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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 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 (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 filerAccelerated 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




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 investments3,352 2,532 
Accounts receivable, net18,718 14,216 
Other current receivables, net12,439 13,866 
Assets under management4,017 4,449 
Prepaid expenses and other current assets5,218 5,320 
Total current assets68,356 61,758 
Long-term investments42,427 43,114 
Property, equipment and capitalized software, net
9,421 8,969 
Goodwill84,159 75,795 
Other intangible assets, net11,285 10,044 
Other assets14,524 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 liabilities25,145 24,643 
Short-term borrowings and current maturities of long-term debt5,592 3,620 
Unearned revenues2,212 2,571 
Other current liabilities26,771 22,975 
Total current liabilities88,698 78,292 
Long-term debt, less current maturities45,799 42,383 
Deferred income taxes2,581 3,265 
Other liabilities11,967 11,787 
Total liabilities149,045 135,727 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests4,922 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 earnings80,540 77,134 
Accumulated other comprehensive loss(7,730)(5,384)
Nonredeemable noncontrolling interests
3,385 3,285 
Total equity76,205 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)2022202120222021
Revenues:
Premiums$63,896 $56,233 $127,966 $111,719 
Products9,496 8,433 18,836 16,773 
Services6,645 6,099 13,017 12,017 
Investment and other income295 556 662 1,008 
Total revenues80,332 71,321 160,481 141,517 
Operating costs:
Medical costs52,093 46,546 104,616 91,450 
Operating costs11,709 10,359 23,110 20,582 
Cost of products sold8,596 7,660 17,083 15,232 
Depreciation and amortization802 778 1,590 1,536 
Total operating costs73,200 65,343 146,399 128,800 
Earnings from operations7,132 5,978 14,082 12,717 
Interest expense(467)(410)(900)(807)
Earnings before income taxes6,665 5,568 13,182 11,910 
Provision for income taxes(1,466)(1,196)(2,835)(2,560)
Net earnings5,199 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 outstanding937 944 939 945 
Dilutive effect of common share equivalents13 12 13 11 
Diluted weighted-average number of common shares outstanding950 956 952 956 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents3 1 3 2 
2

UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
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 effect304 (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 2 1 4 
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 income3,495 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 StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
(Loss) Income
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended June 30,
(in millions)
SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at March 31, 2022939 $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
1  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, 2022935 $10 $ $80,540 $(2,165)$(5,565)$3,385 $76,205 
Balance at March 31, 2021944 $10 $ $71,220 $741 $(5,567)$2,909 $69,313 
Net earnings
4,266 88 4,354 
Other comprehensive income186 554 740 
Issuances of common stock, and related tax effects
2  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 interests85 85 
Distribution to nonredeemable noncontrolling interests
(74)(74)
Balance at June 30, 2021943 $10 $ $73,090 $927 $(5,013)$3,008 $72,022 
4

UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Six months ended June 30,
(in millions)
SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2022941 $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
4  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, 2022935 $10 $ $80,540 $(2,165)$(5,565)$3,385 $76,205 
Balance at January 1, 2021946 $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
5  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 interests151 151 
Distribution to nonredeemable noncontrolling interests
(148)(148)
Balance at June 30, 2021943 $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)20222021
Operating activities
Net earnings$10,347 $9,350 
Noncash items:
Depreciation and amortization1,590 1,536 
Deferred income taxes(15)327 
Share-based compensation504 426 
Other, net215 (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 payable4,029 3,086 
Accounts payable and other liabilities807 298 
Unearned revenues(440)(523)
Cash flows from operating activities12,190 11,545 
Investing activities
Purchases of investments(8,903)(8,847)
Sales of investments2,348 1,408 
Maturities of investments3,189 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 issuances756 764 
Repayments of long-term debt(1,100)(1,900)
Proceeds from (repayments of) short-term borrowings, net1,340 (176)
Proceeds from issuance of long-term debt5,922 6,934 
Customer funds administered5,786 2,395 
Purchases of redeemable noncontrolling interests(97)(1,338)
Other, net(1,449)(662)
Cash flows from financing activities3,250 569 
Effect of exchange rate changes on cash and cash equivalents57 6 
Increase in cash and cash equivalents3,237 2,911 
Cash and cash equivalents, beginning of period21,375 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 $1 $(209)$3,600 
State and municipal obligations7,725 25 (381)7,369 
Corporate obligations22,080 5 (1,515)20,570 
U.S. agency mortgage-backed securities6,275 2 (537)5,740 
Non-U.S. agency mortgage-backed securities2,926  (201)2,725 
Total debt securities - available-for-sale42,814 33 (2,843)40,004 
Debt securities - held-to-maturity:
U.S. government and agency obligations544  (11)533 
State and municipal obligations29  (2)27 
Corporate obligations141   141 
Total debt securities - held-to-maturity714  (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 obligations6,829 297 (20)7,106 
Corporate obligations20,947 372 (145)21,174 
U.S. agency mortgage-backed securities5,868 88 (55)5,901 
Non-U.S. agency mortgage-backed securities2,819 42 (23)2,838 
Total debt securities - available-for-sale39,669 822 (274)40,217 
Debt securities - held-to-maturity:
U.S. government and agency obligations511 2 (2)511 
State and municipal obligations30 2  32 
Corporate obligations100   100 
Total debt securities - held-to-maturity641 4 (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-SaleHeld-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 years13,237 12,672 295 288 
Due after five years through ten years12,332 11,213 14 13 
Due after ten years4,605 4,232 20 19 
U.S. agency mortgage-backed securities6,275 5,740 — — 
Non-U.S. agency mortgage-backed securities2,926 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 Months12 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 obligations4,807 (355)209 (26)5,016 (381)
Corporate obligations16,894 (1,200)2,261 (315)19,155 (1,515)
U.S. agency mortgage-backed securities4,323 (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 $(