024年9月30日および2023年12月31日時点での株式証券の総額は数十億ドルでした。会社の株式証券への投資は、主にventure投資と従業員貯蓄プラン関連の投資で構成されています。さらに、会社の投資には$1.8 十億ドルと$1.42024年9月30日および2023年12月31日時点で、ヘルスケアセクターの運営ビジネスにおける株式法による投資として数十億ドルが含まれていました。2024年9月30日および2023年12月31日時点での満期保有証券に対するクレジット損失の引当金は重要ではありませんでした。

8

---

目次

2024年9月30日時点の債券・債務証券の償還費用および公正価値は、契約満期別に以下の通りでした:

						売却可能												保有期間終了まで保有
(百万単位)						償却済 コスト						公正 価値						償却済 コスト						公正 価値
1年以内に満期						$	4,881					$	4,861					$	320					$	319
4,932						15,152						14,810						113						114
5年から10年以内に満期						10,993						10,432						14						13
10年より後に満期						5,032						4,846						17						15
米国の機関住宅ローン担保証券						9,209						8,630						—						—
非米国の機関担保抵当証券						2,832						2,684						—						—
債券・債務証券の合計						$	48,099					$	46,263					$	464					$	461

利用可能な債券・債務証券の公正価値は、主要セキュリティタイプごとの総未実現損失と、個々の証券が継続的な未実現損失の状態にある期間ごとに次のようになっていました：

						12か月未満												12か月以上												合計
(百万単位)						公正 価値						粗 未実現 Losses						公正 価値						粗 未実現 Losses						公正 価値						粗 未実現 Losses
2024年9月30日
債券・債務証券 - 有価証券売却可能:
米国政府および機関の債務						$	894					$	(7)					$	2,448					$	(175)					$	3,342					$	(182)
州および地方自治体の債務						726						(6)						4,278						(250)						5,004						(256)
資産						3,499						(18)						12,174						(763)						15,673						(781)
米国の機関住宅ローン担保証券						2,140						(20)						5,018						(580)						7,158						(600)
非米国の機関担保抵当証券						138						(1)						1,990						(153)						2,128						(154)
債券・債務証券の合計 - 有価証券						$	7,397					$	(52)					$	25,908					$	(1,921)					$	33,305					$	(1,973)
2023年12月31日
債券・債務証券 - 有価証券:
米国政府および機関の債務						$	1,270					$	(7)					$	2,077					$	(227)					$	3,347					$	(234)
州および地方自治体の債務						907						(7)						4,063						(315)						4,970						(322)
資産						1,826						(17)						14,696						(1,169)						16,522						(1,186)
米国の機関住宅ローン担保証券						1,337						(12)						5,069						(696)						6,406						(708)
非米国の機関担保抵当証券						279						(6)						2,202						(234)						2,481						(240)
債券・債務証券の合計 - 有価証券						$	5,619					$	(49)					$	28,107					$	(2,641)					$	33,726					$	(2,690)

2024年9月30日現在、会社の債券・債務証券からの未実現損失は約 27,000 のポジションから、合計 41,000 のポジションでした。会社は、公正価値を超える償却原価を有する債券・債務証券に対する元本および利息の回収を適時に行うと信じています。未実現損失は主に金利の上昇によって引き起こされており、これらの証券に関連する信用質の悪化によるものではなく、会社の元本および利息の回収可能性に対する評価に影響を与えました。 各報告期間において、会社は、投資の公正価値がその償却原価を下回っている場合に、売却可能な債券・債務証券の信用関連の減損について評価します。会社は、購入以来の信用質と発行者の信用格付け、そして期待されるキャッシュフローを評価し、信用の著しい悪化はないことを確認しました。2024年9月30日現在、会社は未実現損失の状態にある売却可能な債券・債務証券を売却する意図がありませんでした。したがって、会社はこれらの損失を一時的なものであると信じています。 2024年9月30日および2023年12月31日現在の売却可能な債券・債務証券に対する信用損失引当金は重要ではありませんでした。

9

---

目次

3.    公正価値

一部の資産および負債は、簡易連結財務諸表において公正価値で計測されるか、簡易連結財務諸表の注記に公正価値が開示されています。これらの資産および負債は、GAAPによって定義された3つの階層の内の1つに分類されます。

各金融商品クラスの公正価値を見積るために使用される方法および仮定の説明、および公正価値ヒエラルキー分類を判断するために使用された内容については、2023年の10-kの財務諸表の注記4、パートII、項目8「財務諸表および補足データ」に記載されている財務諸表に関する注釈を参照してください。

