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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
__________________________________________________________ 
unh-20220630_g1.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware   41-1321939
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
UnitedHealth Group Center   55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices)   (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value UNH New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filer Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of July 29, 2022, there were 935,382,710 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.



UNITEDHEALTH GROUP
Table of Contents
 
    Page
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PART I
ITEM 1.    FINANCIAL STATEMENTS
UnitedHealth Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except per share data) June 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents $ 24,612  $ 21,375 
Short-term investments 3,352  2,532 
Accounts receivable, net 18,718  14,216 
Other current receivables, net 12,439  13,866 
Assets under management 4,017  4,449 
Prepaid expenses and other current assets 5,218  5,320 
Total current assets 68,356  61,758 
Long-term investments 42,427  43,114 
Property, equipment and capitalized software, net
9,421  8,969 
Goodwill 84,159  75,795 
Other intangible assets, net 11,285  10,044 
Other assets 14,524  12,526 
Total assets $ 230,172  $ 212,206 
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable $ 28,978  $ 24,483 
Accounts payable and accrued liabilities 25,145  24,643 
Short-term borrowings and current maturities of long-term debt 5,592  3,620 
Unearned revenues 2,212  2,571 
Other current liabilities 26,771  22,975 
Total current liabilities 88,698  78,292 
Long-term debt, less current maturities 45,799  42,383 
Deferred income taxes 2,581  3,265 
Other liabilities 11,967  11,787 
Total liabilities 149,045  135,727 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests 4,922  1,434 
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding
—  — 
Common stock, $0.01 par value - 3,000 shares authorized; 935 and 941 issued and outstanding
10  10 
Retained earnings 80,540  77,134 
Accumulated other comprehensive loss (7,730) (5,384)
Nonredeemable noncontrolling interests
3,385  3,285 
Total equity 76,205  75,045 
Total liabilities, redeemable noncontrolling interests and equity $ 230,172  $ 212,206 
1

UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
  Three Months Ended June 30, Six Months Ended June 30,
(in millions, except per share data) 2022 2021 2022 2021
Revenues:
Premiums $ 63,896  $ 56,233  $ 127,966  $ 111,719 
Products 9,496  8,433  18,836  16,773 
Services 6,645  6,099  13,017  12,017 
Investment and other income 295  556  662  1,008 
Total revenues 80,332  71,321  160,481  141,517 
Operating costs:
Medical costs 52,093  46,546  104,616  91,450 
Operating costs 11,709  10,359  23,110  20,582 
Cost of products sold 8,596  7,660  17,083  15,232 
Depreciation and amortization 802  778  1,590  1,536 
Total operating costs 73,200  65,343  146,399  128,800 
Earnings from operations 7,132  5,978  14,082  12,717 
Interest expense (467) (410) (900) (807)
Earnings before income taxes 6,665  5,568  13,182  11,910 
Provision for income taxes (1,466) (1,196) (2,835) (2,560)
Net earnings 5,199  4,372  10,347  9,350 
Earnings attributable to noncontrolling interests (129) (106) (250) (222)
Net earnings attributable to UnitedHealth Group common shareholders $ 5,070  $ 4,266  $ 10,097  $ 9,128 
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic $ 5.41  $ 4.52  $ 10.75  $ 9.66 
Diluted $ 5.34  $ 4.46  $ 10.61  $ 9.55 
Basic weighted-average number of common shares outstanding 937  944  939  945 
Dilutive effect of common share equivalents 13  12  13  11 
Diluted weighted-average number of common shares outstanding 950  956  952  956 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents
2

UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
  Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2022 2021 2022 2021
Net earnings $ 5,199  $ 4,372  $ 10,347  $ 9,350 
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period (1,331) 251  (3,354) (513)
Income tax effect 304  (58) 769  116 
Total unrealized (losses) gains, net of tax (1,027) 193  (2,585) (397)
Gross reclassification adjustment for net realized gains included in net earnings (1) (9) (4) (16)
Income tax effect — 
Total reclassification adjustment, net of tax
(1) (7) (3) (12)
Total foreign currency translation (losses) gains (676) 554  242  137 
Other comprehensive (loss) income (1,704) 740  (2,346) (272)
Comprehensive income 3,495  5,112  8,001  9,078 
Comprehensive income attributable to noncontrolling interests (129) (106) (250) (222)
Comprehensive income attributable to UnitedHealth Group common shareholders
$ 3,366  $ 5,006  $ 7,751  $ 8,856 
3

UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive
(Loss) Income
Nonredeemable Noncontrolling Interests Total
Equity
Three months ended June 30,
(in millions)
Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains
Balance at March 31, 2022 939  $ 10  $ —  $ 78,782  $ (1,137) $ (4,889) $ 3,362  $ 76,128 
Net earnings
5,070  94  5,164 
Other comprehensive loss (1,028) (676) (1,704)
Issuances of common stock, and related tax effects
—  174  174 
Share-based compensation
194  194 
Common share repurchases (5) —  (733) (1,767) (2,500)
Cash dividends paid on common shares ($1.65 per share)
(1,545) (1,545)
Redeemable noncontrolling interests fair value and other adjustments
365  365 
Acquisition and other adjustments of nonredeemable noncontrolling interests
12  12 
Distribution to nonredeemable noncontrolling interests
(83) (83)
Balance at June 30, 2022 935  $ 10  $ —  $ 80,540  $ (2,165) $ (5,565) $ 3,385  $ 76,205 
Balance at March 31, 2021 944  $ 10  $ —  $ 71,220  $ 741  $ (5,567) $ 2,909  $ 69,313 
Net earnings
4,266  88  4,354 
Other comprehensive income 186  554  740 
Issuances of common stock, and related tax effects
—  292  292 
Share-based compensation
158  158 
Common share repurchases (3) —  (221) (1,029) (1,250)
Cash dividends paid on common shares ($1.45 per share)
(1,367) (1,367)
Redeemable noncontrolling interests fair value and other adjustments
(229) (229)
Acquisition and other adjustments of nonredeemable noncontrolling interests 85  85 
Distribution to nonredeemable noncontrolling interests
(74) (74)
Balance at June 30, 2021 943  $ 10  $ —  $ 73,090  $ 927  $ (5,013) $ 3,008  $ 72,022 
4

UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling Interests Total
Equity
Six months ended June 30,
(in millions)
Shares Amount Net Unrealized Gains (Losses) on Investments Foreign Currency Translation (Losses) Gains
Balance at January 1, 2022 941  $ 10  $ —  $ 77,134  $ 423  $ (5,807) $ 3,285  $ 75,045 
Net earnings
10,097  182  10,279 
Other comprehensive (loss) income (2,588) 242  (2,346)
Issuances of common stock, and related tax effects
—  507  507 
Share-based compensation
476  476 
Common share repurchases (10) —  (1,217) (3,783) (5,000)
Cash dividends paid on common shares ($3.10 per share)
(2,908) (2,908)
Redeemable noncontrolling interests fair value and other adjustments
234  234 
Acquisition and other adjustments of nonredeemable noncontrolling interests
103  103 
Distribution to nonredeemable noncontrolling interests
(185) (185)
Balance at June 30, 2022 935  $ 10  $ —  $ 80,540  $ (2,165) $ (5,565) $ 3,385  $ 76,205 
Balance at January 1, 2021 946  $ 10  $ —  $ 69,295  $ 1,336  $ (5,150) $ 2,837  $ 68,328 
Net earnings
9,128  168  9,296 
Other comprehensive (loss) income (409) 137  (272)
Issuances of common stock, and related tax effects
—  548  548 
Share-based compensation
400  400 
Common share repurchases (8) —  (221) (2,679) (2,900)
Cash dividends paid on common shares ($2.70 per share)
(2,548) (2,548)
Redeemable noncontrolling interests fair value and other adjustments
(727) (106) (833)
Acquisitions and other adjustments of nonredeemable noncontrolling interests 151  151 
Distribution to nonredeemable noncontrolling interests
(148) (148)
Balance at June 30, 2021 943  $ 10  $ —  $ 73,090  $ 927  $ (5,013) $ 3,008  $ 72,022 
5

UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
  Six Months Ended June 30,
(in millions) 2022 2021
Operating activities
Net earnings $ 10,347  $ 9,350 
Noncash items:
Depreciation and amortization 1,590  1,536 
Deferred income taxes (15) 327 
Share-based compensation 504  426 
Other, net 215  (214)
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable (4,204) (1,218)
Other assets (643) (1,523)
Medical costs payable 4,029  3,086 
Accounts payable and other liabilities 807  298 
Unearned revenues (440) (523)
Cash flows from operating activities 12,190  11,545 
Investing activities
Purchases of investments (8,903) (8,847)
Sales of investments 2,348  1,408 
Maturities of investments 3,189  4,650 
Cash paid for acquisitions, net of cash assumed (7,150) (4,642)
Purchases of property, equipment and capitalized software (1,212) (1,130)
Other, net (532) (648)
Cash flows used for investing activities (12,260) (9,209)
Financing activities
Common share repurchases (5,000) (2,900)
Cash dividends paid (2,908) (2,548)
Proceeds from common stock issuances 756  764 
Repayments of long-term debt (1,100) (1,900)
Proceeds from (repayments of) short-term borrowings, net 1,340  (176)
Proceeds from issuance of long-term debt 5,922  6,934 
Customer funds administered 5,786  2,395 
Purchases of redeemable noncontrolling interests (97) (1,338)
Other, net (1,449) (662)
Cash flows from financing activities 3,250  569 
Effect of exchange rate changes on cash and cash equivalents 57 
Increase in cash and cash equivalents 3,237  2,911 
Cash and cash equivalents, beginning of period 21,375  16,921 
Cash and cash equivalents, end of period $ 24,612  $ 19,832 
6

UnitedHealth Group
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.    Basis of Presentation
UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and the “Company”) 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 business platforms — 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 the Company is privileged to serve.
The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC (2021 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.
Use of Estimates
These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.
7

2.    Investments
A summary of debt securities by major security type is as follows:
(in millions) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations $ 3,808  $ $ (209) $ 3,600 
State and municipal obligations 7,725  25  (381) 7,369 
Corporate obligations 22,080  (1,515) 20,570 
U.S. agency mortgage-backed securities 6,275  (537) 5,740 
Non-U.S. agency mortgage-backed securities 2,926  —  (201) 2,725 
Total debt securities - available-for-sale 42,814  33  (2,843) 40,004 
Debt securities - held-to-maturity:
U.S. government and agency obligations 544  —  (11) 533 
State and municipal obligations 29  —  (2) 27 
Corporate obligations 141  —  —  141 
Total debt securities - held-to-maturity 714  —  (13) 701 
Total debt securities $ 43,528  $ 33  $ (2,856) $ 40,705 
December 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations $ 3,206  $ 23  $ (31) $ 3,198 
State and municipal obligations 6,829  297  (20) 7,106 
Corporate obligations 20,947  372  (145) 21,174 
U.S. agency mortgage-backed securities 5,868  88  (55) 5,901 
Non-U.S. agency mortgage-backed securities 2,819  42  (23) 2,838 
Total debt securities - available-for-sale 39,669  822  (274) 40,217 
Debt securities - held-to-maturity:
U.S. government and agency obligations 511  (2) 511 
State and municipal obligations 30  —  32 
Corporate obligations 100  —  —  100 
Total debt securities - held-to-maturity 641  (2) 643 
Total debt securities $ 40,310  $ 826  $ (276) $ 40,860 
The Company held $3.4 billion and $3.5 billion of equity securities as of June 30, 2022 and December 31, 2021, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, other venture investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.7 billion and $1.3 billion of equity method investments in operating businesses in the health care sector as of June 30, 2022 and December 31, 2021, respectively. The allowance for credit losses on held-to-maturity securities at June 30, 2022 and December 31, 2021 was not material.
8

The amortized cost and fair value of debt securities as of June 30, 2022, 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 $ 3,439  $ 3,422  $ 385  $ 381 
Due after one year through five years 13,237  12,672  295  288 
Due after five years through ten years 12,332  11,213  14  13 
Due after ten years 4,605  4,232  20  19 
U.S. agency mortgage-backed securities 6,275  5,740  —  — 
Non-U.S. agency mortgage-backed securities 2,926  2,725  —  — 
Total debt securities $ 42,814  $ 40,004  $ 714  $ 701 
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
June 30, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations
$ 2,921  $ (152) $ 474  $ (57) $ 3,395  $ (209)
State and municipal obligations 4,807  (355) 209  (26) 5,016  (381)
Corporate obligations 16,894  (1,200) 2,261  (315) 19,155  (1,515)
U.S. agency mortgage-backed securities 4,323  (356) 1,201  (181) 5,524  (537)
Non-U.S. agency mortgage-backed securities
2,354  (151) 354  (50) 2,708  (201)
Total debt securities - available-for-sale $ 31,299  $ (2,214) $ 4,499  $ (629) $ 35,798  $ (2,843)
December 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations
$ 1,976  $ (18) $ 249  $ (13) $ 2,225  $ (31)
State and municipal obligations 1,386  (19) 31  (1) 1,417  (20)
Corporate obligations 9,357  (130) 376  (15) 9,733  (145)
U.S. agency mortgage-backed securities 3,078  (52) 116  (3) 3,194  (55)
Non-U.S. agency mortgage-backed securities
1,321  (18) 114  (5) 1,435  (23)
Total debt securities - available-for-sale $ 17,118  $ (237) $ 886  $ (37) $ 18,004  $ (274)
The Company’s unrealized losses from debt securities as of June 30, 2022 were generated from approximately 33,000 positions out of a total of 40,000 positions. The Company believes that it will collect the timely principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities that 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021 was not material.
9

