UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File Number: 1-10864 ...

UnitedHealth Group Incorporated (NYSE:UNH) Q1 2023 Earnings Conference Call April 14, 2023 8:45 AM ET Company Participants Andrew Witty - Chief Executive Officer Dirk McMahon - President and Chief Operating Officer Heather Cianfrocco - Chief Executive Officer Optum Rx John Rex - Chief Financial Officer Brian Thompson - Chief Executive Officer, UnitedHealthcare Wyatt Decker - Chief Executive Officer, Optum Health Dan Kueter - Chief Executive Officer, Commercial Business Conference Call Participants A.J. Rice ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) UnitedHealth Group is a diversified healthcare company operating through Optum and UnitedHealthcare, organized into four segments and subject to extensive regulation [Overview](index=4&type=section&id=1.1%20Overview) UnitedHealth Group operates through Optum and UnitedHealthcare platforms, structured into four reportable segments to improve health outcomes - The company operates through two distinct platforms: **Optum** (health services) and **UnitedHealthcare** (health benefits)[4](index=4&type=chunk) - There are four reportable segments: **Optum Health, Optum Insight, Optum Rx, and UnitedHealthcare**[4](index=4&type=chunk) [Optum](index=4&type=section&id=1.2%20Optum) Optum provides information and technology-enabled health services through Optum Health, Optum Insight, and Optum Rx, serving diverse markets - Optum Health delivers care to **102 million consumers** and serves over **100 health payer partners**[7](index=7&type=chunk) - Optum Insight's order backlog grew to **$30.0 billion** as of December 31, 2022, up from **$22.4 billion** in 2021[10](index=10&type=chunk) - In 2022, Optum Rx managed **$124 billion** in pharmaceutical spending, including **$52 billion** in specialty pharmaceuticals[11](index=11&type=chunk) [UnitedHealthcare](index=6&type=section&id=1.3%20UnitedHealthcare) UnitedHealthcare provides diverse health benefit products and services, serving millions across Employer & Individual, Medicare & Retirement, and Community & State segments UnitedHealthcare Members Served (as of Dec 31, 2022) | Segment | Members Served (in millions) | | :--- | :--- | | Employer & Individual (Domestic) | 26.7 | | Employer & Individual (Global) | 7.7 | | Medicare Advantage | 7.1 | | Medicare Part D (Total) | 9.6 | | Medicare Supplement | 4.4 | | Community & State (Medicaid) | 8.2 | - Premium revenues from CMS represented **38%** of UnitedHealth Group's total consolidated revenues in 2022[18](index=18&type=chunk) - The HouseCalls program performed nearly **2.3 million** in-home clinical visits in 2022 for Medicare Advantage members[16](index=16&type=chunk) [Government Regulation](index=10&type=section&id=1.4%20Government%20Regulation) The company's businesses are subject to comprehensive U.S. federal, state, and international laws, including CMS, HIPAA, ERISA, and specific regulations for pharmacy and banking operations - The company is subject to extensive federal and state laws, with significant oversight from **CMS** for Medicare and Medicaid programs[20](index=20&type=chunk)[21](index=21&type=chunk) - Operations are subject to privacy and security regulations under **HIPAA** and **HITECH** for protected health information[21](index=21&type=chunk)[22](index=22&type=chunk) - State laws regulate insurance subsidiaries, PBMs, and corporate practice of medicine, requiring licensure and minimum capital[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Optum Bank is regulated by the **FDIC** and Utah State Department of Financial Institutions, while international operations are subject to local laws and **FCPA**[27](index=27&type=chunk)[29](index=29&type=chunk) [Human Capital Resources](index=13&type=section&id=1.5%20Human%20Capital%20Resources) As of December 31, 2022, UnitedHealth Group employed nearly 400,000 people, focusing on diversity, inclusion, and pay equity through data-driven talent management - The company employed nearly **400,000 people** as of December 31, 2022, with over **140,000** clinical professionals[32](index=32&type=chunk) - The company's human capital approach is data-driven and leader-led, using scorecards for diversity and inclusion accountability[32](index=32&type=chunk) [Executive Officers](index=14&type=section&id=1.6%20Executive%20Officers) This section lists UnitedHealth Group's executive officers as of February 24, 2023, including their names, ages, positions, and business experience Executive Officers (as of Feb 24, 2023) | Name | Age | Position | | :--- | :--- | :--- | | Andrew Witty | 58 | Chief Executive Officer | | Dirk McMahon | 63 | President and Chief Operating Officer | | John Rex | 61 | Executive