以下の表は、繰り返し発生する基準で測定される項目のフェアバリュー測定のレベルおよび帳簿価額の要約をまとめたものを、簡略化された連結貸借対照表で示しています:

(百万単位)						引用価格 を有する 市場 (Level 1)						その他 Observable 入力 (Level 2)						観測不可 入力 (レベル3)						合計 公正で思いやりのある 価値
2024年9月30日
現金及び現金同等物						$	32,230					$	170					$	—					$	32,400
債券・債務証券 - 売却可能：
アメリカ合衆国政府および機関の債務						4,682						146						—						4,828
州および地方自治体の債務						—						7,068						—						7,068
資産						27						22,719						307						23,053
米国の機関住宅ローン担保証券						—						8,630						—						8,630
非米国の機関担保抵当証券						—						2,684						—						2,684
合計債券・債務証券 - 売却可能						4,709						41,247						307						46,263
株式証券						1,833						25						65						1,923
公正価値による総資産						$	38,772					$	41,442					$	372					$	80,586
公正価値での総資産の割合						48		%				51		%				1		%				100		%
2023年12月31日
現金及び現金同等物						$	25,345					$	82					$	—					$	25,427
債券・債務証券 - 売却可能:
米国政府および機関の債務						4,167						276						—						4,443
州および地方自治体の債務						—						7,353						—						7,353
資産						15						21,800						202						22,017
米国の機関住宅ローン担保証券						—						8,296						—						8,296
非米国の機関担保抵当証券						—						2,786						—						2,786
売却可能な債券・債務証券の合計						4,182						40,511						202						44,895
株式証券						2,468						16						69						2,553
資産運用残高						1,505						2,140						110						3,755
公正価値による総資産						$	33,500					$	42,749					$	381					$	76,630
公正価値での総資産の割合						44		%				55		%				1		%				100		%

多くの主張があり、私はすべてを調べていなかったので、判断を下しませんでした。ただし、確認した特定の項目は、事実に基づいているように見えました。no 2024年または2023年の9ヶ月間におけるレベル3の金融資産または負債の移動。

10

---

目次

次の表は、繰り返し計測されない一部の金融商品の公正値評価レベルおよび帳簿価額による要約を、総括連結貸借対照表で示しています。

(百万単位)						引用価格 を有する 市場 (Level 1)						その他 Observable 入力 (Level 2)						観測不可 入力 (レベル3)						合計 公正 価値						総帳簿価額
2024年9月30日
債券・債務証券 - 満期保有						$	435					$	26					$	—					$	461					$	464
長期債務とその他の資金調達義務						$	—					$	75,798					$	—					$	75,798					$	76,780
2023年12月31日
債券・債務証券 - 満期保有						$	524					$	72					$	—					$	596					$	603
長期債務とその他の資金調達義務						$	—					$	59,851					$	—					$	59,851					$	61,449

非金融資産および負債または金融資産および負債は、非定期的に公正価値で測定される場合、特定の状況でのみ公正価値の調整を受けます。たとえば、会社が減損を記録する場合です。2024年9月30日時点で売却目的で保有されていた南アメリカの事業の資産と負債は、帳簿価値と売却コストを差し引いた公正価値のいずれか低い方で測定されました。公正価値は、会社の特定情報や市場条件から得られた推定販売価格など、観測不可能な額に基づいて測定されます。そこに何かがありました。 no 2024年または2023年9月30日までの9か月間に記録された資産および負債に対するその他の重要な公正価値調整がありました。

4.    医療関連費用支払可能額

以下の表は、9月30日に終了した9か月間の医療費支払いの変化の部品を示しています。

(百万単位)						2024						2023
医療関連費用、期首						$	32,395					$	29,056
取得（処分）、純						(755)						1
報告された医療関連費用：
今年度						197,750						180,423
前年						(600)						(760)
報告された医療関連費用の合計						197,150						179,663
医療関連支出：
当年度の医療関連支払い						(165,544)						(149,671)
過去年度の医療関連支払い						(29,095)						(26,257)
合計医療関連支払い						(194,639)						(175,928)
売却予定の事業に含まれる医療関連費用の支払いを控除						(200)						—
期間末の医療関連費用の支払い						$	33,951					$	32,792

For the nine months ended September 30, 2024 and 2023, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $24.1 billion and $22.3 billion at September 30, 2024 and December 31, 2023, respectively.

11

---

Table of Contents

5.    Short-Term Borrowings and Long-Term Debt

In March 2024, the Company issued $6.0 billion of senior unsecured notes consisting of the following:

(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 July 2024, the Company issued $12.0 billion of senior unsecured notes consisting of the following:

(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

As of September 30, 2024, the Company had $1.2 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.4%.

