10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________ 

Form 10-Q

__________________________________________________________ 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018

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

(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 9900 Bren Road East Minnetonka, Minnesota	55343
(Address of principal executive offices)	(Zip Code)

(952) 936-1300

(Registrant’s telephone number, including area code)

__________________________________________________________  

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 [X] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes [X] 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	[X]	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 [X]

As of October 31, 2018, there were 962,034,200 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.

UNITEDHEALTH GROUP

Table of Contents

			Page
Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017		1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2018 and 2017		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and 2017		3
	Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2018 and 2017		4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017		5
	Notes to the Condensed Consolidated Financial Statements		6
	1.	Basis of Presentation	6
	2.	Investments	7
	3.	Fair Value	8
	4.	Medical Costs Payable	10
	5.	Commercial Paper and Long-Term Debt	11
	6.	Shareholder’s Equity	12
	7.	Commitments and Contingencies	12
	8.	Segment Financial Information	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		23
Item 4.	Controls and Procedures		24
Part II. Other Information
Item 1.	Legal Proceedings		25
Item 1A.	Risk Factors		25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		25
Item 6.	Exhibits		26
Signatures			27

PART I

ITEM 1.    FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except per share data)	September 30, 2018			December 31, 2017
Assets
Current assets:
Cash and cash equivalents	$	10,263		$	11,981
Short-term investments	3,586			3,509
Accounts receivable, net	10,992			9,568
Other current receivables, net	7,270			6,262
Assets under management	2,936			3,101
Prepaid expenses and other current assets	3,707			2,663
Total current assets	38,754			37,084
Long-term investments	31,929			28,341
Property, equipment and capitalized software, net	8,042			7,013
Goodwill	58,703			54,556
Other intangible assets, net	9,498			8,489
Other assets	4,161			3,575
Total assets	$	151,087		$	139,058
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	19,850		$	17,871
Accounts payable and accrued liabilities	18,991			15,180
Commercial paper and current maturities of long-term debt	1,500			2,857
Unearned revenues	2,388			2,269
Other current liabilities	13,648			12,286
Total current liabilities	56,377			50,463
Long-term debt, less current maturities	32,053			28,835
Deferred income taxes	2,434			2,182
Other liabilities	5,858			5,556
Total liabilities	96,722			87,036
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,769			2,189
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; 962 and 969 issued and outstanding	10			10
Additional paid-in capital	—			1,703
Retained earnings	54,386			48,730
Accumulated other comprehensive loss	(4,386		)	(2,667		)
Nonredeemable noncontrolling interests	2,586			2,057
Total equity	52,596			49,833
Total liabilities, redeemable noncontrolling interests and equity	$	151,087		$	139,058

See Notes to the Condensed Consolidated Financial Statements

1

UnitedHealth Group

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except per share data)	2018			2017			2018			2017
Revenues:
Premiums	$	44,613		$	39,552		$	133,155		$	118,075
Products	7,344			6,665			21,050			19,209
Services	4,217			3,858			12,590			11,089
Investment and other income	382			247			1,035			725
Total revenues	56,556			50,322			167,830			149,098
Operating costs:
Medical costs	36,158			32,201			108,448			96,829
Operating costs	8,479			7,387			25,371			21,737
Cost of products sold	6,718			6,068			19,373			17,633
Depreciation and amortization	611			578			1,791			1,667
Total operating costs	51,966			46,234			154,983			137,866
Earnings from operations	4,590			4,088			12,847			11,232
Interest expense	(353		)	(294		)	(1,026		)	(878		)
Earnings before income taxes	4,237			3,794			11,821			10,354
Provision for income taxes	(953		)	(1,233		)	(2,603		)	(3,252		)
Net earnings	3,284			2,561			9,218			7,102
Earnings attributable to noncontrolling interests	(96		)	(76		)	(272		)	(161		)
Net earnings attributable to UnitedHealth Group common shareholders	$	3,188		$	2,485		$	8,946		$	6,941
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	3.31		$	2.57		$	9.29		$	7.22
Diluted	$	3.24		$	2.51		$	9.09		$	7.06
Basic weighted-average number of common shares outstanding	962			968			963			962
Dilutive effect of common share equivalents	21			21			21			21
Diluted weighted-average number of common shares outstanding	983			989			984			983
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	7			1			7			6

See Notes to the Condensed Consolidated Financial Statements

2

UnitedHealth Group

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2018			2017			2018			2017
Net earnings	$	3,284		$	2,561		$	9,218		$	7,102
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(91		)	44			(512		)	313
Income tax effect	21			(17		)	117			(111		)
Total unrealized (losses) gains, net of tax	(70		)	27			(395		)	202
Gross reclassification adjustment for net realized gains included in net earnings	(3		)	(10		)	(58		)	(51		)
Income tax effect	—			4			13			19
Total reclassification adjustment, net of tax	(3		)	(6		)	(45		)	(32		)
Total foreign currency translation (losses) gains	(233		)	217			(1,303		)	158
Other comprehensive (loss) income	(306		)	238			(1,743		)	328
Comprehensive income	2,978			2,799			7,475			7,430
Comprehensive income attributable to noncontrolling interests	(96		)	(76		)	(272		)	(161		)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	2,882		$	2,723		$	7,203		$	7,269

