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美国

证券交易委员会

华盛顿特区20549

__________________________________________________________ 

表格 10-Q

__________________________________________________________ 

☒			根据1934年证券交易法第13或15(d)节的季度报告

截至季度结束日期的财务报告2024年9月30日

或者

☐			根据1934年证券交易法第13或15(d)节的转型报告书

转换期从_______到_______

委托文件编号：001-398661-10864

__________________________________________________________ 

UnitedHealth Group Incorporated

(根据其章程规定的注册人准确名称)

 __________________________________________________________ 

特拉华州

41-1321939

（国家或其他管辖区的 公司成立或组织）

（IRS雇主 唯一识别号码）

9900 Bren Road East

55343

纽约大道西北655号

20001

明尼托卡

明尼苏达州

华盛顿

DC

，（主要行政办公地址）

(邮政编码)

，（主要行政办公地址）

(邮政编码)

(800) 328-5979

(注册人电话号码，包括区号)

_________________________________________________________  

在法案第12(b)条的规定下注册的证券：

每一类的名称

交易标志

在其上注册的交易所的名称

普通股，面值为0.01美元

联合健康

请使用moomoo账号登录查看New York Stock Exchange

请勾选以下内容。申报人是否（1）在过去12个月内（或申报人需要报告这些报告的时间较短的期间内）已提交证券交易法规定的第13或15（d）条要求提交的所有报告；以及（2）过去90天内已被要求提交此类报告。    是 ☒否☐

请勾选以下内容。申报人是否已在过去12个月内（或申报人需要提交此类文件的时间较短的期间内）逐个以电子方式提交了根据规则405提交的互动数据文件。这章的交易中规定。    是 ☒否☐

请勾选指示注册人是大型加速命名文件提交者、快速命名文件提交者、非快速命名文件提交者、较小的报告公司还是新兴成长型公司。请参阅《交易所法》第120亿.2条中“大型加速命名文件提交者”、“快速命名文件提交者”、“较小的报告公司”和“新兴成长型公司”的定义。

大型加速报告人

☒

加速文件申报人

☐

非加速文件提交人

☐

更小的报告公司

☐

新兴成长公司

☐

如果是新兴成长型公司，请在复选框中打勾，以确定注册人是否选择不使用在1934年证券交易法第13(a)条项下提供的任何新的或修订的财务会计准准则的延长过渡期。 ☐

勾选适用于报告人是外壳公司（如《交易所条例》120亿.2条中定义的那样）。 是☐ 否。☒

截至2024年10月31日，有 920,284,334股。

---

联合健康集团

目录

 

第I部分 财务信息
项目1。						基本报表（未经审计）						1
						截至**年**月**日的压缩合并资产负债表 九月 2024年12月31日和2023年12月31日						1
						三个月和 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 2024年和2023年 30						2
						为期三个月和六个月的简明综合收益表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 30、2024和2023年						3
						三个控件的合并综合股东权益变动报表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 30、2024和2023年						4
						的现金流简明汇总表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 30、2024和2023年						6
						简明合并财务报表附注						7
						1.			报告范围			7
						2.			投资			8
						3.			公正价值			10
						4.			医疗费用应付款			11
						5.			开空期借款和开多期债务			12
						6.			其他无形资产			12
						7.			普通股			13
						8.			承诺和事后约定			13
						9.			处置与待售			14
						10.			分段财务信息			15
项目2。						分销计划						17
项目3。						有关市场风险的定量和定性披露						26
项目4。						控制和程序						26
第二部分 其他信息
项目1。						法律诉讼						26
项目1A。						风险因素						26
项目2。						未注册的股票股权销售和筹款用途						27
项目5。						其他信息						27
项目6。						展示资料						28
签名												29

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第一部分

ITEm 1.    基本报表

联合健康集团

汇编的综合资产负债表

(未经审计)