In May 2024, the Company entered into an additional $3 billion 364-day revolving bank credit facility and a $5 billion 364-day delayed draw term loan. The $5 billion 364-day delayed draw term loan was terminated in September 2024. As of September 30, 2024 no amount had been drawn on any of the bank credit facilities.

For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.

6.    Other Intangible Assets

The fair values and weighted-average useful lives assigned to intangible assets as a result of transactions completed during the nine months ended September 30, 2024 consisted of the following:

(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

12

---

Table of Contents

7.    Shareholders’ Equity

Share Repurchase Program

In June 2024, the Company’s Board of Directors amended the Company’s share repurchase program to authorize the repurchase of up to 35 million shares of Common Stock, in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program. As of September 30, 2024, the Company had 42 million shares remaining available under its share repurchase authorization.

Dividends

In June 2024, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $8.40 compared to $7.52 per share, which the Company had paid since June 2023. Declaration and payment of future quarterly dividends is at the discretion of the Board of Directors and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s dividend payments during the nine months ended September 30, 2024:

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

8.    Commitments and Contingencies

Pending Transactions

As of September 30, 2024, the Company had entered into transaction agreements in the health care sector, subject to regulatory approval and/or other customary closing conditions. The total anticipated consideration required for these transactions, excluding the payoff of acquired indebtedness, was approximately $5 billion.

Legal Matters

The Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices.

The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable a loss may be incurred.

Government Investigations, Audits and Reviews

The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office for Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the Defense Contract Audit Agency, the Food and Drug Administration and other governmental authorities. Similarly, the Company’s international businesses are also subject to investigations, audits and reviews by applicable foreign governments. The Company has also been responding to subpoenas, information requests and investigations from governmental entities. The Company can provide no assurance as to the scope and outcome of these matters and no assurance as to whether its business, financial condition or results of operations will be materially adversely affected. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the

13

---

Table of Contents

Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.

On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.

9.    Dispositions and Held for Sale

During the nine months ended September 30, 2024, the Company completed or initiated various business portfolio and asset disposition activities. The Company recorded a loss of $7.1 billion related to the sale of its Brazil operations, of which $4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss, and a loss of $1.2 billion related to the reclassification of the Company’s remaining South American operations as held for sale, of which $876 million related to the impact of cumulative foreign currency translation losses.

The Company also sold other businesses and assets for $1.0 billion in total consideration, with a carrying value of $241 million, and the difference reflected in the Condensed Consolidated Statement of Operations. The sales of the Company’s remaining South American assets are expected to close within a year, subject to regulatory and other customary closing conditions. Assets and liabilities held for sale have been included within prepaid and other current assets and other current liabilities on the Condensed Consolidated Balance Sheet, respectively.

The assets and liabilities of the Brazil and held for sale disposal groups as of the date of the sale and as of September 30, 2024, respectively, were as follows:

(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

(1)      Includes the effect of $876 million of cumulative foreign currency translation losses and $54 million of noncontrolling interests.

14

---

Table of Contents

10.    Segment Financial Information

The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.

The following tables present reportable segment financial information:

												Optum
(in millions)						UnitedHealthcare						Optum Health						Optum Insight						Optum Rx						Optum Eliminations						Optum						Corporate and Eliminations						Consolidated
Three Months Ended September 30, 2024
Revenues - unaffiliated customers:
Premiums						$	71,624					$	5,818					$	—					$	—					$	—					$	5,818					$	—					$	77,442
Products						—						84						41						12,506						—						12,631						—						12,631
Services						2,422						3,953						1,700						1,029						—						6,682						—						9,104
Total revenues - unaffiliated customers						74,046						9,855						1,741						13,535						—						25,131						—						99,177
Total revenues - affiliated customers						—						15,448						3,086						20,554						(1,130)						37,958						(37,958)						—
Investment and other income						807						614						104						118						—						836						—						1,643
Total revenues						$	74,853					$	25,917					$	4,931					$	34,207					$	(1,130)					$	63,925					$	(37,958)					$	100,820
Earnings from operations						$	4,212					$	2,161					$	791					$	1,544					$	—					$	4,496					$	—					$	8,708
Interest expense						—						—						—						—						—						—						(1,074)						(1,074)
Loss on sale of subsidiary and subsidiaries held for sale						(20)						—						—						—						—						—						—						(20)
Earnings before income taxes						$	4,192					$	2,161					$	791					$	1,544					$	—					$	4,496					$	(1,074)					$	7,614
Three Months Ended September 30, 2023
Revenues - unaffiliated customers:
Premiums						$	66,709					$	5,630					$	—					$	—					$	—					$	5,630					$	—					$	72,339
Products						—						61						40						10,253						—						10,354						—						10,354
Services						2,550						3,629						1,938						554						—						6,121						—						8,671
Total revenues - unaffiliated customers						69,259						9,320						1,978						10,807						—						22,105						—						91,364
Total revenues - affiliated customers						—						14,227						2,964						17,999						(961)						34,229						(34,229)						—
Investment and other income						594						317						35						51						—						403						—						997
Total revenues						$	69,853					$	23,864					$	4,977					$	28,857					$	(961)					$	56,737					$	(34,229)					$	92,361
Earnings from operations						$	4,592					$	1,568					$	1,109					$	1,257					$	—					$	3,934					$	—					$	8,526
Interest expense						—						—						—						—						—						—						(834)						(834)
Earnings before income taxes						$	4,592					$	1,568					$	1,109					$	1,257					$	—					$	3,934					$	(834)					$	7,692