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 2021 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
June 30, 2022
Cash and cash equivalents $ 24,546  $ 66  $ —  $ 24,612 
Debt securities - available-for-sale:
U.S. government and agency obligations 3,432  168  —  3,600 
State and municipal obligations —  7,369  —  7,369 
Corporate obligations 35  20,342  193  20,570 
U.S. agency mortgage-backed securities —  5,740  —  5,740 
Non-U.S. agency mortgage-backed securities —  2,725  —  2,725 
Total debt securities - available-for-sale 3,467  36,344  193  40,004 
Equity securities 1,894  18  68  1,980 
Assets under management 1,655  2,268  94  4,017 
Total assets at fair value $ 31,562  $ 38,696  $ 355  $ 70,613 
Percentage of total assets at fair value 45  % 54  % % 100  %
December 31, 2021
Cash and cash equivalents $ 21,359  $ 16  $ —  $ 21,375 
Debt securities - available-for-sale:
U.S. government and agency obligations 3,017  181  —  3,198 
State and municipal obligations —  7,106  —  7,106 
Corporate obligations 40  20,916  218  21,174 
U.S. agency mortgage-backed securities —  5,901  —  5,901 
Non-U.S. agency mortgage-backed securities —  2,838  —  2,838 
Total debt securities - available-for-sale 3,057  36,942  218  40,217 
Equity securities 2,090  23  64  2,177 
Assets under management 1,972  2,376  101  4,449 
Total assets at fair value $ 28,478  $ 39,357  $ 383  $ 68,218 
Percentage of total assets at fair value 42  % 57  % % 100  %
There were no transfers in or out of Level 3 financial assets or liabilities during the six months ended June 30, 2022 or 2021.
10

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
June 30, 2022
Debt securities - held-to-maturity $ 597  $ 104  $ —  $ 701  $ 714 
Long-term debt and other financing obligations $ —  $ 48,549  $ —  $ 48,549  $ 50,041 
December 31, 2021
Debt securities - held-to-maturity $ 534  $ 102  $ $ 643  $ 641 
Long-term debt and other financing obligations $ —  $ 52,583  $ —  $ 52,583  $ 46,003 
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. There were no significant fair value adjustments for these assets and liabilities recorded during either the six months ended June 30, 2022 or 2021.
4.    Medical Costs Payable
The following table shows the components of the change in medical costs payable for the six months ended June 30:
(in millions) 2022 2021
Medical costs payable, beginning of period $ 24,483  $ 21,872 
Acquisitions 171  46 
Reported medical costs:
Current year 104,936  92,570 
Prior years (320) (1,120)
Total reported medical costs 104,616  91,450 
Medical payments:
Payments for current year
(78,937) (69,808)
Payments for prior years (21,355) (18,429)
Total medical payments (100,292) (88,237)
Medical costs payable, end of period $ 28,978  $ 25,131 
For the six months ended June 30, 2022, prior years’ medical cost reserve development included no individual factors that were significant. For the six months ended June 30, 2021, prior years’ medical cost reserve development was primarily driven by lower than expected health system utilization and the uncertainty of care patterns due to the disruption of the health care system caused by COVID-19. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $20.3 billion and $17.1 billion at June 30, 2022 and December 31, 2021, respectively.
5.    Short-Term Borrowings and Long-Term Debt
In May 2022, the Company issued $6.0 billion of senior unsecured notes consisting of the following:
(in millions, except percentages) Par Value
3.700% notes due May 2027
$ 600 
4.000% notes due May 2029
900 
4.200% notes due May 2032
1,500 
4.750% notes due May 2052
2,000 
4.950% notes due May 2062
1,000 
11