See Notes to the Condensed Consolidated Financial Statements

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
(in millions)	Shares		Amount								Net Unrealized (Losses) Gains on Investments			Foreign Currency Translation (Losses) Gains
Balance at January 1, 2018	969		$	10	$	1,703		$	48,730		$	(13	)	$	(2,654	)	$	2,057		$	49,833
Adjustment to adopt ASU 2016-01								(24		)	24									—
Net earnings								8,946									183			9,129
Other comprehensive loss											(440		)	(1,303		)				(1,743		)
Issuances of common stock, and related tax effects	9		—		761															761
Share-based compensation					493															493
Common share repurchases	(16	)	—		(2,838		)	(812		)										(3,650		)
Cash dividends paid on common shares ($2.55 per share)								(2,454		)										(2,454		)
Redeemable noncontrolling interests fair value and other adjustments					(119		)													(119		)
Acquisition of nonredeemable noncontrolling interests																	518			518
Distribution to nonredeemable noncontrolling interests																	(172		)	(172		)
Balance at September 30, 2018	962		$	10	$	—		$	54,386		$	(429	)	$	(3,957	)	$	2,586		$	52,596
Balance at January 1, 2017	952		$	10	$	—		$	40,945		$	(97	)	$	(2,584	)	$	(97	)	$	38,177
Net earnings								6,941									120			7,061
Other comprehensive income											170			158						328
Issuances of common stock, and related tax effects	24		—		2,156															2,156
Share-based compensation					447															447
Common share repurchases	(7	)	—		(1,173		)													(1,173		)
Cash dividends paid on common shares ($2.125 per share)								(2,046		)										(2,046		)
Redeemable noncontrolling interests fair value and other adjustments					371															371
Acquisition of nonredeemable noncontrolling interests																	2,111			2,111
Distribution to nonredeemable noncontrolling interests																	(122		)	(122		)
Balance at September 30, 2017	969		$	10	$	1,801		$	45,840		$	73		$	(2,426	)	$	2,012		$	47,310

See Notes to the Condensed Consolidated Financial Statements

4

UnitedHealth Group

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30,
(in millions)	2018			2017
Operating activities
Net earnings	$	9,218		$	7,102
Noncash items:
Depreciation and amortization	1,791			1,667
Deferred income taxes	9			(459		)
Share-based compensation	512			456
Other, net	(136		)	168
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(984		)	(244		)
Other assets	(1,641		)	(763		)
Medical costs payable	1,745			1,305
Accounts payable and other liabilities	2,783			2,283
Unearned revenues	20			4,658
Cash flows from operating activities	13,317			16,173
Investing activities
Purchases of investments	(11,316		)	(10,626		)
Sales of investments	2,872			2,809
Maturities of investments	4,715			4,251
Cash paid for acquisitions, net of cash assumed	(5,824		)	(908		)
Purchases of property, equipment and capitalized software	(1,505		)	(1,391		)
Other, net	(187		)	(30		)
Cash flows used for investing activities	(11,245		)	(5,895		)
Financing activities
Common share repurchases	(3,650		)	(1,173		)
Cash dividends paid	(2,454		)	(2,046		)
Proceeds from common stock issuances	745			604
Repayments of long-term debt	(2,600		)	(2,867		)
Repayments of commercial paper, net	(164		)	(3,352		)
Proceeds from issuance of long-term debt	3,964			1,342
Customer funds administered	1,552			3,659
Other, net	(1,086		)	(624		)
Cash flows used for financing activities	(3,693		)	(4,457		)
Effect of exchange rate changes on cash and cash equivalents	(97		)	18
(Decrease) increase in cash and cash equivalents	(1,718		)	5,839
Cash and cash equivalents, beginning of period	11,981			10,430
Cash and cash equivalents, end of period	$	10,263		$	16,269
Supplemental schedule of noncash investing activities
Common stock issued for acquisition	$	—		$	2,164

See Notes to the Condensed Consolidated Financial Statements

5

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 diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone. Through its diversified family of businesses, the Company leverages core competencies in data and health information; advanced technology; and clinical expertise to help meet the demands of the health system. These core competencies are deployed within two distinct, but strategically aligned, business platforms: health benefits operating under UnitedHealthcare and health services operating under Optum.

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” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC (2017 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 medical costs payable, revenues, and goodwill and other intangible assets. 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.

Recently Issued Accounting Standards

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, “Leases (Topic 842)”, as modified by ASUs 2018-01, 2018-10 and 2018-11 (collectively, ASU 2016-02). Under ASU 2016-02, an entity will be required to recognize assets and liabilities for the rights and obligations created by leases on the entity’s balance sheet for both finance and operating leases. For leases with a term of 12 months or less, an entity can elect to not recognize lease assets and lease liabilities and expense the lease over a straight-line basis for the term of the lease. ASU 2016-02 will require new disclosures that depict the amount, timing and uncertainty of cash flows pertaining to an entity’s leases. Companies may adopt the new standard using a modified retrospective approach or a cumulative effect upon adoption approach for the annual and interim periods beginning after December 15, 2018. Early adoption of ASU 2016-02 is permitted. When adopted, ASU 2016-02 will not have a material impact on the Company’s balance sheet, results of operations, equity or cash flows.

Recently Adopted Accounting Standards

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). Most notably, the new guidance requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The Company adopted ASU 2016-01 on a prospective basis effective January 1, 2018, as required, and reclassified $24 million from accumulated other comprehensive income to retained earnings.

The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements.

6

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
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,291	$	—	$	(76	)	$	3,215
State and municipal obligations	6,962		30		(112		)	6,880
Corporate obligations	15,561		10		(208		)	15,363
U.S. agency mortgage-backed securities	4,846		1		(171		)	4,676
Non-U.S. agency mortgage-backed securities	1,329		—		(30		)	1,299
Total debt securities - available-for-sale	31,989		41		(597		)	31,433
Debt securities - held-to-maturity:
U.S. government and agency obligations	246		1		(3		)	244
State and municipal obligations	11		—		—			11
Corporate obligations	342		—		—			342
Total debt securities - held-to-maturity	599		1		(3		)	597
Total debt securities	$	32,588	$	42	$	(600	)	$	32,030
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,673	$	1	$	(30	)	$	2,644
State and municipal obligations	7,596		99		(35		)	7,660
Corporate obligations	13,181		57		(44		)	13,194
U.S. agency mortgage-backed securities	3,942		7		(38		)	3,911
Non-U.S. agency mortgage-backed securities	1,018		3		(6		)	1,015
Total debt securities - available-for-sale	28,410		167		(153		)	28,424
Debt securities - held-to-maturity:
U.S. government and agency obligations	254		1		(1		)	254
State and municipal obligations	2		—		—			2
Corporate obligations	280		—		—			280
Total debt securities - held-to-maturity	536		1		(1		)	536
Total debt securities	$	28,946	$	168	$	(154	)	$	28,960

The Company held $2.0 billion of equity securities as of September 30, 2018 and December 31, 2017. The Company’s investments in equity securities primarily consist of investments in Brazilian real denominated fixed-income funds, employee savings plan related investments and dividend paying stocks, with readily determinable fair values.