15

---

Table of Contents

												Optum
(in millions)						UnitedHealthcare						Optum Health						Optum Insight						Optum Rx						Optum Eliminations						Optum						Corporate and Eliminations						Consolidated
Nine Months Ended September 30, 2024
Revenues - unaffiliated customers:
Premiums						$	214,867					$	17,460					$	—					$	—					$	—					$	17,460					$	—					$	232,327
Products						—						205						123						36,423						—						36,751						—						36,751
Services						7,339						12,006						4,807						2,590						—						19,403						—						26,742
Total revenues - unaffiliated customers						222,206						29,671						4,930						39,013						—						73,614						—						295,820
Total revenues - affiliated customers						—						48,641						8,887						58,208						(3,275)						112,461						(112,461)						—
Investment and other income						1,870						1,386						159						236						—						1,781						—						3,651
Total revenues						$	224,076					$	79,698					$	13,976					$	97,457					$	(3,275)					$	187,856					$	(112,461)					$	299,471
Earnings from operations						$	12,611					$	5,979					$	1,827					$	4,097					$	—					$	11,903					$	—					$	24,514
Interest expense						—						—						—						—						—						—						(2,903)						(2,903)
Loss on sale of subsidiary and subsidiaries held for sale						(8,331)						—						—						—						—						—						—						(8,331)
Earnings before income taxes						$	4,280					$	5,979					$	1,827					$	4,097					$	—					$	11,903					$	(2,903)					$	13,280
Nine Months Ended September 30, 2023
Revenues - unaffiliated customers:
Premiums						$	201,214					$	16,385					$	—					$	—					$	—					$	16,385					$	—					$	217,599
Products						—						156						119						30,997						—						31,272						—						31,272
Services						7,689						10,259						5,859						1,607						—						17,725						—						25,414
Total revenues - unaffiliated customers						208,903						26,800						5,978						32,604						—						65,382						—						274,285
Total revenues - affiliated customers						—						42,947						8,089						52,174						(2,713)						100,497						(100,497)						—
Investment and other income						1,649						1,038						80						143						—						1,261						—						2,910
Total revenues						$	210,552					$	70,785					$	14,147					$	84,921					$	(2,713)					$	167,140					$	(100,497)					$	277,195
Earnings from operations						$	13,293					$	4,869					$	2,984					$	3,523					$	—					$	11,376					$	—					$	24,669
Interest expense						—						—						—						—						—						—						(2,416)						(2,416)
Earnings before income taxes						$	13,293					$	4,869					$	2,984					$	3,523					$	—					$	11,376					$	(2,416)					$	22,253

16

---

Table of Contents

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read together with the accompanying Condensed Consolidated Financial Statements and Notes and with our 2023 10-K, including the Consolidated Financial Statements and Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in that report. Unless the context indicates otherwise, references to the terms “UnitedHealth Group,” the “Company,” “we,” “our” or “us” used throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations refer to UnitedHealth Group Incorporated and its consolidated subsidiaries.

Readers are cautioned that the statements, estimates, projections or outlook contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations, including discussions regarding financial prospects, economic conditions, trends and uncertainties contained in this Item 2, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the results discussed or implied in the forward-looking statements. A description of some of the risks and uncertainties is set forth in Part I, Item 1A, “Risk Factors” in our 2023 10-K and in the discussion below.

EXECUTIVE OVERVIEW

General

UnitedHealth Group is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve.

We have four reportable segments:

•Optum Health;

•Optum Insight;

•Optum Rx; and

•UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State.