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 2021 10-K.
6.    Dividends
In June 2022, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $6.60 compared to $5.80 per share, which the Company had paid since June 2021. 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 2022 dividend payments:
Payment Date Amount per Share Total Amount Paid
(in millions)
March 22 $ 1.45  $ 1,363 
June 28 1.65  1,545 
7.    Commitments and Contingencies
Pending Business Combinations
As of June 30, 2022, the Company has entered into agreements to acquire companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG) and LHC Group, Inc (NASDAQ: LHCG), subject to regulatory approval and other customary closing conditions. The total anticipated capital required for these business combinations, excluding associated disposition proceeds and the payoff of acquired indebtedness, is approximately $14 billion.
Legal Matters
Because of the nature of its businesses, 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 that 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 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 (CFPB), the Defense Contract Audit Agency and other governmental authorities. Similarly, our international businesses are also subject to investigations, audits and reviews by applicable foreign governments, including South American and other non-U.S. governmental authorities. 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 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 that the Company made improper Medicare risk adjustment submissions and violated the False Claims Act. On
12

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 that may result from this matter given its procedural status.
8.    Business Combinations
During the six months ended June 30, 2022, the Company completed several business combinations for total consideration of $8.1 billion.
Acquired assets (liabilities) at acquisition date were:
(in millions)
Cash and cash equivalents $ 457 
Accounts receivable and other current assets 585 
Property, equipment and other long-term assets 1,494 
Intangible assets 1,810 
Total identifiable assets acquired 4,346 
Medical costs payable (171)
Accounts payable and other current liabilities (590)
Other long-term liabilities (605)
Total identifiable liabilities acquired (1,366)
Total net identifiable assets 2,980 
Goodwill 8,309 
Redeemable noncontrolling interests (3,101)
Nonredeemable noncontrolling interests (103)
Net assets acquired $ 8,085 
The majority of goodwill is not deductible for income tax purposes. The preliminary purchase price allocations for the various business combinations are subject to adjustment as valuation analyses, primarily related to intangible assets and contingent liabilities, are finalized.
The acquisition date fair values and weighted-average useful lives assigned to finite-lived intangible assets were:
(in millions, except years) Fair Value Weighted-Average Useful Life
Customer-related $ 915  9 years
Trademarks and technology 800  9 years
Other 80  11 years
Total acquired finite-lived intangible assets $ 1,795  9 years
The results of operations and financial condition of acquired entities have been included in the Company’s consolidated results and the results of the corresponding operating segment as of the date of acquisition. Through June 30, 2022, acquired entities impact on revenues and net earnings was not material.
Unaudited pro forma revenues and net earnings for the six months ended June 30, 2022 and 2021 as if the business combinations had occurred on January 1, 2021 were immaterial for both periods.
9.    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 13 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2021 10-K. Total assets at Optum Health and Optum Rx increased to $67.9 billion and $46.2 billion as of June 30, 2022 compared to $60.5 billion and $40.2 billion as of December 31, 2021, respectively. The increase in total assets at Optum Health and Optum Rx was primarily due to goodwill from business combinations of $4.5 billion and $3.8 billion, respectively.
13