Additionally, the Company’s investments included $1.5 billion and $0.9 billion of equity method investments in operating businesses in the health care sector as of September 30, 2018 and December 31, 2017, respectively.

7

The amortized cost and fair value of debt securities as of September 30, 2018, 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	$	3,683	$	3,675	$	145	$	145
Due after one year through five years	12,362		12,197		180		178
Due after five years through ten years	7,194		7,041		102		101
Due after ten years	2,575		2,545		172		173
U.S. agency mortgage-backed securities	4,846		4,676		—		—
Non-U.S. agency mortgage-backed securities	1,329		1,299		—		—
Total debt securities	$	31,989	$	31,433	$	599	$	597

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

	Less Than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,025	$	(33	)	$	1,068	$	(43	)	$	3,093	$	(76	)
State and municipal obligations	3,471		(54		)	1,596		(58		)	5,067		(112		)
Corporate obligations	9,933		(136		)	2,334		(72		)	12,267		(208		)
U.S. agency mortgage-backed securities	2,762		(74		)	1,811		(97		)	4,573		(171		)
Non-U.S. agency mortgage-backed securities	956		(19		)	265		(11		)	1,221		(30		)
Total debt securities - available-for-sale	$	19,147	$	(316	)	$	7,074	$	(281	)	$	26,221	$	(597	)
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,249	$	(8	)	$	1,027	$	(22	)	$	2,276	$	(30	)
State and municipal obligations	2,599		(21		)	866		(14		)	3,465		(35		)
Corporate obligations	5,901		(23		)	1,242		(21		)	7,143		(44		)
U.S. agency mortgage-backed securities	1,657		(12		)	1,162		(26		)	2,819		(38		)
Non-U.S. agency mortgage-backed securities	411		(3		)	144		(3		)	555		(6		)
Total debt securities - available-for-sale	$	11,817	$	(67	)	$	4,441	$	(86	)	$	16,258	$	(153	)

The Company’s unrealized losses from debt securities as of September 30, 2018 were generated from 20,000 positions out of a total of 29,000 positions. The Company believes that it will collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. As of September 30, 2018, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.

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.

8

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 in Part II, Item 8, “Financial Statements” in the 2017 10-K.

The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
September 30, 2018
Cash and cash equivalents	$	10,220		$	43		$	—		$	10,263
Debt securities - available-for-sale:
U.S. government and agency obligations	2,928			287			—			3,215
State and municipal obligations	—			6,880			—			6,880
Corporate obligations	41			15,163			159			15,363
U.S. agency mortgage-backed securities	—			4,676			—			4,676
Non-U.S. agency mortgage-backed securities	—			1,299			—			1,299
Total debt securities - available-for-sale	2,969			28,305			159			31,433
Equity securities	1,885			13			100			1,998
Assets under management	993			1,939			4			2,936
Total assets at fair value	$	16,067		$	30,300		$	263		$	46,630
Percentage of total assets at fair value	34		%	65		%	1		%	100		%
December 31, 2017
Cash and cash equivalents	$	11,718		$	263		$	—		$	11,981
Debt securities - available-for-sale:
U.S. government and agency obligations	2,428			216			—			2,644
State and municipal obligations	—			7,660			—			7,660
Corporate obligations	65			12,989			140			13,194
U.S. agency mortgage-backed securities	—			3,911			—			3,911
Non-U.S. agency mortgage-backed securities	—			1,015			—			1,015
Total debt securities - available-for-sale	2,493			25,791			140			28,424
Equity securities	1,784			14			194			1,992
Assets under management	1,117			1,984			—			3,101
Total assets at fair value	$	17,112		$	28,052		$	334		$	45,498
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

Transfers between levels, if any, are recorded as of the beginning of the reporting period in which the transfer occurs; there were no transfers between Levels 1, 2 or 3 of any financial assets during the nine months endedSeptember 30, 2018 or 2017.

9

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

(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value		Total Carrying Value
September 30, 2018
Debt securities - held-to-maturity	$	257	$	71	$	269	$	597	$	599
Long-term debt and other financing obligations	$	—	$	34,908	$	—	$	34,908	$	33,533
December 31, 2017
Debt securities - held-to-maturity	$	267	$	4	$	265	$	536	$	536
Long-term debt and other financing obligations	$	—	$	34,504	$	—	$	34,504	$	31,542

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 the nine months endedSeptember 30, 2018 or 2017.

4.    Medical Costs Payable

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

(in millions)	2018			2017
Medical costs payable, beginning of period	$	17,871		$	16,391
Acquisitions	333			76
Reported medical costs:
Current year	108,658			97,519
Prior years	(210		)	(690		)
Total reported medical costs	108,448			96,829
Medical payments:
Payments for current year	(90,348		)	(81,237		)
Payments for prior years	(16,454		)	(14,096		)
Total medical payments	(106,802		)	(95,333		)
Medical costs payable, end of period	$	19,850		$	17,963

For the nine months ended September 30, 2018, the medical cost reserve development included no individual factors that were significant. For the nine months ended September 30, 2017, the medical cost reserve development was primarily driven by lower than expected health system utilization levels. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $13.8 billion and $12.3 billion at September 30, 2018 and December 31, 2017, respectively.

