0000731766false00007317662024-01-122024-01-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————————
FORM 8-K
—————————————
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 12, 2024
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UNITEDHEALTH GROUP INCORPORATED
(Exact name of registrant as specified in its charter)
—————————————
Delaware1-1086441-1321939
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
UnitedHealth Group Center, 9900 Bren Road East,Minnetonka,Minnesota55343
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (952) 936-1300
N/A
(Former name or former address, if changed since last report.)
—————————————
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ 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. ☐


Item 2.02.    Results of Operations and Financial Condition.

On January 12, 2024, UnitedHealth Group Incorporated (the “Company”) issued a press release announcing its fourth quarter and full year 2023 results. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
ExhibitDescription
104Cover Page Interactive Data File (formatted as Inline XBRL).


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 hereunto duly authorized.

Date: January 12, 2024                 
UNITEDHEALTH GROUP INCORPORATED
By: /s/ Kuai H. Leong
Kuai H. Leong
Deputy Corporate Secretary


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UnitedHealth Group Reports 2023 Results

•Revenues of $371.6 Billion Grew 15% Year-Over-Year
•Earnings from Operations Grew 14%
•Cash Flows from Operations were $29.1 Billion or 1.3x Net Income
•Full Year and Fourth Quarter Net Earnings were $23.86 and $5.83 Per Share
•Full Year and Fourth Quarter Adjusted Net Earnings were $25.12 and $6.16 Per Share
(January 12, 2024) UnitedHealth Group (NYSE: UNH) reported full year and fourth quarter 2023 results reflecting broad-based growth at Optum and UnitedHealthcare.
“UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth,” said Andrew Witty, chief executive officer of UnitedHealth Group.
UnitedHealth Group affirmed the 2024 performance objectives established at its November 29th Investor Conference, excluding the potential impacts from the pending sale of its Brazil operations, which is expected to close in the first half of 2024. Upon closing, the Company’s net earnings outlook will be impacted by the previously announced expected charge and the Company confirmed the adjusted earnings outlook presented at its Investor Conference.
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Quarterly and Annual Financial Performance
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20232022202320232022
Revenues$94.4 billion$82.8 billion$92.4 billion$371.6 billion$324.2 billion
Earnings from Operations$7.7 billion$6.9 billion$8.5 billion$32.4 billion$28.4 billion
Net Margin5.8%5.8%6.3%6.0%6.2%
•UnitedHealth Group’s 2023 revenues grew $47.5 billion or 14.6% year-over-year to $371.6 billion, including double-digit growth at both Optum and UnitedHealthcare, driven by serving more people, more comprehensively across its offerings. Full year 2023 earnings from operations were $32.4 billion, an increase of 13.8%.
•The full year medical care ratio at 83.2% compared to 82% last year, driven by previously noted outpatient care, primarily serving seniors, and business mix. The fourth quarter medical care ratio was 85%. Days claims payable of 47.9 compared to 49.9 at year end 2022 and 50.7 in the third quarter 2023. Medical reserve development was $840 million favorable for full year 2023 and $100 million unfavorable in the fourth quarter.
•The full year 2023 operating cost ratio of 14.7% was consistent with last year, reflecting strong operating cost management, offset by continued growth of the services businesses and investments to support growth.
•Cash flows from operations for the full year were $29.1 billion or 1.3-times net income. During 2023, the company returned $14.8 billion to shareholders through dividends and share repurchases. Return on equity of 27% in 2023 reflected the company’s strong overall growth and efficient capital structure.
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uhclogowithra.jpg
UnitedHealthcare provides health care benefits globally, serving individuals and employers, and Medicare and Medicaid beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.
Quarterly and Annual Financial Performance
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20232022202320232022
Revenues$70.8 billion$63.0 billion$69.9 billion$281.4 billion$249.7 billion
Earnings from Operations$3.1 billion$2.9 billion$4.6 billion$16.4 billion$14.4 billion
Operating Margin4.4%4.7%6.6%5.8%5.8%
•UnitedHealthcare full year revenues of $281.4 billion grew $31.6 billion or 12.7% year-over-year and operating earnings increased 14.2% to $16.4 billion. People served by UnitedHealthcare grew by over 1 million in 2023.
•The number of consumers served with commercial benefits grew by over 800,000 in 2023, reflecting the strong customer response to the company’s innovative and affordable benefit offerings.
•The number of people served by the company’s offerings for seniors and people with complex needs grew by 950,000 due to product designs tailored to meet the specific needs of individuals and their families with limited economic resources and who are often underserved.
•People served by the company’s state-based community offerings declined by 700,000 due to the ongoing Medicaid eligibility redetermination process. The UnitedHealthcare team remains actively engaged with the individuals impacted and continues with its comprehensive outreach to help families maintain, reinstate or find other affordable coverage.
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Optum’s health services businesses serve the global health care marketplace, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly and Annual Financial Performance
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20232022202320232022
Revenues$59.5 billion$47.9 billion$56.7 billion$226.6 billion$182.8 billion
Earnings from Operations$4.6 billion$4.0 billion$3.9 billion$15.9 billion$14.1 billion
Operating Margin7.7%8.3%6.9%7.0%7.7%
•Optum full year revenues of $226.6 billion grew $43.9 billion or 24% year-over-year and operating earnings increased 13.4% to $15.9 billion.
•Optum Health revenue increased 33.9% over last year, driven by growth in patients served under value-based arrangements and continued expansion of the types and levels of care provided. The operating results reflect previously noted higher care activity and continued investments to improve patient health outcomes. The number of patients served under value-based arrangements grew by nearly 900,000 to more than 4.1 million.
•Optum Insight revenue increased 29.8% due to the addition of Change Healthcare and growth in its technology-enabled offerings, which serve health systems, care providers, health plans and life sciences organizations. Optum Insight continues to build and invest in advanced data capabilities to meet the rising needs of customers. The revenue backlog increased by more than $2 billion to over $32 billion.
•Optum Rx revenue increased 16.4% in 2023 due to growth in serving new clients, expanded relationships with existing clients and continued advancement in the comprehensive scope of pharmacy services offered, including specialty and community-based pharmacies. Adjusted scripts grew to 1.54 billion compared to 1.44 billion last year.
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About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) 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 through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.
Earnings Conference Call
As previously announced, UnitedHealth Group will discuss the Company’s results, strategy and future outlook on a conference call with investors at 8:45 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page and at https://uhg.com/Replay through January 26, 2024. This earnings release and the Form 8-K dated January 12, 2024, can also be accessed from the Investor Relations page of the company’s website.
Non-GAAP Financial Information
This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.
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 law. 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; reductions in revenue or delays to cash flows received under government
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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; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; 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 pending sale of operations in Brazil; 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, 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.
# # #