Further information on our business is presented in Part I, Item 1, “Business” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 10-K and additional information on our segments can be found in this Item 2 and in Note 10 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Change Healthcare Cyberattack

As previously announced, on February 21, 2024, we identified that cybercrime threat actors had gained access to certain Change Healthcare information technology systems. Upon detection of this outside threat, we isolated the impacted systems to protect our partners and customers.

We have made substantial progress in mitigating the impact to consumers and care providers of the unprecedented cyberattack on the U.S. health system and have restored the majority of the affected Change Healthcare services. To support care providers we provided interest-free loans of nearly $9 billion through September 30, 2024. For the three and nine months ended September 30, 2024, we incurred $341 million and $1.7 billion of direct response costs, respectively; including increased medical care expenditures, as we suspended some care management activities to help care providers with their workflow processes; costs associated with providing interest-free loans; notifications of impacted persons; and network restoration. Optum Insight also experienced estimated business disruption impacts of $134 million and $747 million for the three and nine months ended September 30, 2024, respectively, reflecting lost revenue while maintaining full readiness of the affected Change Healthcare services. We expect to continue to incur direct response costs and experience business disruption impacts over the remainder of the year, which will continue at a lesser extent in 2025 as we work to bring transaction volumes back to pre-event levels and win new business.

Based upon our ongoing review of the impacted data, we have found files containing protected health information (PHI) or personally identifiable information (PII), which cover a substantial proportion of people in America. In June 2024, Change Healthcare gave public notice of the breach under the Health Insurance Portability and Accountability Act (HIPAA) and began notifying affected customer entities in June and individuals in late July. The investigation of impacted data is ongoing. It is

17

---

Table of Contents

possible that future risks and uncertainties resulting from the Change Healthcare cyberattack, including risks related to impacted data, litigation, reputational harm, and regulatory actions could adversely affect our financial condition or results of operations.

Business Trends

Our businesses participate in the United States and certain other international health markets. We expect overall spending on health care to continue to grow in the future, due to inflation, medical technology and pharmaceutical advancement, regulatory requirements, demographic trends in the population and national interest in health and well-being. The rate of market growth may be affected by a variety of factors, including macroeconomic conditions and regulatory changes, which could impact our results of operations, including our continued efforts to control health care costs.

Pricing Trends. To price our health care benefits, products and services, we start with our view of expected future costs, including medical cost trends, inflation and labor market dynamics. We frequently evaluate and adjust our approach in each of the local markets we serve, considering all relevant factors, such as product positioning, price competitiveness and environmental, competitive, legislative and regulatory considerations, including minimum medical loss ratio thresholds and similar revenue adjustments. We will continue seeking to balance growth and profitability across all these dimensions.

The commercial risk market remains highly competitive in the small group, large group and individual segments. We expect broad-based competition to continue as the industry adapts to individual and employer needs.

Government programs in the community and senior sector tend to receive lower rates of increase than the commercial market due to governmental budget pressures and lower cost trends.

Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. As expected and contemplated in our benefits design, we have continued to observe increased care patterns, primarily related to outpatient procedures for seniors, which may continue in future periods. In the third quarter, we also experienced higher medical costs due to a pronounced upshift in coding intensity by hospitals and an acceleration of the prescribing of certain high-cost specialty medications, primarily those used to treat cardiovascular disease, auto-immune disorders and cancer. We endeavor to mitigate these increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve quality, affordable care.

As a result of the Change Healthcare cyberattack, we incurred medical costs related to the impact of the temporary suspension of some care management activities, impacting our UnitedHealthcare and Optum Health businesses, to help care providers with their workflow processes. Early in the second quarter we resumed these activities. For the nine months ended September 30, 2024, medical costs related to the temporary suspension of some care management activities were $630 million.

Medicaid Redeterminations. Medicaid redeterminations have impacted the number of people served through our Medicaid offerings, partially offset by an increase in consumers served through our commercial offerings as we endeavor to ensure that people and families have continued access to care. The Medicaid redetermination process has also caused a timing mismatch between the current health status of people served through Medicaid and state rate updates, which remain well short of current care activity.

Regulatory Trends and Uncertainties

Medicare Advantage Rates. Medicare Advantage rate notices over the years have at times resulted in industry base rates well below the industry forward medical cost trend. For example, the Final Notices for 2024 and 2025 rates resulted in an industry base rate decrease, both well short of an increasing industry forward medical cost trend, creating continued pressure in the Medicare Advantage program. Further, substantial revisions to the risk adjustment model, which serves to adjust rates to reflect a patient’s health status and care resource needs, will result in reduced funding and potentially benefits for people, especially those with some of the greatest health and social challenges.