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5.    Commercial Paper and Long-Term Debt

Commercial paper and senior unsecured long-term debt consisted of the following:

	September 30, 2018						December 31, 2017
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	20	$	20	$	20	$	150	$	150	$	150
6.000% notes due February 2018	—		—		—		1,100		1,101		1,106
1.900% notes due July 2018	—		—		—		1,500		1,499		1,501
1.700% notes due February 2019	750		750		747		750		749		747
1.625% notes due March 2019	500		500		498		500		501		497
2.300% notes due December 2019	500		492		496		500		495		501
2.700% notes due July 2020	1,500		1,497		1,491		1,500		1,496		1,517
Floating rate notes due October 2020	300		299		300		300		299		300
3.875% notes due October 2020	450		439		456		450		446		467
1.950% notes due October 2020	900		897		881		900		895		892
4.700% notes due February 2021	400		395		412		400		403		425
2.125% notes due March 2021	750		747		732		750		746		744
Floating rate notes due June 2021	350		349		350		—		—		—
3.150% notes due June 2021	400		398		399		—		—		—
3.375% notes due November 2021	500		481		502		500		493		516
2.875% notes due December 2021	750		724		741		750		741		760
2.875% notes due March 2022	1,100		1,031		1,083		1,100		1,054		1,114
3.350% notes due July 2022	1,000		997		999		1,000		996		1,033
2.375% notes due October 2022	900		894		863		900		893		891
0.000% notes due November 2022	15		12		12		15		12		12
2.750% notes due February 2023	625		588		606		625		606		626
2.875% notes due March 2023	750		734		731		750		762		759
3.500% notes due June 2023	750		746		752		—		—		—
3.750% notes due July 2025	2,000		1,989		2,010		2,000		1,987		2,108
3.100% notes due March 2026	1,000		995		961		1,000		995		1,007
3.450% notes due January 2027	750		745		734		750		745		776
3.375% notes due April 2027	625		619		607		625		618		642
2.950% notes due October 2027	950		938		890		950		937		947
3.850% notes due June 2028	1,150		1,142		1,153		—		—		—
4.625% notes due July 2035	1,000		991		1,064		1,000		991		1,165
5.800% notes due March 2036	850		838		1,013		850		837		1,105
6.500% notes due June 2037	500		492		640		500		491		698
6.625% notes due November 2037	650		641		844		650		641		923
6.875% notes due February 2038	1,100		1,076		1,467		1,100		1,075		1,596
5.700% notes due October 2040	300		296		358		300		296		389
5.950% notes due February 2041	350		345		428		350		345		466
4.625% notes due November 2041	600		588		630		600		588		685
4.375% notes due March 2042	502		484		510		502		483		555
3.950% notes due October 2042	625		607		596		625		607		650
4.250% notes due March 2043	750		734		749		750		734		822
4.750% notes due July 2045	2,000		1,972		2,140		2,000		1,972		2,362
4.200% notes due January 2047	750		738		743		750		738		808
4.250% notes due April 2047	725		717		728		725		717		798
3.750% notes due October 2047	950		933		883		950		933		969
4.250% notes due June 2048	1,350		1,329		1,355		—		—		—
Total commercial paper and long-term debt	$	32,687	$	32,199	$	33,574	$	31,417	$	31,067	$	34,029

The Company’s long-term debt obligations included $1.4 billion and $625 million of other financing obligations, of which $230 million and $107 million were classified as current as of September 30, 2018 and December 31, 2017, respectively.

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Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of September 30, 2018, the Company’s outstanding commercial paper had a weighted average annual interest rate of 2.1%.

The Company has $3.0 billion five-year, $3.0 billion three-year and $4.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2022, December 2020 and December 2018, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of September 30, 2018, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of September 30, 2018, annual interest rates would have ranged from 3.1% to 3.4%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain adefined debt to debt-plus-shareholders’ equity ratio of not more than 55%. The Company was in compliance with its debt covenants as of September 30, 2018.

6.    Shareholders' Equity

Share Repurchase Program

In June 2018, the Company’s Board of Directors renewed the Company’s share repurchase program with an authorization to repurchase up to 100 million shares of the Company’s common stock. The following table provides details of the Company’s share repurchase activity for the nine months endedSeptember 30, 2018:

(in millions, except per share data)
Common share repurchases, shares	16
Common share repurchases, average price per share	$	232.61
Common share repurchases, aggregate cost	$	3,650
Board authorized shares remaining	98

Dividends

In June 2018, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual dividend rate of $3.60 per share from $3.00 per share, which the Company had paid since June 2017. Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s 2018 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 20	$	0.75	$	722
June 26	0.90		866
September 18	0.90		866

7.    Commitments and Contingencies

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

12

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, the Brazilian national regulatory agency for private health insurance and plans (the Agência Nacional de Saúde Suplementar), state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office of Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice, the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the Brazilian federal revenue service (the Secretaria da Receita Federal), the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Defense Contract Audit Agency and other 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 Department of Justice (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 risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. Those motions were argued in September 2018. The Company cannot reasonably estimate the outcome that may result from this matter given its procedural status.

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8.    Segment Financial Information

The Company’s four reportable segments are UnitedHealthcare, OptumHealth, OptumInsight and OptumRx. For more information on the Company’s segments see Part I, Item I, “Business” and Note 13 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2017 10-K.

The following tables present reportable segment financial information:

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Three Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	43,628	$	985	$	—	$	—	$	—		$	985	$	—		$	44,613
Products	—		13		29		7,302		—			7,344		—			7,344
Services	2,067		1,196		790		164		—			2,150		—			4,217
Total revenues - unaffiliated customers	45,695		2,194		819		7,466		—			10,479		—			56,174
Total revenues - affiliated customers	—		3,733		1,431		9,960		(352		)	14,772		(14,772		)	—
Investment and other income	242		125		4		11		—			140		—			382
Total revenues	$	45,937	$	6,052	$	2,254	$	17,437	$	(352	)	$	25,391	$	(14,772	)	$	56,556
Earnings from operations	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	—		$	4,590
Interest expense	—		—		—		—		—			—		(353		)	(353		)
Earnings before income taxes	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	(353	)	$	4,237
Three Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	38,576	$	976	$	—	$	—	$	—		$	976	$	—		$	39,552
Products	—		10		29		6,626		—			6,665		—			6,665
Services	2,005		1,040		677		136		—			1,853		—			3,858
Total revenues - unaffiliated customers	40,581		2,026		706		6,762		—			9,494		—			50,075
Total revenues - affiliated customers	—		3,138		1,297		9,186		(324		)	13,297		(13,297		)	—
Investment and other income	153		88		1		5		—			94		—			247
Total revenues	$	40,734	$	5,252	$	2,004	$	15,953	$	(324	)	$	22,885	$	(13,297	)	$	50,322
Earnings from operations	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	—		$	4,088
Interest expense	—		—		—		—		—			—		(294		)	(294		)
Earnings before income taxes	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	(294	)	$	3,794