Investor Contact:Media Contact:
Zack SopcakEric Hausman
952-936-7215952-936-3963
zack.sopcak@uhg.com
eric.hausman@uhg.com
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UNITEDHEALTH GROUP
Earnings Release Schedules and Supplementary Information
Year Ended December 31, 2023
                                        
•Condensed Consolidated Statements of Operations
•Condensed Consolidated Balance Sheets
•Condensed Consolidated Statements of Cash Flows
•Supplemental Financial Information - Businesses
•Supplemental Financial Information - Business Metrics
•Reconciliation of Non-GAAP Financial Measure





UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
Revenues
Premiums$73,228$64,700$290,827$257,157
Products11,3119,39842,58337,424
Services8,7097,83434,12327,551
Investment and other income1,1798554,0892,030
     Total revenues94,42782,787371,622324,162
Operating costs
Medical costs62,23153,591241,894210,842
Operating costs13,33913,00954,62847,782
Cost of products sold10,1948,31438,77033,703
Depreciation and amortization9749823,9723,400
     Total operating costs86,73875,896339,264295,727
Earnings from operations7,6896,89132,35828,435
Interest expense(830)(676)(3,246)(2,092)
Earnings before income taxes6,8596,21529,11226,343
Provision for income taxes(1,184)(1,307)(5,968)(5,704)
Net earnings 5,6754,90823,14420,639
Earnings attributable to noncontrolling interests(220)(147)(763)(519)
Net earnings attributable to UnitedHealth Group common shareholders$5,455$4,761$22,381$20,120
Diluted earnings per share attributable to UnitedHealth Group common shareholders $5.83$5.03$23.86$21.18
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)$6.16$5.34$25.12$22.19
Diluted weighted-average common shares outstanding935947938950
(a)See page 6 for a reconciliation of the non-GAAP measure
1

UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
December 31,
2023		December 31,
2022
Assets
Cash and short-term investments$29,628$27,911
Accounts receivable, net21,27617,681
Other current assets27,53323,477
Total current assets78,43769,069
Long-term investments47,60943,728
Other long-term assets147,674132,908
Total assets$273,720$245,705
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable$32,395$29,056
Short-term borrowings and current maturities of long-term debt4,2743,110
Other current liabilities62,38557,071
Total current liabilities99,05489,237
Long-term debt, less current maturities58,26354,513
Other long-term liabilities17,48415,608
Redeemable noncontrolling interests4,4984,897
Equity94,42181,450
Total liabilities, redeemable noncontrolling interests and equity$273,720$245,705

2

UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Year Ended
December 31,
20232022
Operating Activities
Net earnings$23,144$20,639
Noncash items:
Depreciation and amortization3,9723,400
Deferred income taxes and other(750)(1,004)
Share-based compensation1,059925
Net changes in operating assets and liabilities1,6432,246
Cash flows from operating activities29,06826,206
Investing Activities
Purchases of investments, net of sales and maturities(1,777)(6,837)
Purchases of property, equipment and capitalized software(3,386)(2,802)
Cash paid for acquisitions, net(10,136)(21,458)
Other, net(275)2,621
Cash flows used for investing activities(15,574)(28,476)
Financing Activities
Common share repurchases(8,000)(7,000)
Dividends paid(6,761)(5,991)
Net change in short-term borrowings and long-term debt4,28012,536
Other, net(1,048)4,681
Cash flows (used for) from financing activities(11,529)4,226
Effect of exchange rate changes on cash and cash equivalents9734
Increase in cash and cash equivalents2,0621,990
Cash and cash equivalents, beginning of period23,36521,375
Cash and cash equivalents, end of period$25,427$23,365
3

UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES
(in millions, except percentages)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
Revenues
UnitedHealthcare$70,808$63,046$281,360$249,741
Optum59,49547,868226,635182,768
Eliminations(35,876)(28,127)(136,373)(108,347)
Total consolidated revenues
$94,427$82,787$371,622$324,162
Earnings from Operations
UnitedHealthcare$3,122$2,932$16,415$14,379
Optum (a)4,5673,95915,94314,056
Total consolidated earnings from operations
$7,689$6,891$32,358$28,435
Operating Margin
UnitedHealthcare4.4 %4.7 %5.8 %5.8 %
Optum7.7 %8.3 %7.0 %7.7 %
Consolidated operating margin
8.1 %8.3 %8.7 %8.8 %
Revenues
UnitedHealthcare Employer & Individual - Domestic$17,030$16,281$67,187$63,599
UnitedHealthcare Employer & Individual - Global2,4022,1689,3078,668
UnitedHealthcare Employer & Individual - Total19,43218,44976,49472,267
UnitedHealthcare Medicare & Retirement32,39428,051129,862113,671
UnitedHealthcare Community & State18,98216,54675,00463,803
Optum Health$24,534$18,446$95,319$71,174
Optum Insight4,7854,38718,93214,581
Optum Rx31,16625,854116,08799,773
Optum eliminations(990)(819)(3,703)(2,760)
(a)Earnings from operations for Optum for the three months and year ended December 31, 2023 included $1,691 and $6,560 for Optum Health; $1,284 and $4,268 for Optum Insight; and $1,592 and $5,115 for Optum Rx, respectively. Earnings from operations for Optum for the three months and year ended December 31, 2022 included $1,692 and $6,032 for Optum Health; $895 and $3,588 for Optum Insight; and $1,372 and $4,436 for Optum Rx, respectively.
4

UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS

UNITEDHEALTHCARE CUSTOMER PROFILE
(in thousands)
People ServedDecember 31, 2023September 30, 2023December 31, 2022
Commercial - Domestic:
Risk-based8,115 8,120 8,045 
Fee-based19,200 19,130 18,640 
    Total Commercial - Domestic27,315 27,250 26,685 
Medicare Advantage7,695 7,645 7,105 
Medicaid7,845 8,065 8,170 
Medicare Supplement (Standardized)4,355 4,345 4,375 
     Total Community and Senior19,895 20,055 19,650 
     Total UnitedHealthcare - Domestic Medical47,210 47,305 46,335 
Commercial - Global5,540 5,475 5,360 
     Total UnitedHealthcare - Medical52,750 52,780 51,695 
Supplemental Data
     Medicare Part D stand-alone3,315 3,335 3,295 

OPTUM PERFORMANCE METRICS
December 31, 2023September 30, 2023December 31, 2022
Optum Health Consumers Served (in millions)103103102
Optum Insight Contract Backlog (in billions)$32.1$31.6$30.0
Optum Rx Quarterly Adjusted Scripts (in millions)400383370

Note: UnitedHealth Group served 152 million unique individuals across all businesses at December 31, 2023.
5

UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
(in millions, except per share data)
(unaudited)
ADJUSTED NET EARNINGS PER SHARE(a)
Three Months Ended
December 31,		Year Ended December 31,
2023202220232022
GAAP net earnings attributable to UnitedHealth Group common shareholders$5,455$4,761$22,381$20,120
Intangible amortization4003961,5781,292
Tax effect of intangible amortization(100)(98)(392)(331)
Adjusted net earnings attributable to UnitedHealth Group common shareholders$5,755$5,059$23,567$21,081
GAAP diluted earnings per share$5.83$5.03$23.86$21.18
Intangible amortization per share0.440.421.681.36
Tax effect per share of intangible amortization(0.11)(0.11)(0.42)(0.35)
Adjusted diluted earnings per share$6.16$5.34$25.12$22.19
(a)Adjusted net earnings per share is a non-GAAP financial measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Adjusted net earnings per share excludes from the relevant GAAP metric, as applicable, intangible amortization and other items, if any, that do not relate to the Company's underlying business performance. Management believes that the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of acquisition-related intangible asset amortization. As amortization fluctuates based on the size and timing of the Company’s acquisition activity, management believes this exclusion provides a more useful comparison of the Company's underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.
6
v3.23.4
Cover
Jan. 12, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 12, 2024
Entity Registrant Name UNITEDHEALTH GROUP INCORPORATED
Entity Incorporation, State or Country Code DE
Entity File Number 1-10864
Entity Tax Identification Number 41-1321939
Entity Address, Address Line One UnitedHealth Group Center, 9900 Bren Road East,
Entity Address, City or Town Minnetonka,
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55343
City Area Code 952
Local Phone Number 936-1300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol UNH
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000731766
Amendment Flag false
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