As a result of ongoing Medicare funding pressures, there are adjustments we can make to partially offset these rate pressures and reductions for a particular period. For example, we can seek to intensify our medical and operating cost management, make changes to the size and composition of our care provider networks, adjust member benefits and implement or increase the member premiums supplementing the monthly payments we receive from the government. Additionally, we decide annually on a county-by-county basis where we will offer Medicare Advantage plans.

18

---

Table of Contents

SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS

The following summarizes select third quarter 2024 year-over-year operating comparisons to third quarter 2023 and other financial results.

•Consolidated revenues grew 9%, UnitedHealthcare revenues grew 7% and Optum revenues grew 13%.

•UnitedHealthcare served 2.0 million more people domestically, driven by growth in commercial offerings, partially offset by the impact of Medicaid redeterminations.

•Consolidated earnings from operations of $8.7 billion compared to $8.5 billion last year.

•Diluted earnings per common share was $6.51.

•Cash flows from operations for the nine months ended September 30, 2024 were $21.8 billion.

RESULTS SUMMARY

The following table summarizes our consolidated results of operations and other financial information:

(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)

nm = not meaningful

(a)Medical care ratio (MCR) is calculated as medical costs divided by premium revenue.

(b)Net earnings margin attributable to UnitedHealth Group shareholders.

(c)Return on equity is calculated as annualized net earnings attributable to UnitedHealth Group common shareholders divided by average shareholders’ equity. Average shareholders’ equity is calculated using the shareholders’ equity balance at the end of the preceding year and the shareholders’ equity balances at the end of each of the quarters in the year presented.

19

---

Table of Contents

2024 RESULTS OF OPERATIONS COMPARED TO 2023 RESULTS OF OPERATIONS

Consolidated Financial Results

Revenues

The increases in revenues were primarily driven by growth in Optum Rx and Optum Health, growth across our UnitedHealthcare domestic offerings and pricing trends, partially offset by decreased UnitedHealthcare international revenue due to the sale of our Brazil operations.

Medical Costs and MCR

Medical costs increased primarily due to growth in people served through Medicare Advantage, those with higher acuity needs and domestic commercial offerings. The MCR increased as a result of the revenue effects of the Medicare funding reductions, decreased favorable reserve development and member mix. For the nine months ended September 30, 2024, the MCR also increased due to incremental medical costs for accommodations made to care providers as a result of the Change Healthcare cyberattack.

Operating Cost Ratio

The operating cost ratio decreased primarily due to operating cost management and business portfolio and asset dispositions, partially offset by the impact of our direct response efforts to the Change Healthcare cyberattack and investments to support future growth.

Loss on Sale of Subsidiary and Subsidiaries Held for Sale

On February 6, 2024, the Company completed the sale of its Brazil operations. During the nine months ended September 30, 2024, we recorded a loss of $7.1 billion, of which $4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss.

In the second quarter of 2024, the Company initiated a plan to sell its remaining South American operations, which were classified as held for sale as of September 30, 2024. As a result, the Company recorded a loss of $1.2 billion, of which $876 million related to the impact of cumulative foreign currency translation losses.

Reportable Segments

See Note 10 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report for more information on our segments. We utilize various metrics to evaluate and manage our reportable segments, including people served by UnitedHealthcare by major market segment and funding arrangement, people served by Optum Health and adjusted scripts for Optum Rx. These metrics are the main drivers of revenue, earnings and cash flows at each business. The metrics also allow management and investors to evaluate and understand business mix, including the level and scope of services provided to people, and pricing trends when comparing the metrics to revenue by segment.

20

---

Table of Contents

The following table presents a summary of the reportable segment financial information:

						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)		%

UnitedHealthcare

The following table summarizes UnitedHealthcare revenues by business:

						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		%

21

---

Table of Contents

The following table summarizes the number of people served by our UnitedHealthcare businesses, by major market segment and funding arrangement:

						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)		%

UnitedHealthcare’s revenues increased due to growth in the number of people served through Medicare Advantage, domestic commercial offerings and those with higher acuity needs, partially offset by decreased people served globally due to the sale of our Brazil operations and Medicaid offerings due to continued redeterminations. Earnings from operations decreased due to Medicare Advantage funding reductions, the impacts of Medicaid redeterminations and decreased favorable reserve development, partially offset by the factors impacting revenue above. For the nine months ended September 30, 2024, earnings from operations also decreased due to incremental medical costs for accommodations to support care providers as a result of the Change Healthcare cyberattack.