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			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Nine Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	130,361	$	2,794	$	—	$	—	$	—		$	2,794	$	—		$	133,155
Products	—		37		72		20,941		—			21,050		—			21,050
Services	6,248		3,587		2,306		449		—			6,342		—			12,590
Total revenues - unaffiliated customers	136,609		6,418		2,378		21,390		—			30,186		—			166,795
Total revenues - affiliated customers	—		10,979		4,115		29,062		(1,026		)	43,130		(43,130		)	—
Investment and other income	633		355		15		32		—			402		—			1,035
Total revenues	$	137,242	$	17,752	$	6,508	$	50,484	$	(1,026	)	$	73,718	$	(43,130	)	$	167,830
Earnings from operations	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	—		$	12,847
Interest expense	—		—		—		—		—			—		(1,026		)	(1,026		)
Earnings before income taxes	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	(1,026	)	$	11,821
Nine Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	115,295	$	2,780	$	—	$	—	$	—		$	2,780	$	—		$	118,075
Products	—		33		69		19,107		—			19,209		—			19,209
Services	5,885		2,769		2,011		424		—			5,204		—			11,089
Total revenues - unaffiliated customers	121,180		5,582		2,080		19,531		—			27,193		—			148,373
Total revenues - affiliated customers	—		9,294		3,757		27,196		(894		)	39,353		(39,353		)	—
Investment and other income	478		231		3		13		—			247		—			725
Total revenues	$	121,658	$	15,107	$	5,840	$	46,740	$	(894	)	$	66,793	$	(39,353	)	$	149,098
Earnings from operations	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	—		$	11,232
Interest expense	—		—		—		—		—			—		(878		)	(878		)
Earnings before income taxes	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	(878	)	$	10,354

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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 2017 10-K, including the Consolidated Financial Statements and Notes in Part II, Item 8, “Financial Statements” in that report. Unless the context indicates otherwise, references to the terms “UnitedHealth Group,” “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 2017 10-K and in the discussion below.

EXECUTIVE OVERVIEW

General

UnitedHealth Group is a diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone. Through our diversified family of businesses, we leverage core competencies in data and health information; advanced technology; and clinical expertise to help meet the demands of the health system. These core competencies are deployed within our two distinct, but strategically aligned, business platforms: health benefits operating under UnitedHealthcare and health services operating under Optum.

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 2017 10-K and additional information on our segments can be found in this Item 2 and in Note 8 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 American and certain other international health markets. In the United States, health care spending has grown consistently for many years and comprises approximately 18% of gross domestic product. We expect overall spending on health care to continue to grow in the future due to inflation, medical technology and pharmaceutical advancement, regulatory requirements, demographic trends in the population and national interest in health and well-being. The rate of market growth may be affected by a variety of factors, including macro-economic conditions and regulatory changes, which have impacted and could further impact our results of operations.

Pricing Trends. To price our health care benefit products, we start with our view of expected future costs, including any impact from the Health Insurance Industry Tax. 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. We will continue seeking to balance growth and profitability across all of these dimensions.

The commercial risk market remains highly competitive in both the small group and large group segments. We expect broad-based competition to continue as the industry adapts to individual and employer needs amid reform changes. In 2019, there will be a one year moratorium on the collection of the Health Insurance Industry Tax. Pricing for contracts that cover some portion of calendar year 2019 will reflect the impact of the moratorium.

Government programs in the public and senior sector tend to receive lower rates of increase than the commercial market due to governmental budget pressures and intrinsically lower cost trends.

Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, health system utilization and prescription drug costs. 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.

Regulatory Trends and Uncertainties

Following is a summary of management’s view of regulatory trends and uncertainties. For additional information regarding regulatory trends and uncertainties, see Part I, Item 1 “Business - Government Regulation,” Part 1, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2017 10-K.

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Medicare Advantage Rates. Final 2019 Medicare Advantage rates resulted in an increase in industry base rates of approximately 3.4%, short of the industry forward medical cost trend, which creates continued pressure in the Medicare Advantage program.

The Tax Cut and Jobs Act (Tax Reform). Tax Reform was enacted by the U.S federal government in December 2017, changing existing federal tax law, including reducing the U.S. corporate income tax rate. The impact of Tax Reform is partially offset by the return of the nondeductible Health Insurance Industry Tax in 2018.

Health Insurance Industry Tax. After a moratorium in 2017, the industry-wide amount of the Health Insurance Industry Tax in 2018 is $14.3 billion, with our portion being $2.6 billion. The return of the tax impacts year-over-year comparability of our financial statements, including revenues, the medical care ratio (MCR), operating cost ratio and effective tax rate. A one year moratorium on the collection of the Health Insurance Industry Tax will occur in 2019.

SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS

The following summarizes select third quarter2018 year-over-year operating comparisons to third quarter2017 and other 2018 significant items.

• Consolidated revenues grew 12%, UnitedHealthcare revenues grew 13% and Optum revenues grew 11%.

• UnitedHealthcare served 75,000 fewer people primarily as a result of completion of its commitment to the 2.9 million people under the TRICARE military health care program, partially offset by the addition of 2.2 million people through acquisition and the remainder from organic growth.

• Earnings from operations increased 12%, including increases of 7% at UnitedHealthcare and 20% at Optum.