（以百万计，每股数据除外）						九月三十日 2024						十二月三十一日 2023
资产
流动资产：
现金和现金等价物						$	32,400					$	25,427
短期投资						4,734						4,201
应收账款，净额						20,024						21,276
其他流动应收账款，净额						27,461						17,694
管理的资产						—						3,755
预付费用和其他流动资产						7,639						6,084
流动资产总额						92,258						78,437
长期投资						48,689						47,609
财产、设备和资本化软件，净额						10,139						11,450
善意						105,978						103,732
其他无形资产，净额						23,594						15,194
其他资产						18,651						17,298
总资产						$	299,309					$	273,720
负债、可赎回的非控制性权益和权益
流动负债：
应付的医疗费用						$	33,951					$	32,395
应付账款和应计负债						33,080						31,958
短期借款和长期债务的当前到期日						3,909						4,274
未赚取的收入						3,320						3,355
其他流动负债						27,305						27,072
流动负债总额						101,565						99,054
长期债务，减去当前到期日						74,101						58,263
递延所得税						4,014						3,021
其他负债						15,174						14,463
负债总额						194,854						174,801
承付款和或有开支（注8）
可赎回的非控制性权益						4,574						4,498
股权：
优先股，$0.001 面值- 10 已获授权的股份； 不 已发行或流通的股份						—						—
普通股，$0.01 面值- 3,000 已获授权的股份； 923 和 924 已发行和尚未发行						9						9
额外的实收资本						461						—
留存收益						96,518						95,774
累计其他综合亏损						(2,453)						(7,027)
不可赎回的非控制性权益						5,346						5,665
权益总额						99,881						94,421
负债、可赎回的非控制性权益和权益总额						$	299,309					$	273,720

请参阅规则13d-7(b)以获取应抄送副本的其他各方。基本合并财务报表注释

1

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目录

联合健康集团

简明的汇总操作表

(未经审计)

						三个月已结束 九月三十日												九个月已结束 九月三十日
（以百万计，每股数据除外）						2024						2023						2024						2023
收入：
保费						$	77,442					$	72,339					$	232,327					$	217,599
产品						12,631						10,354						36,751						31,272
服务						9,104						8,671						26,742						25,414
投资和其他收入						1,643						997						3,651						2,910
总收入						100,820						92,361						299,471						277,195
运营成本：
医疗费用						65,957						59,550						197,150						179,663
运营成本						13,280						13,855						40,519						41,289
销售产品的成本						11,834						9,423						34,230						28,576
折旧和摊销						1,041						1,007						3,058						2,998
总运营成本						92,112						83,835						274,957						252,526
运营收益						8,708						8,526						24,514						24,669
利息支出						(1,074)						(834)						(2,903)						(2,416)
待售子公司和子公司的出售亏损						(20)						—						(8,331)						—
所得税前收益						7,614						7,692						13,280						22,253
所得税准备金						(1,356)						(1,654)						(3,822)						(4,784)
净收益						6,258						6,038						9,458						17,469
归属于非控股权益的收益						(203)						(197)						(596)						(543)
归属于联合健康集团普通股股东的净收益						$	6,055					$	5,841					$	8,862					$	16,926
归属于联合健康集团普通股股东的每股收益：
基本						$	6.56					$	6.31					$	9.61					$	18.20
稀释						$	6.51					$	6.24					$	9.53					$	18.01
已发行普通股的基本加权平均数						923						926						922						930
普通股等价物的稀释效应						7						10						8						10
摊薄后的加权平均已发行普通股数量						930						936						930						940
在计算普通股等价物的稀释效应时不包括反稀释股票						4						6						6						6

请参阅规则13d-7(b)以获取应抄送副本的其他各方。基本合并财务报表注释

2

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目录

联合健康集团

综合损益总表

(未经查核)

						三个月结束了 九月三十日，												截至九个月 九月三十日，
(以百万为单位)						2024						2023						2024						2023
净收益						$	6,258					$	6,038					$	9,458					$	17,469
其他综合损益：
投资证券在期间内的未实现收益（损失）						1,434						(893)						1,069						(684)
所得税影响						(328)						204						(243)						156
总未实现收益（损失），税后净额						1,106						(689)						826						(528)
净实现收益（损失）的总再分类调整，计入净收益中						(291)						7						(349)						(27)
所得税效应						67						(2)						80						6
总再分类调整，税后净额						(224)						5						(269)						(21)
外币翻译收益（损失）						88						(354)						(197)						254
所得亏损的再分类调整，计入净收益中						—						—						4,214						—
总外币翻译收益（损失）						88						(354)						4,017						254
其他全面收益（损失）						970						(1,038)						4,574						(295)
综合收益						7,228						5,000						14,032						17,174
综合收益归属于非控制权益						(203)						(197)						(596)						(543)
归属于联合健康集团普通股股东的综合收益						$	7,025					$	4,803					$	13,436					$	16,631