Vice President and Chief Financial Officer | | Rupert Bondy | 61 | Executive Vice President, Chief Legal Officer and Corporate Secretary | | Erin McSweeney | 58 | Executive Vice President and Chief People Officer | | Thomas Roos | 50 | Senior Vice President and Chief Accounting Officer | | Brian Thompson | 48 | Chief Executive Officer of UnitedHealthcare | [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) This section details significant business and regulatory risks, including medical cost management, cybersecurity, competition, M&A integration, and evolving healthcare regulations - Failure to effectively manage medical costs for risk-based products, comprising nearly **80%** of total consolidated revenues, could significantly harm profitability[36](index=36&type=chunk) - Cyber-attacks and data security incidents pose a significant threat, potentially leading to revenue loss, increased costs, liability, and reputational damage[38](index=38&type=chunk)[39](index=39&type=chunk) - The business is subject to extensive and evolving government regulation, where changes could restrict revenue, increase costs, and expose the company to liability[56](index=56&type=chunk) - Participation in government programs like Medicare and Medicaid exposes the company to risks from funding changes, payment adjustments, and audits[58](index=58&type=chunk)[59](index=59&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[64](index=64&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) The company owns and leases global properties, deemed suitable and adequate for current and future business operations - The company owns and leases properties globally, considered suitable and adequate for current and anticipated needs[65](index=65&type=chunk) [Legal Proceedings](index=27&type=section&id=Item%203.%20Legal%20Proceedings) Details on legal proceedings are incorporated by reference from Note 12 of the Consolidated Financial Statements - Details on legal proceedings are incorporated by reference from Note 12 of the financial statements[66](index=66&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[67](index=67&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under UNH, with increased dividends and share repurchases in 2022, outperforming key indices - The company's common stock is traded on the **NYSE** under the symbol **UNH**[68](index=68&type=chunk) - In June 2022, the Board increased the annual cash dividend rate to **$6.60 per share** from **$5.80 per share**[69](index=69&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Month Ended | Total Shares Purchased (millions) | Average Price Paid Per Share | | :--- | :--- | :--- | | Oct 31, 2022 | 0.7 | $519.51 | | Nov 30, 2022 | 0.6 | $533.81 | | Dec 31, 2022 | 0.6 | $533.56 | | **Total** | **1.9** | **$528.87** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, consolidated revenues grew 13% to $324.2 billion, with earnings from operations up 19% to $28.4 billion, driven by segment growth and strong liquidity [Results of Operations](index=30&type=section&id=7.1%20Results%20of%20Operations) In 2022, consolidated revenues increased 13% to $324.2 billion, with earnings from operations up 19% to $28.4 billion, driven by growth across all segments Consolidated Financial Highlights (2022 vs 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $324.2 B | $287.6 B | 13% | | Earnings from Operations | $28.4 B | $24.0 B | 19% | | Net Earnings | $20.1 B | $17.3 B | 16% | | Diluted EPS | $21.18 | $18.08 | 17% | | Medical Care Ratio (MCR) | 82.0% | 82.6% | (0.6)% | Segment Revenue and Earnings from Operations (2022) | Segment | Revenue (in billions) | Earnings from Ops (in billions) | | :--- | :--- | :--- | | UnitedHealthcare | $249.7 | $14.4 | | Optum Health | $71.2 | $6.0 | | Optum Insight | $14.6 | $3.6 | | Optum Rx | $99.8 | $4.4 | [Liquidity, Financial Condition and Capital Resources](index=34&type=section&id=7.2%20Liquidity%2C%20Financial%20Condition%20and%20Capital%20Resources) The company generated **$26.2 billion** in cash from operations in 2022, maintaining strong liquidity and deploying capital for acquisitions, share repurchases, and dividends Summary of Cash Flows (in billions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Cash from Operations | $26.2 | $22.3 | | Cash for Acquisitions | $(21.5) | $(4.8) | | Common Share Repurchases | $(7.0) | $(5.0) | | Cash Dividends Paid | $(6.0) | $(5.3) | | Net Increase in Cash | $2.0 | $4.5 | - Regulated U.S. subsidiaries paid **$8.8 billion** in dividends to the parent company in 2022[103](index=103&type=chunk) - The company's debt to debt-plus-shareholders' equity ratio was **38%** as of December 31, 2022, well below the **60%** covenant limit[107](index=107&type=chunk) [Critical