Optum

Total revenues increased due to growth at Optum Rx and Optum Health. Earnings from operations increased at Optum Health and Optum Rx, partially offset by the impacts of the Change Healthcare cyberattack. The results by segment were as follows:

Optum Health

Revenues at Optum Health increased primarily due to organic growth in patients served under value-based care arrangements. Earnings from operations increased due to cost management initiatives, business portfolio and asset dispositions and increased investment income, partially offset by Medicare Advantage funding reductions and costs associated with serving newly added patients under value-based care arrangements. Optum Health served approximately 104 million people and 103 million people as of September 30, 2024 and September 30, 2023, respectively.

Optum Insight

Revenues at Optum Insight decreased due the business disruption impacts from the Change Healthcare cyberattack, partially offset by growth in technology services. Earnings from operations decreased primarily due to the business disruption impacts and direct response costs related to the Change Healthcare cyberattack, partially offset by growth in business services.

Optum Rx

Revenues and earnings from operations at Optum Rx increased due to higher script volumes from both new clients and growth in existing clients and growth in pharmacy services. Earnings from operations also increased due to operating cost efficiencies and supply chain initiatives. Optum Rx fulfilled 407 million and 383 million adjusted scripts in the third quarters of 2024 and 2023, respectively.

22

---

Table of Contents

LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

Liquidity

Summary of our Major Sources and Uses of Cash and Cash Equivalents

						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)

2024 Cash Flows Compared to 2023 Cash Flows

Decreased cash flows provided by operating activities were primarily driven by the receipt of the October CMS premium payment of $11.9 billion in September 2023 and Change Healthcare cyberattack response actions. Other significant changes in sources or uses of cash year-over-year included increased net issuances of short-term borrowings and long-term debt, net sales and maturities of investments and decreased share repurchases, offset by loans to care providers in response to the Change Healthcare cyberattack, increased cash paid for acquisitions and other transactions and decreased customer funds administered.

Financial Condition

As of September 30, 2024, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $83.5 billion included approximately $32.4 billion of cash and cash equivalents (of which $5.2 billion was available for general corporate use), $46.3 billion of debt securities and $4.9 billion of investments in equity securities. Given the significant portion of our portfolio held in cash and cash equivalents, we do not anticipate fluctuations in the aggregate fair value of our financial assets to have a material impact on our liquidity or capital position. Our available-for-sale debt securities portfolio had a weighted-average duration of 4.0 years and a weighted-average credit rating of “Double A” as of September 30, 2024. When multiple credit ratings are available for an individual security, the average of the available ratings is used to determine the weighted-average credit rating.

23

---

Table of Contents

Capital Resources and Uses of Liquidity

In addition to cash flows from operations and cash and cash equivalent balances available for general corporate use, our capital resources and uses of liquidity are as follows:

Cash Requirements. A summary of our cash requirements as of December 31, 2023 was disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 10-K. During the nine months ended September 30, 2024, there were no material changes to this previously disclosed information outside the ordinary course of business. We believe our capital resources are sufficient to meet future, short-term and long-term, liquidity needs. We continually evaluate opportunities to expand our operations, including through internal development of new products, programs and technology applications and business combinations.

Short-Term Borrowings. Our revolving bank credit facilities provide liquidity support for our commercial paper borrowing program, which facilitates the private placement of unsecured debt through independent broker-dealers, and are available for general corporate purposes. For more information on our commercial paper and bank credit facilities, see Note 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report and Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in our 2023 10-K.

Our revolving bank credit facilities contain various covenants, including covenants requiring us to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. As of September 30, 2024, our debt to debt-plus-shareholders’ equity ratio, as defined and calculated under the credit facilities, was approximately 43%.

Long-Term Debt. Periodically, we access capital markets and issue long-term debt for general corporate purposes, such as to meet our working capital requirements, to refinance debt, to finance acquisitions or for share repurchases. For more information on our long-term debt, see Note 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report and Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in our 2023 10-K.

Credit Ratings. Our credit ratings as of September 30, 2024 were as follows:

Moody’s

S&P Global

Fitch

A.M. Best

Ratings

Outlook

Ratings

Outlook

Ratings

Outlook

Ratings

Outlook

Senior unsecured debt

A2

Stable

A+

Stable

A

Stable

A

Stable

Commercial paper

P-1

n/a

A-1

n/a

F1

n/a

AMB-1+

n/a

The availability of financing in the form of debt or equity is influenced by many factors, including our profitability, operating cash flows, debt levels, credit ratings, debt covenants and other contractual restrictions, regulatory requirements and economic and market conditions. A significant downgrade in our credit ratings or adverse conditions in the capital markets may increase the cost of borrowing for us or limit our access to capital.