请查看 简明合并财务报表附注

3

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目录

联合健康集团

综合收益变动表

(未经查核)

						普通股												资本公积金						保留收益						累积其他综合损失												不可赎回的非控股权益						总计 股权
截至9月30日的三个月内， (以百万为单位)						股份						金额																		投资标的未实现损失或收益						外币翻译损失或收益
2024年6月30日余额						921						$	9					$	373					$	92,400					$	(2,296)					$	(1,127)					$	5,317					$	94,676
净收益																								6,055																		155						6,210
其他综合收益																														882						88												970
普通股发行及相关税务影响						4						—						842																														842
基于股份的报酬																		208																														208
普通股份回购						(2)						—						(957)						—																								(957)
普通股支付的现金股息（$2.10 每股)																								(1,937)																								(1,937)
可赎回非控制权益公平价值及其他调整																		(5)																														(5)
可赎回非控制权益的收购及其他调整																																										28						28
支付给不可赎回非控制权益的分红																																										(154)						(154)
2024年9月30日结余						923						$	9					$	461					$	96,518					$	(1,414)					$	(1,039)					$	5,346					$	99,881
2023年6月30日结余						927						$	9					$	—					$	89,994					$	(2,643)					$	(5,007)					$	5,015					$	87,368
净收益																								5,841																		149						5,990
其他全面损失																														(684)						(354)												(1,038)
普通股的发行以及相关税务影响						1						—						395																														395
基于股份的报酬																		235																														235
普通股回购						(3)						—						(588)						(923)																								(1,511)
普通股的现金分红支付（$1.88 每股)																								(1,739)																								(1,739)
可赎回非控制权益的公允价值及其他调整																		(42)																														(42)
非可赎回非控制性权益的收购及其他调整																																										42						42
分配予非可赎回非控制权益																																										(136)						(136)
截至2023年9月30日的结余						925						$	9					$	—					$	93,173					$	(3,327)					$	(5,361)					$	5,070					$	89,564

请查看 简明合并财务报表附注

4

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目录

联合健康集团

综合收益变动表

(未经查核)

						普通股												资本公积金						保留收益						累积其他综合损失												不可赎回的非控股权益						总计 股权
截至九月三十日止九个月， (以百万为单位)						股份						金额																		投资标的未实现损失或收益						外币翻译损失或收益
2024 年 1 月 1 日结存						924						$	9					$	—					$	95,774					$	(1,971)					$	(5,056)					$	5,665					$	94,421
净收益																								8,862																		462						9,324
其他综合收益																														557						4,017												4,574
普通股的发行以及相关税务影响						7						—						1,280																														1,280
基于股份的报酬																		770																														770
普通股份回购						(8)						—						(1,528)						(2,517)																								(4,045)
普通股的现金分红支付（$6.08 每股)																								(5,601)																								(5,601)
可赎回非控制权益的公允价值及其他调整																		(61)																														(61)
非可赎回非控制性权益的收购及其他调整																																										(291)						(291)
分配予非可赎回非控制权益																																										(490)						(490)
2024年9月30日结余						923						$	9					$	461					$	96,518					$	(1,414)					$	(1,039)					$	5,346					$	99,881
2023 年 1 月 1 日结存						934						$	9					$	—					$	86,156					$	(2,778)					$	(5,615)					$	3,678					$	81,450
净收益																								16,926																		401						17,327
其他综合（损失）收益																														(549)						254												(295)
普通股的发行以及相关税务影响						4						—						963																														963
基于股份的报酬																		833																														833
普通股份回购						(13)						—						(1,663)						(4,886)																								(6,549)
普通股的现金分红支付（$5.41 每股)																								(5,023)																								(5,023)
可赎回非控制权益的公允价值及其他调整																		(133)																														(133)
非可赎回非控制性权益的收购及其他调整																																										1,339						1,339
分配予非可赎回非控制权益																																										(348)						(348)
截至2023年9月30日的结余						925						$	9					$	—					$	93,173					$	(3,327)					$	(5,361)					$	5,070					$	89,564