• Due primarily to the impact of Tax Reform, our effective income tax rate decreased 10 percentage points to 22.5%.

• Diluted earnings per common share increased 29%.

• Cash flows from operations for the nine months ended were $13.3 billion.

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RESULTS SUMMARY

The following table summarizes our consolidated results of operations and other financial information:

(in millions, except percentages and per share data)	Three Months Ended September 30,						Increase/(Decrease)					Nine Months Ended September 30,						Increase/(Decrease)
	2018			2017			2018 vs. 2017					2018			2017			2018 vs. 2017
Revenues:
Premiums	$	44,613		$	39,552		$	5,061		13	%	$	133,155		$	118,075		$	15,080		13	%
Products	7,344			6,665			679			10		21,050			19,209			1,841			10
Services	4,217			3,858			359			9		12,590			11,089			1,501			14
Investment and other income	382			247			135			55		1,035			725			310			43
Total revenues	56,556			50,322			6,234			12		167,830			149,098			18,732			13
Operating costs:
Medical costs	36,158			32,201			3,957			12		108,448			96,829			11,619			12
Operating costs	8,479			7,387			1,092			15		25,371			21,737			3,634			17
Cost of products sold	6,718			6,068			650			11		19,373			17,633			1,740			10
Depreciation and amortization	611			578			33			6		1,791			1,667			124			7
Total operating costs	51,966			46,234			5,732			12		154,983			137,866			17,117			12
Earnings from operations	4,590			4,088			502			12		12,847			11,232			1,615			14
Interest expense	(353		)	(294		)	(59		)	20		(1,026		)	(878		)	(148		)	17
Earnings before income taxes	4,237			3,794			443			12		11,821			10,354			1,467			14
Provision for income taxes	(953		)	(1,233		)	280			(23	)	(2,603		)	(3,252		)	649			(20	)
Net earnings	3,284			2,561			723			28		9,218			7,102			2,116			30
Earnings attributable to noncontrolling interests	(96		)	(76		)	(20		)	26		(272		)	(161		)	(111		)	69
Net earnings attributable to UnitedHealth Group common shareholders	$	3,188		$	2,485		$	703		28	%	$	8,946		$	6,941		$	2,005		29	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	3.24		$	2.51		$	0.73		29	%	$	9.09		$	7.06		$	2.03		29	%
Medical care ratio (a)	81.0		%	81.4		%	(0.4		)%			81.4		%	82.0		%	(0.6		)%
Operating cost ratio	15.0			14.7			0.3					15.1			14.6			0.5
Operating margin	8.1			8.1			—					7.7			7.5			0.2
Tax rate	22.5			32.5			(10.0		)			22.0			31.4			(9.4		)
Net earnings margin (b)	5.6			4.9			0.7					5.3			4.7			0.6
Return on equity (c)	25.9		%	22.5		%	3.4		%			24.6		%	22.0		%	2.6		%

(a) Medical care ratio is calculated as medical costs divided by premium revenue.

(b) Net earnings margin attributable to UnitedHealth Group shareholders.

(c) Return on equity is calculated as annualized net earnings divided by average equity. Average equity is calculated using the equity balance at the end of the preceding year and the equity balances at the end of each of the quarters in the year presented.

2018 RESULTS OF OPERATIONS COMPARED TO 2017 RESULTS OF OPERATIONS

Consolidated Financial Results

Revenue

The increase in revenue was primarily driven by the increase in the number of individuals served through risk-based products across our UnitedHealthcare benefits businesses, pricing trends, including for the return of the Health Insurance Industry Tax in 2018, and growth across the Optum business, primarily due to expansion in care delivery, pharmacy care services, and outsourcing and advisory services.

Medical Costs and MCR

Medical costs increased due to growth in people served through risk-based products and medical cost trends. The MCR decreased due to the revenue effects of the Health Insurance Industry Tax, which more than offset business mix changes and lower favorable reserve development.

Income Tax Rate

Our effective tax rate decreased due to the impact of Tax Reform, which was partially offset by the return of the nondeductible Health Insurance Industry Tax.

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Reportable Segments

See Note 8 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report for more information on our segments. The following table presents a summary of the reportable segment financial information:

	Three Months Ended September 30,						Increase/(Decrease)					Nine Months Ended September 30,						Increase/(Decrease)
(in millions, except percentages)	2018			2017			2018 vs. 2017					2018			2017			2018 vs. 2017
Revenues
UnitedHealthcare	$	45,937		$	40,734		$	5,203		13	%	$	137,242		$	121,658		$	15,584		13	%
OptumHealth	6,052			5,252			800			15		17,752			15,107			2,645			18
OptumInsight	2,254			2,004			250			12		6,508			5,840			668			11
OptumRx	17,437			15,953			1,484			9		50,484			46,740			3,744			8
Optum eliminations	(352		)	(324		)	(28		)	9		(1,026		)	(894		)	(132		)	15
Optum	25,391			22,885			2,506			11		73,718			66,793			6,925			10
Eliminations	(14,772		)	(13,297		)	(1,475		)	11		(43,130		)	(39,353		)	(3,777		)	10
Consolidated revenues	$	56,556		$	50,322		$	6,234		12	%	$	167,830		$	149,098		$	18,732		13	%
Earnings from operations
UnitedHealthcare	$	2,559		$	2,391		$	168		7	%	$	7,316		$	6,736		$	580		9	%
OptumHealth	622			513			109			21		1,680			1,267			413			33
OptumInsight	534			414			120			29		1,382			1,080			302			28
OptumRx	875			770			105			14		2,469			2,149			320			15
Optum	2,031			1,697			334			20		5,531			4,496			1,035			23
Consolidated earnings from operations	$	4,590		$	4,088		$	502		12	%	$	12,847		$	11,232		$	1,615		14	%
Operating margin
UnitedHealthcare	5.6		%	5.9		%	(0.3		)%			5.3		%	5.5		%	(0.2		)%
OptumHealth	10.3			9.8			0.5					9.5			8.4			1.1
OptumInsight	23.7			20.7			3.0					21.2			18.5			2.7
OptumRx	5.0			4.8			0.2					4.9			4.6			0.3
Optum	8.0			7.4			0.6					7.5			6.7			0.8
Consolidated operating margin	8.1		%	8.1		%	—		%			7.7		%	7.5		%	0.2		%