Share Repurchase Program. During the nine months ended September 30, 2024, we repurchased approximately 7.7 million shares at an average price of $521.21 per share. In June 2024, our Board of Directors amended our share repurchase program to authorize the repurchase of up to 35 million shares of Common Stock, in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program. As of September 30, 2024, we had Board of Directors’ authorization to purchase up to 42 million shares of our common stock. The Board of Directors from time to time may further amend the share repurchase program in order to increase the authorized number of shares which may be repurchased under the program.

Dividends. In June 2024, our Board of Directors increased our quarterly cash dividend to an annual rate of $8.40 compared to $7.52 per share, which we had paid since June 2023. For more information on our dividend, see Note 7 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Pending Transactions. As of September 30, 2024, the Company had entered into transaction agreements in the health care sector, subject to regulatory approval and/or other customary closing conditions. The total anticipated consideration required for these transactions, excluding the payoff of acquired indebtedness, was approximately $5 billion.

For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7 in our 2023 10-K.

24

---

Table of Contents

RECENTLY ISSUED ACCOUNTING STANDARDS

There are no recently issued accounting standards that are expected to have a material impact on our Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING ESTIMATES

In preparing our Condensed Consolidated Financial Statements, we are required to make judgments, assumptions and estimates, which we believe are reasonable and prudent based on the available facts and circumstances. These judgments, assumptions and estimates affect certain of our revenues and expenses and their related balance sheet accounts and disclosure of our contingent liabilities. We base our assumptions and estimates primarily on historical experience and consider known and projected trends. On an ongoing basis, we re-evaluate our selection of assumptions and the method of calculating our estimates. Actual results, however, may materially differ from our calculated estimates, and this difference would be reported in our current operations.

Our critical accounting estimates include medical costs payable and goodwill. For a detailed description of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7 in our 2023 10-K. For a detailed discussion of our significant accounting policies, see Note 2 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in our 2023 10-K.

FORWARD-LOOKING STATEMENTS

The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to complete, manage or integrate strategic transactions; risk and uncertainties associated with the continuing sale of operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.

This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

25

---

Table of Contents

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We manage exposure to market interest rates by diversifying investments across different fixed-income market sectors and debt across maturities, as well as by matching a portion of our floating-rate assets and liabilities, either directly or through the use of interest rate swap contracts. Unrealized gains and losses on investments in available-for-sale debt securities are reported in comprehensive income.

The following table summarizes the impact of hypothetical changes in market interest rates across the entire yield curve by 1% point or 2% points as of September 30, 2024 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):

						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

Note: The impact of hypothetical changes in interest rates may not reflect the full 100 or 200 basis point change on interest income and interest expense or on the fair value of financial assets and liabilities as the rates are assumed to not fall below zero.

ITEM 4.    CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

In connection with the filing of this quarterly report on Form 10-Q, management evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2024.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

A description of our legal proceedings is included in and incorporated by reference to Note 8 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

ITEM 1A.    RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” of our 2023 10-K, which could materially affect our business, financial condition or future results. The risks described in our 2023 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

There have been no material changes to the risk factors as disclosed in our 2023 10-K.

26

---

Table of Contents

ITEM 2.    UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities (a)

Third Quarter 2024

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

(a)    In November 1997, our Board of Directors adopted a share repurchase program, which the Board of Directors evaluates periodically. In June 2024, the Board of Directors amended our share repurchase program to authorize the repurchase of up to 35 million shares of our common stock in open market purchases or other types of transactions (including prepaid or structured repurchase programs), in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program. There is no established expiration date for the program. The Board of Directors from time to time may further amend the share repurchase program in order to increase the authorized number of shares which may be repurchased under the program.

ITEM 5.    OTHER INFORMATION

Trading Arrangements

During the quarter ended September 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any non-Rule 10b5-1 trading arrangement.

27

---

Table of Contents

ITEM 6.    EXHIBITS*

The following exhibits are filed or incorporated by reference herein in response to Item 601 of Regulation S-K. The Company files Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K pursuant to the Securities Exchange Act of 1934 under Commission File No. 1-10864.

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.

28

---

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

UNITEDHEALTH GROUP INCORPORATED

 

/s/ ANDREW WITTY

Chief Executive Officer (principal executive officer)

Dated:

November 4, 2024

Andrew Witty

/s/ JOHN REX

President and Chief Financial Officer (principal financial officer)

Dated:

November 4, 2024

John Rex

/s/ THOMAS ROOS

Senior Vice President and Chief Accounting Officer (principal accounting officer)

Dated:

November 4, 2024

Thomas Roos

29