请查看 简明合并财务报表附注

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联合健康集团

简明合并现金流量量表

(未经查核)

						截至九个月 九月三十日，
(以百万为单位)						2024						2023
营运活动
净收益						$	9,458					$	17,469
非现金项目:
折旧与摊提						3,058						2,998
推延所得税						(234)						(494)
基于股份的报酬						831						851
亏损出售附属公司及出售持有子公司						8,331						—
其他，净额						(610)						(59)
其他营运项目的净变动，扣除并购和处分之影响：
应收帐款						685						(2,574)
其他资产						(2,988)						(2,358)
医疗成本应付						2,235						3,837
应付帐款及其他负债						1,250						2,370
未来营业收入						(181)						12,221
来自经营活动的现金流量						21,835						34,261
投资活动
投资购买						(19,951)						(12,998)
投资出售收益						15,065						3,674
通过员工股权激励计划出售股份的收益						6,738						6,474
用于收购及其他交易支付的现金，扣除承担的现金净额						(11,674)						(8,389)
物业、设备和资本化软体的购买						(2,587)						(2,427)
向护理提供者的贷款-网络攻击						(8,904)						—
护理提供者贷款的还款-网络攻击						3,189						—
其他，净额						(1,284)						(721)
用于投资活动的现金流						(19,408)						(14,387)
融资活动
普通股份回购						(4,028)						(6,500)
支付的现金股利						(5,601)						(5,023)
普通股发行所得						1,611						1,039
偿还长期债务						(2,500)						(2,125)
(短期借款的)偿还款项净额						(191)						1,579
发行长期债务证券所得						17,811						6,394
客户所委托的资金						(1,059)						2,037
其他，净额						(1,213)						(1,774)
筹集资金及支付资金之现金流量						4,830						(4,373)
汇率变动对现金及现金等价物的影响						(30)						49
现金及现金等价物增加，包括待售业务中的现金						7,227						15,550
减少：用于出售的企业内的现金						(254)						—
现金及现金等价物净增加						6,973						15,550
期初现金及现金等价物						25,427						23,365
现金及现金等价物期末余额						$	32,400					$	38,915

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联合健康集团

简明合并财务报表注释

(未经查核)

1.    报告基础

联合健康集团有限公司（单独及与其附属公司合称"联合健康集团"和"公司"）是一家医疗保健和幸福公司，旨在帮助人们过上更健康的生活，并帮助使健康系统更好地为每个人服务。公司的两个独特但互补的业务——Optum和UnitedHealthcare——正努力通过改善接入、可负担性、效果和体验，来帮助建立现代化、高效能的健康系统，为公司有幸服务的个人和组织提供服务。

公司根据美国通用会计准则（GAAP）编制了简明合并基本报表，并包括了联合健康集团及其附属公司的账户。年终简明合并资产负债表是从经过审计的基本财务报表获得的，但不包括GAAP要求的所有披露。根据美国证券交易委员会（SEC）的规则和条例，公司已省略了会大致重复其年度经过审计的综合财务报表中所包含的披露的某些注脚披露。因此，这些简明合并基本报表应该与其年度报告第II部分第8项“基本报表和补充资料”中包括的综合财务报表和注释一起阅读，该报告已提交给SEC（2023年10-K）。随附的简明合并基本报表包括为公正呈现中期财务报表而必须进行的所有正常重复调整。

估计的使用

这些综合总表包括公司根据其最佳估计和判断制定的某些金额。 公司最重要的估计与医疗成本支付和商誉有关。 这些估计中的某些需要应用复杂的假设和判断，通常是因为涉及内在不确定性且可能在后续期间发生变化的事项。 任何估计变化的影响已包含在调整估计的年份收益中。

收入 - 产品与服务

截至2024年9月30日和2023年12月31日，产品和服务相关的应收帐款分别为$9.2十数亿美元8.6十分之一是十亿美元。截至2024年9月30日，预计在任何未来年度中将认列的营业收入与剩余履约义务有关，不包括原始预期持续时间为一年或更短的合同，按照发出发票来认列营业收入的合同以及与未交付履约义务有关的变量合约，其金额为$13.0十分之一是十亿美元，其中约一半预计将于未来 三年.