UnitedHealthcare

The following table summarizes UnitedHealthcare revenues by business:

	Three Months Ended September 30,				Increase/(Decrease)				Nine Months Ended September 30,				Increase/(Decrease)
(in millions, except percentages)	2018		2017		2018 vs. 2017				2018		2017		2018 vs. 2017
UnitedHealthcare Employer & Individual	$	13,734	$	13,054	$	680	5	%	$	40,856	$	38,759	$	2,097	5	%
UnitedHealthcare Medicare & Retirement	18,789		16,306		2,483		15		56,573		49,605		6,968		14
UnitedHealthcare Community & State	11,054		9,378		1,676		18		32,471		27,505		4,966		18
UnitedHealthcare Global	2,360		1,996		364		18		7,342		5,789		1,553		27
Total UnitedHealthcare revenues	$	45,937	$	40,734	$	5,203	13	%	$	137,242	$	121,658	$	15,584	13	%

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The following table summarizes the number of individuals served by our UnitedHealthcare businesses, by major market segment and funding arrangement:

	September 30,		Increase/(Decrease)
(in thousands, except percentages)	2018	2017	2018 vs. 2017
Commercial group:
Risk-based	7,955	7,805	150		2	%
Fee-based	18,365	18,610	(245	)	(1	)
Total commercial group	26,320	26,415	(95	)	—
Individual	495	515	(20	)	(4	)
Fee-based TRICARE	—	2,855	(2,855	)	(100	)
Total commercial	26,815	29,785	(2,970	)	(10	)
Medicare Advantage	4,915	4,390	525		12
Medicaid	6,630	6,375	255		4
Medicare Supplement (Standardized)	4,540	4,415	125		3
Total public and senior	16,085	15,180	905		6
Total UnitedHealthcare - domestic medical	42,900	44,965	(2,065	)	(5	)
International	6,070	4,080	1,990		49
Total UnitedHealthcare - medical	48,970	49,045	(75	)	—	%
Supplemental Data:
Medicare Part D stand-alone	4,725	4,945	(220	)	(4	)%

The overall increase in people served through risk-based benefit plans in the commercial group market was driven by broad-based growth, primarily in services to small groups. Fee-based commercial group business declined primarily due to attrition at certain large commercial accounts. Medicare Advantage increased year-over-year due to growth in people served through individual and employer-sponsored group Medicare Advantage plans. Medicaid growth was driven by the combination of new state-based awards and growth in established programs. Medicare Supplement growth reflected strong customer retention and new sales. International growth was primarily driven by an acquisition in the first quarter.

UnitedHealthcare’s revenue and earnings from operations increased due to growth in the number of individuals served across its risk-based businesses, a higher revenue membership mix, rate increases for underlying medical cost trends and the impact of the return of the Health Insurance Industry Tax.

Optum

Total revenues and earnings from operations increased as each segment reported increased revenues and earnings from operations as a result of productivity and overall cost management initiatives in addition to the factors discussed below.

The results by segment were as follows:

OptumHealth

Revenue and earnings from operations increased at OptumHealth primarily due to organic and acquisition-related growth in care delivery and behavioral health, digital consumer engagement and health financial services.

OptumInsight

Revenue and earnings from operations at OptumInsight increased primarily due to organic and acquisition-related growth in business process outsourcing and care provider advisory services.

OptumRx

Revenue and earnings from operations at OptumRx increased primarily due to growth in specialty pharmacy, home delivery services, and overall prescription growth. OptumRx fulfilled 331 million and 321 million adjusted scripts, in the third quarters of 2018 and 2017, respectively.

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LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

Liquidity

Summary of our Major Sources and Uses of Cash and Cash Equivalents

	Nine Months Ended September 30,						Increase/(Decrease)
(in millions)	2018			2017			2018 vs. 2017
Sources of cash:
Cash provided by operating activities	$	13,317		$	16,173		$	(2,856	)
Issuances of commercial paper and long-term debt, net of repayments	1,200			—			1,200
Proceeds from common stock issuances	745			604			141
Customer funds administered	1,552			3,659			(2,107		)
Total sources of cash	16,814			20,436
Uses of cash:
Common stock repurchases	(3,650		)	(1,173		)	(2,477		)
Cash paid for acquisitions, net of cash assumed	(5,824		)	(908		)	(4,916		)
Purchases of investments, net of sales and maturities	(3,729		)	(3,566		)	(163		)
Repayments of commercial paper and long-term debt, net of issuances	—			(4,877		)	4,877
Purchases of property, equipment and capitalized software	(1,505		)	(1,391		)	(114		)
Cash dividends paid	(2,454		)	(2,046		)	(408		)
Other	(1,273		)	(654		)	(619		)
Total uses of cash	(18,435		)	(14,615		)
Effect of exchange rate changes on cash and cash equivalents	(97		)	18			(115		)
Net (decrease) increase in cash and cash equivalents	$	(1,718	)	$	5,839		$	(7,557	)

2018 Cash Flows Compared to 2017 Cash Flows

Decreased cash flows provided by operating activities were primarily driven by a decrease in unearned revenues due to the September 2017 receipt of our October CMS premium payment of $4.6 billion, offset by higher net earnings, and the year-over-year impact of the return of the Health Insurance Industry Tax. In October 2018, we paid our portion of the 2018 Health Insurance Industry Tax of $2.6 billion.

Other significant changes in sources or uses of cash year-over-year included net issuances of debt in 2018 compared to net repayments in 2017, an increase in cash paid for acquisitions, increased share repurchases and a decrease in customer funds administered primarily due to the September 2017 receipt of our October CMS payment.