On January 1, 2022, the Company realigned its operating segments to combine UnitedHealthcare Global and UnitedHealthcare Employer & Individual. The realignment had no impact on the Company’s reportable segments.
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 June 30, 2022
Revenues - unaffiliated customers:
Premiums $ 59,368  $ 4,528  $ —  $ —  $ —  $ 4,528  $ —  $ 63,896 
Products —  58  9,432  —  9,496  —  9,496 
Services 2,542  2,740  1,034  329  —  4,103  —  6,645 
Total revenues - unaffiliated customers
61,910  7,274  1,092  9,761  —  18,127  —  80,037 
Total revenues - affiliated customers
—  10,224  2,181  15,038  (588) 26,855  (26,855) — 
Investment and other income
195  85  —  100  —  295 
Total revenues $ 62,105  $ 17,583  $ 3,282  $ 24,805  $ (588) $ 45,082  $ (26,855) $ 80,332 
Earnings from operations $ 3,850  $ 1,399  $ 839  $ 1,044  $ —  $ 3,282  $ —  $ 7,132 
Interest expense —  —  —  —  —  —  (467) (467)
Earnings before income taxes
$ 3,850  $ 1,399  $ 839  $ 1,044  $ —  $ 3,282  $ (467) $ 6,665 
Three Months Ended June 30, 2021
Revenues - unaffiliated customers:
Premiums $ 52,858  $ 3,375  $ —  $ —  $ —  $ 3,375  $ —  $ 56,233 
Products —  33  8,391  —  8,433  —  8,433 
Services 2,440  2,461  930  268  —  3,659  —  6,099 
Total revenues - unaffiliated customers
55,298  5,845  963  8,659  —  15,467  —  70,765 
Total revenues - affiliated customers
—  7,221  1,921  13,792  (478) 22,456  (22,456) — 
Investment and other income
176  234  73  73  —  380  —  556 
Total revenues $ 55,474  $ 13,300  $ 2,957  $ 22,524  $ (478) $ 38,303  $ (22,456) $ 71,321 
Earnings from operations $ 3,095  $ 1,128  $ 762  $ 993  $ —  $ 2,883  $ —  $ 5,978 
Interest expense —  —  —  —  —  —  (410) (410)
Earnings before income taxes
$ 3,095  $ 1,128  $ 762  $ 993  $ —  $ 2,883  $ (410) $ 5,568 
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    Optum    
(in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Optum Eliminations Optum Corporate and
Eliminations
Consolidated
Six Months Ended June 30, 2022
Revenues - unaffiliated customers:
Premiums $ 119,305  $ 8,661  $ —  $ —  $ —  $ 8,661  $ —  $ 127,966 
Products —  12  98  18,726  —  18,836  —  18,836 
Services 5,057  5,298  2,008  654  —  7,960  —  13,017 
Total revenues - unaffiliated customers
124,362  13,971  2,106  19,380  —  35,457  —  159,819 
Total revenues - affiliated customers
—  20,053  4,319  29,329  (1,141) 52,560  (52,560) — 
Investment and other income
338  241  76  —  324  —  662 
Total revenues $ 124,700  $ 34,265  $ 6,501  $ 48,716  $ (1,141) $ 88,341  $ (52,560) $ 160,481 
Earnings from operations $ 7,648  $ 2,765  $ 1,686  $ 1,983  $ —  $ 6,434  $ —  $ 14,082 
Interest expense —  —  —  —  —  —  (900) (900)
Earnings before income taxes
$ 7,648  $ 2,765  $ 1,686  $ 1,983  $ —  $ 6,434  $ (900) $ 13,182 
Six Months Ended June 30, 2021
Revenues - unaffiliated customers:
Premiums $ 105,416  $ 6,303  $ —  $ —  $ —  $ 6,303  $ —  $ 111,719 
Products —  17  70  16,686  —  16,773  —  16,773 
Services 4,790  4,797  1,891  539  —  7,227  —  12,017 
Total revenues - unaffiliated customers
110,206  11,117  1,961  17,225  —  30,303  —  140,509 
Total revenues - affiliated customers
—  14,173  3,742  26,796  (953) 43,758  (43,758) — 
Investment and other income
382  413  106  107  —  626  —  1,008 
Total revenues $ 110,588  $ 25,703  $ 5,809  $ 44,128  $ (953) $ 74,687  $ (43,758) $ 141,517 
Earnings from operations $ 7,203  $ 2,090  $ 1,541  $ 1,883  $ —  $ 5,514  $ —  $ 12,717 
Interest expense —  —  —  —  —  —  (807) (807)
Earnings before income taxes
$ 7,203  $ 2,090  $ 1,541  $ 1,883  $ —  $ 5,514  $ (807) $ 11,910 
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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 2021 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 2021 10-K and in the discussion below.
EXECUTIVE OVERVIEW
General
UnitedHealth Group Incorporated 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 business platforms — 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 across our two business platforms, Optum and UnitedHealthcare:
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 2021 10-K and additional information on our segments, including the realignment of our UnitedHealthcare operating segments to combine UnitedHealthcare Global and UnitedHealthcare Employer and Individual, can be found in this Item 2 and in Note 9 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.
Business Trends
Our businesses participate in the United States, South America and certain other international health markets. Overall spending on health care is impacted by inflation, utilization, 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, such as the economic impact of COVID-19, 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 benefit products, we start with our view of expected future costs, including any potential impacts from COVID-19. 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 (MLR) 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, health system utilization and prescription drug costs. COVID-19 related care and testing costs as well as the deferral of care have also impacted medical cost trends in the current year and may continue in future years. Future medical cost trends may be impacted by increased consumer
16