资产管理

2024年7月，公司修订并重新签署其医疗补充计划，与一家会员组织（医疗补充计划）合作。修订内容授予公司在医疗补充计划推广活动中使用商业名称和其他知识产权的权利。之前列报作为资产管理的金额现已根据其分类包括在公司的简明合并资产负债表中。

在修订和重新修订的医疗补充计划之前的期间，公司在其简明综合现金流量表中排除了某些资产负债表金额的影响，而这些影响在修订后的期间被纳入。.

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2.    投资

A summary of debt securities by major security type is as follows:

(in millions)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations						$	5,005					$	5					$	(182)					$	4,828
State and municipal obligations						7,301						23						(256)						7,068
Corporate obligations						23,752						82						(781)						23,053
U.S. agency mortgage-backed securities						9,209						21						(600)						8,630
Non-U.S. agency mortgage-backed securities						2,832						6						(154)						2,684
Total debt securities - available-for-sale						48,099						137						(1,973)						46,263
Debt securities - held-to-maturity:
U.S. government and agency obligations						414						1						(2)						413
State and municipal obligations						28						—						(2)						26
Corporate obligations						22						—						—						22
Total debt securities - held-to-maturity						464						1						(4)						461
Total debt securities						$	48,563					$	138					$	(1,977)					$	46,724
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations						$	4,674					$	3					$	(234)					$	4,443
State and municipal obligations						7,636						39						(322)						7,353
Corporate obligations						23,136						67						(1,186)						22,017
U.S. agency mortgage-backed securities						8,982						22						(708)						8,296
Non-U.S. agency mortgage-backed securities						3,023						3						(240)						2,786
Total debt securities - available-for-sale						47,451						134						(2,690)						44,895
Debt securities - held-to-maturity:
U.S. government and agency obligations						506						1						(6)						501
State and municipal obligations						28						—						(2)						26
Corporate obligations						69						—						—						69
Total debt securities - held-to-maturity						603						1						(8)						596
Total debt securities						$	48,054					$	135					$	(2,698)					$	45,491

The Company held $4.9 billion of equity securities as of September 30, 2024 and December 31, 2023. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. Additionally, the Company’s investments included $1.8 billion and $1.4 billion of equity method investments primarily in operating businesses in the health care sector as of September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2024 and December 31, 2023 was not material.

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The amortized cost and fair value of debt securities as of September 30, 2024, by contractual maturity, were as follows:

						Available-for-Sale												Held-to-Maturity
(in millions)						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less						$	4,881					$	4,861					$	320					$	319
Due after one year through five years						15,152						14,810						113						114
Due after five years through ten years						10,993						10,432						14						13
Due after ten years						5,032						4,846						17						15
U.S. agency mortgage-backed securities						9,209						8,630						—						—
Non-U.S. agency mortgage-backed securities						2,832						2,684						—						—
Total debt securities						$	48,099					$	46,263					$	464					$	461

The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:

						Less Than 12 Months												12 Months or Greater												Total
(in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations						$	894					$	(7)					$	2,448					$	(175)					$	3,342					$	(182)
State and municipal obligations						726						(6)						4,278						(250)						5,004						(256)
Corporate obligations						3,499						(18)						12,174						(763)						15,673						(781)
U.S. agency mortgage-backed securities						2,140						(20)						5,018						(580)						7,158						(600)
Non-U.S. agency mortgage-backed securities						138						(1)						1,990						(153)						2,128						(154)
Total debt securities - available-for-sale						$	7,397					$	(52)					$	25,908					$	(1,921)					$	33,305					$	(1,973)
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations						$	1,270					$	(7)					$	2,077					$	(227)					$	3,347					$	(234)
State and municipal obligations						907						(7)						4,063						(315)						4,970						(322)
Corporate obligations						1,826						(17)						14,696						(1,169)						16,522						(1,186)
U.S. agency mortgage-backed securities						1,337						(12)						5,069						(696)						6,406						(708)
Non-U.S. agency mortgage-backed securities						279						(6)						2,202						(234)						2,481						(240)
Total debt securities - available-for-sale						$	5,619					$	(49)					$	28,107					$	(2,641)					$	33,726					$	(2,690)