Accounting Estimates](index=36&type=section&id=7.3%20Critical%20Accounting%20Estimates) Critical accounting estimates include Medical Costs Payable, involving IBNR claims, and Goodwill, valued at **$108 billion**, tested annually for impairment - Medical costs payable is a critical estimate, where a hypothetical **1%** difference would impact 2022 net earnings by approximately **$215 million**[110](index=110&type=chunk)[112](index=112&type=chunk) - Goodwill and other intangible assets totaled **$108 billion** (**44%** of total assets) as of December 31, 2022, with no impairment recorded[53](index=53&type=chunk)[114](index=114&type=chunk) Prior Year Medical Cost Development (in millions) | Year | Favorable Development (in millions) | | :--- | :--- | | 2022 | $410 | | 2021 | $1,700 | | 2020 | $880 | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and foreign currency exchange rate fluctuations, impacting investment income, interest expense, and asset fair values - Primary market risks are changes in **interest rates** and **foreign currency exchange rates** (primarily Brazilian real and Chilean peso)[117](index=117&type=chunk)[121](index=121&type=chunk) Impact of a 1% Increase in Market Interest Rates (as of Dec 31, 2022) | Impact Area | Change (in millions) | | :--- | :--- | | Investment Income Per Annum | $314 | | Interest Expense Per Annum | $164 | | Fair Value of Financial Assets | $(1,746) | | Fair Value of Financial Liabilities | $(4,002) | [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements for 2022 and the independent auditor's unqualified report, identifying IBNR claim liability as a critical audit matter [Report of Independent Registered Public Accounting Firm](index=42&type=section&id=8.1%20Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on the financial statements, identifying IBNR claim liability as a critical audit matter - The auditor, **Deloitte & Touche LLP**, issued an **unqualified opinion** on the financial statements[126](index=126&type=chunk) - The **Incurred but not Reported (IBNR) claim liability** was identified as a **Critical Audit Matter** due to complex and subjective judgments[128](index=128&type=chunk)[129](index=129&type=chunk) [Consolidated Financial Statements](index=44&type=section&id=8.2%20Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of **$245.7 billion**, liabilities of **$159.4 billion**, and equity of **$81.5 billion** as of December 31, 2022 Consolidated Balance Sheet Highlights (as of Dec 31, 2022) | Account | Amount (in billions) | | :--- | :--- | | Total Assets | $245.7 | | Goodwill | $93.4 | | Total Liabilities | $159.4 | | Medical Costs Payable | $29.1 | | Long-Term Debt | $54.5 | | Total Equity | $81.5 | Consolidated Statement of Operations (Year Ended Dec 31, 2022) | Account | Amount (in billions) | | :--- | :--- | | Total Revenues | $324.2 | | Medical Costs | $210.8 | | Earnings from Operations | $28.4 | | Net Earnings Attributable to UNH | $20.1 | [Notes to the Consolidated Financial Statements](index=49&type=section&id=8.3%20Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies and financial data, including the **$13.9 billion** acquisition of Change Healthcare Inc - The company acquired **Change Healthcare Inc.** on October 3, 2022, for **$13.9 billion** in cash, adding **$8.5 billion** in goodwill[214](index=214&type=chunk)[217](index=217&type=chunk) - Medical costs payable included an estimated **$20.0 billion** for Incurred But Not Reported (IBNR) claims as of December 31, 2022[179](index=179&type=chunk) - As of December 31, 2022, the company had total short-term borrowings and long-term debt of **$57.6 billion**[183](index=183&type=chunk)[184](index=184&type=chunk) [Controls and Procedures](index=73&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with an unqualified auditor's opinion - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2022[224](index=224&type=chunk) - Management's assessment, based on the **COSO framework**, concluded that the company maintained **effective internal control over financial reporting**[227](index=227&type=chunk) - The independent auditor, **Deloitte & Touche LLP**, issued an **unqualified opinion** on the company's internal control over financial reporting[230](index=230&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=76&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is largely incorporated by reference from the 2023 Annual Meeting of Shareholders proxy statement - Most information required by this item is incorporated by reference from the company's definitive proxy statement for its **2023 Annual Meeting of Shareholders**[235](index=235&type=chunk) [Executive Compensation](index=76&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive and director compensation is incorporated by reference from the company's 2023 proxy statement - All information required by this item is incorporated by reference from the company's **2023 proxy statement**[236](index=236&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=77&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides information on equity compensation plans, with **77 million** securities available for future issuance, and incorporates security ownership details by reference Equity Compensation Plan Information (as of Dec 31, 2022) | Plan Category | Securities to be Issued Upon Exercise (millions) | Weighted-Average Exercise Price | Securities Remaining for Future Issuance (millions) | | :--- | :--- | :--- | :--- | | Approved by Shareholders | 23 | $279 | 77 | | Not Approved by Shareholders | — | — | — | [Certain Relationships and Related Transactions, and Director Independence](index=77&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the company's 2023 proxy statement - All information required by this item is incorporated by reference from the company's **2023 proxy statement**[241](index=241&type=chunk) [Principal Accountant Fees and Services](index=77&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the company's 2023 proxy statement - All information required by this item is incorporated by reference from the company's **2023 proxy statement**[242](index=242&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=78&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - This section lists all financial statements, schedules, and exhibits filed with the report[244](index=244&type=chunk) - Includes **Schedule I - Condensed Financial Information of Registrant (Parent Company Only)**[244](index=244&type=chunk)[249](index=249&type=chunk) [Schedule I - Condensed Financial Information of Registrant (Parent Company Only)](index=82&type=section&id=15.1%20Schedule%20I%20-%20Condensed%20Financial%20Information%20of%20Registrant%20%28Parent%20Company%20Only%29) This schedule presents condensed parent-company-only financial statements, with primary assets in subsidiaries and liabilities in long-term debt, driven by subsidiary dividends Parent Company Condensed Balance Sheet (as of Dec 31, 2022) | Account | Amount (in billions) | | :--- | :--- | | Total Assets | $144.3 | | Equity in net assets of subsidiaries | $136.6 | | Total Liabilities | $66.5 | | Long-term debt, less current maturities | $53.8 | | Total Shareholders' Equity | $77.8 | - The parent company received cash dividends from its subsidiaries totaling **$15.6 billion** in 2022, **$10.8 billion** in 2021, and **$10.0 billion** in 2020[264](index=264&type=chunk) [Form 10-K Summary](index=86&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[267](index=267&type=chunk) [Signatures](index=87&type=section&id=Signatures) The report is duly signed by the company's Chief Executive Officer and other principal officers and directors as of February 24, 2023

UnitedHealth Group Incorporated (NYSE:UNH) Q4 2022 Earnings Conference Call January 13, 2023 8:45 AM ET Company Participants Andrew Witty - Chief Executive Officer Dirk McMahon - President and Chief Operating Officer John Rex - Chief Financial Officer Tim Noel - Chief Executive Officer, Medicare & Retirement Brian Thompson - Chief Executive Officer, UnitedHealthcare Dan Kueter - Chief Executive Officer, UnitedHealthcare Employer & Individual Domestic Wyatt Decker - Chief Executive Officer, OptumHealth Heath ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File Number: 1-10 ...

UnitedHealth Group Incorporated (NYSE:UNH) Q3 2022 Earnings Conference Call October 14, 2022 8:45 AM ET Company Participants Andrew Witty - Chief Executive Officer Dirk McMahon - President and Chief Operating Officer John Rex - Chief Financial Officer Brian Thompson - Chief Executive Officer, UnitedHealthcare Wyatt Decker - Chief Executive Officer, OptumHealth Tim Spilker - Chief Executive Officer, UnitedHealthcare Community & State Tim Noel - Chief Executive Officer, Medicare & Retirement Dan Schumacher - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File Number: 1-10864 _ ...

UnitedHealth Group Incorporated (NYSE:UNH) Q2 2022 Earnings Conference Call July 15, 2022 8:45 AM ET Company Participants Andrew Witty - Chief Executive Officer Dirk McMahon - President & Chief Operating Officer John Rex - Chief Financial Officer Brian Thompson - Chief Executive Officer, UnitedHealthcare Heather Cianfrocco - Chief Executive Officer, Optum Rx Tim Noel - Chief Executive Officer, Medicare & Retirement Wyatt Decker - Chief Executive Officer, Optum Health Conference Call Participants A.J. Rice - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File Number: 1-10864 ...