demand for care, and potentially even higher acuity care, due to the temporary deferral of care since the onset of the pandemic. We endeavor to mitigate those increases by engaging physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care. The continued uncertain impact of COVID-19 may impact our ability to estimate medical costs payable, which has resulted in, and could result in, increased variability to medical cost reserve development.
COVID-19 Trends and Uncertainties
The COVID-19 pandemic continues to evolve and the ultimate impact on our business, results of operations, financial condition and cash flows remains uncertain. During the six months ended June 30, 2022, overall care was near normal baseline levels, with certain areas of care at or approaching seasonal baselines, and other areas below. COVID-19 treatment and testing costs continue to be mitigated by the temporary deferral of care, both generally varying with COVID-19 incidence rates. The relationship between COVID-19 care costs and non-COVID-19 utilization lagged in the second quarter, with increased non-COVID-19 utilization not as rapidly coinciding with decreased COVID-19 care and incidence rates as it had throughout the pandemic. In future periods, care patterns may moderately exceed normal baselines as previously deferred care is obtained. Though not yet experienced, acuity may temporarily rise due to missed regular care.
COVID-19 may continue to influence customer and consumer behavior, which could impact how and where care is delivered, benefit product designs, and the manner in which consumers wish to receive their prescription drugs or infusion services. Disrupted care patterns, as a result of the pandemic, have affected and may continue to temporarily affect the ability to obtain complete member health status information, impacting revenue in businesses utilizing risk adjustment methodologies.
The ultimate overall impact is uncertain and dependent on the future pacing, intensity and duration of the pandemic, the severity of new variants of the COVID-19 virus, the effectiveness and extent of administration of vaccination and treatments and general economic uncertainty.

SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS
The following summarizes select second quarter 2022 year-over-year operating comparisons to second quarter 2021 and other financial results.
Consolidated revenues grew 13%, UnitedHealthcare revenues grew 12% and Optum revenues grew 18%.
UnitedHealthcare served 1.6 million more people, led by growth in community and senior programs.
Consolidated earnings from operations of $7.1 billion compared to $6.0 billion last year, included growth of 24% at UnitedHealthcare and 14% at Optum.
Diluted earnings per common share were $5.34.
Cash flows from operations for the six months ended June 30, 2022 were $12.2 billion.
Return on equity was 27.9%.
17

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
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/(Decrease)
2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Revenues:
Premiums $ 63,896  $ 56,233  $ 7,663  14  % $ 127,966  $ 111,719  $ 16,247  15  %
Products 9,496  8,433  1,063  13  18,836  16,773  2,063  12 
Services 6,645  6,099  546  13,017  12,017  1,000 
Investment and other income 295  556  (261) (47) 662  1,008  (346) (34)
Total revenues 80,332  71,321  9,011  13  160,481  141,517  18,964  13 
Operating costs:
Medical costs 52,093  46,546  5,547  12  104,616  91,450  13,166  14 
Operating costs 11,709  10,359  1,350  13  23,110  20,582  2,528  12 
Cost of products sold 8,596  7,660  936  12  17,083  15,232  1,851  12 
Depreciation and amortization 802  778  24  1,590  1,536  54 
Total operating costs 73,200  65,343  7,857  12  146,399  128,800  17,599  14 
Earnings from operations 7,132  5,978  1,154  19  14,082  12,717  1,365  11 
Interest expense (467) (410) (57) 14  (900) (807) (93) 12 
Earnings before income taxes 6,665  5,568  1,097  20  13,182  11,910  1,272  11 
Provision for income taxes (1,466) (1,196) (270) 23  (2,835) (2,560) (275) 11 
Net earnings 5,199  4,372  827  19  10,347  9,350  997  11 
Earnings attributable to noncontrolling interests (129) (106) (23) 22  (250) (222) (28) 13 
Net earnings attributable to UnitedHealth Group common shareholders $ 5,070  $ 4,266  $ 804  19  % $ 10,097  $ 9,128  $ 969  11  %
Diluted earnings per share attributable to UnitedHealth Group common shareholders $ 5.34  $ 4.46  $ 0.88  20  % $ 10.61  $ 9.55  $ 1.06  11  %
Medical care ratio (a) 81.5  % 82.8  % (1.3) % 81.8  % 81.9  % (0.1) %
Operating cost ratio 14.6  14.5  0.1  14.4