The Company’s unrealized losses from debt securities as of September 30, 2024 were generated from approximately 27,000 positions out of a total of 41,000 positions. The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of September 30, 2024, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at September 30, 2024 and December 31, 2023 was not material.

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3.    Fair Value

Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 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 table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

(in millions)						Quoted Prices in Active Markets (Level 1)						Other Observable Inputs (Level 2)						Unobservable Inputs (Level 3)						Total Fair and Carrying Value
September 30, 2024
Cash and cash equivalents						$	32,230					$	170					$	—					$	32,400
Debt securities - available-for-sale:
U.S. government and agency obligations						4,682						146						—						4,828
State and municipal obligations						—						7,068						—						7,068
Corporate obligations						27						22,719						307						23,053
U.S. agency mortgage-backed securities						—						8,630						—						8,630
Non-U.S. agency mortgage-backed securities						—						2,684						—						2,684
Total debt securities - available-for-sale						4,709						41,247						307						46,263
Equity securities						1,833						25						65						1,923
Total assets at fair value						$	38,772					$	41,442					$	372					$	80,586
Percentage of total assets at fair value						48		%				51		%				1		%				100		%
December 31, 2023
Cash and cash equivalents						$	25,345					$	82					$	—					$	25,427
Debt securities - available-for-sale:
U.S. government and agency obligations						4,167						276						—						4,443
State and municipal obligations						—						7,353						—						7,353
Corporate obligations						15						21,800						202						22,017
U.S. agency mortgage-backed securities						—						8,296						—						8,296
Non-U.S. agency mortgage-backed securities						—						2,786						—						2,786
Total debt securities - available-for-sale						4,182						40,511						202						44,895
Equity securities						2,468						16						69						2,553
Assets under management						1,505						2,140						110						3,755
Total assets at fair value						$	33,500					$	42,749					$	381					$	76,630
Percentage of total assets at fair value						44		%				55		%				1		%				100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 30, 2024 or 2023.

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The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

(in millions)						Quoted Prices in Active Markets (Level 1)						Other Observable Inputs (Level 2)						Unobservable Inputs (Level 3)						Total Fair Value						Total Carrying Value
September 30, 2024
Debt securities - held-to-maturity						$	435					$	26					$	—					$	461					$	464
Long-term debt and other financing obligations						$	—					$	75,798					$	—					$	75,798					$	76,780
December 31, 2023
Debt securities - held-to-maturity						$	524					$	72					$	—					$	596					$	603
Long-term debt and other financing obligations						$	—					$	59,851					$	—					$	59,851					$	61,449

Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. The assets and liabilities within our South American operations held for sale as of September 30, 2024 were measured at the lower of carrying value or fair value less cost to sell. Fair value is measured based upon unobservable amounts, such as estimated selling price derived from Company-specific information and market conditions. There were no other significant fair value adjustments for assets and liabilities recorded during the nine months ended September 30, 2024 or 2023.

4.    Medical Costs Payable

The following table shows the components of the change in medical costs payable for the nine months ended September 30:

(in millions)						2024						2023
Medical costs payable, beginning of period						$	32,395					$	29,056
Acquisitions (dispositions), net						(755)						1
Reported medical costs:
Current year						197,750						180,423
Prior years						(600)						(760)
Total reported medical costs						197,150						179,663
Medical payments:
Payments for current year						(165,544)						(149,671)
Payments for prior years						(29,095)						(26,257)
Total medical payments						(194,639)						(175,928)
Less: medical costs payable included within businesses held for sale						(200)						—
Medical costs payable, end of period						$	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.

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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

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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

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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.

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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

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												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

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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

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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.

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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.

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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.

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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		%

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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