Financial Condition

As of September 30, 2018, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $44 billion included approximately $10 billion of cash and cash equivalents (of which $0.9 billion was available for general corporate use), $31 billion of debt securities and $2 billion of investments in equity securities. Given the significant portion of our portfolio held in cash and cash equivalents, we do not anticipate fluctuations in the aggregate fair value of our financial assets to have a material impact on our liquidity or capital position. Our available-for-sale debt portfolio had a weighted-average duration of 3.3 years and a weighted-average credit rating of “Double A” as of September 30, 2018. When multiple credit ratings are available for an individual security, the average of the available ratings is used to determine the weighted-average credit rating.

Capital Resources and Uses of Liquidity

In addition to cash flows from operations and cash and cash equivalent balances available for general corporate use, our capital resources and uses of liquidity are as follows:

Commercial Paper and Bank Credit Facilities. Our revolving bank credit facilities provide liquidity support for our commercial paper borrowing program, which facilitates the private placement of unsecured debt through third-party broker-dealers, and are available for general corporate purposes. For more information on our commercial paper and bank credit facilities, see Note 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

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Our revolving bank credit facilities contain various covenants, including covenants requiring us to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 55%. As of September 30, 2018, our debt to debt-plus-shareholders’ equity ratio, as defined and calculated under the credit facilities, was approximately 37%.

Long-Term Debt. Periodically, we access capital markets and issue long-term debt for general corporate purposes, such as to meet our working capital requirements, to refinance debt, to finance acquisitions or for share repurchases. For more information on our long-term debt, see Note 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Credit Ratings. Our credit ratings as of September 30, 2018 were as follows:

	Moody’s		S&P Global		Fitch		A.M. Best
	Ratings	Outlook	Ratings	Outlook	Ratings	Outlook	Ratings	Outlook
Senior unsecured debt	A3	Stable	A+	Stable	A-	Stable	A-	Stable
Commercial paper	P-2	n/a	A-1	n/a	F1	n/a	AMB-1	n/a

The availability of financing in the form of debt or equity is influenced by many factors, including our profitability, operating cash flows, debt levels, credit ratings, debt covenants and other contractual restrictions, regulatory requirements and economic and market conditions. For example, a significant downgrade in our credit ratings or adverse conditions in the capital markets may increase the cost of borrowing for us or limit our access to capital.

Share Repurchase Program. As of September 30, 2018, we had Board authorization to purchase up to 98 million shares of our common stock. For more information on our share repurchase program, see Note 6 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Dividends. In June 2018, our Board increased our quarterly cash dividend to shareholders to an annual dividend rate of $3.60 per share. For more information on our dividend, see Note 6 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 in our 2017 10-K.

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

A summary of future obligations under our various contractual obligations and commitments as of December 31, 2017 was disclosed in our 2017 10-K. During the nine months endedSeptember 30, 2018, there were no material changes to this previously disclosed information outside the ordinary course of business. However, we continually evaluate opportunities to expand our operations, including through internal development of new products, programs and technology applications and acquisitions.

RECENTLY ISSUED ACCOUNTING STANDARDS

See Note 1 of Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for a discussion of new accounting pronouncements that affect us.

CRITICAL ACCOUNTING ESTIMATES

In preparing our Condensed Consolidated Financial Statements, we are required to make judgments, assumptions and estimates, which we believe are reasonable and prudent based on the available facts and circumstances. These judgments, assumptions and estimates affect certain of our revenues and expenses and their related balance sheet accounts and disclosure of our contingent liabilities. We base our assumptions and estimates primarily on historical experience and consider known and projected trends. On an ongoing basis, we re-evaluate our selection of assumptions and the method of calculating our estimates. Actual results, however, may materially differ from our calculated estimates, and this difference would be reported in our current operations.

Our critical accounting estimates include medical costs payable, revenues, and goodwill and other intangible assets. For a detailed description of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 in our 2017 10-K. For a detailed discussion of our significant accounting policies, see Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in our 2017 10-K.

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FORWARD-LOOKING STATEMENTS

The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements within the meaning of the PSLRA. These statements are intended to take advantage of the “safe harbor” provisions of the PSLRA. Generally the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.

Some factors that could cause actual results to differ materially from results discussed or implied in the forward-looking statements include: our ability to effectively estimate, price for and manage our medical costs, including the impact of any new coverage requirements; new laws or regulations, or changes in existing laws or regulations, or their enforcement or application, including increases in medical, administrative, technology or other costs or decreases in enrollment resulting from U.S., South American and other jurisdictions’ regulations affecting the health care industry; the outcome of the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in CMS star ratings and other quality scores that impact revenue; reductions in revenue or delays to cash flows received under Medicare, Medicaid and other government programs, including the effects of a prolonged U.S. government shutdown or debt ceiling constraints; changes in Medicare, including changes in payment methodology, the CMS star ratings program or the application of risk adjustment data validation audits; cyber-attacks or other privacy or data security incidents; failure to comply with privacy and data security regulations; regulatory and other risks and uncertainties of the pharmacy benefits management industry; competitive pressures, which could affect our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; our ability to execute contracts on competitive terms with physicians, hospitals and other service providers; failure to achieve targeted operating cost productivity improvements, including savings resulting from technology enhancement and administrative modernization; increases in costs and other liabilities associated with increased litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of acquisitions and other strategic transactions, fluctuations in foreign currency exchange rates on our reported shareholders’ equity and results of operations; downgrades in our credit ratings; the performance of our investment portfolio; impairment of the value of our goodwill and intangible assets if estimated future results do not adequately support goodwill and intangible assets recorded for our existing businesses or the businesses that we acquire; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; and our ability to obtain sufficient funds from our regulated subsidiaries or the debt or capital markets to fund our obligations, to maintain our debt to total capital ratio at targeted levels, to maintain our quarterly dividend payment cycle or to continue repurchasing shares of our common stock.

This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain risk factors that may affect our business operations, financial condition and results of operations, in our other periodic and current filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any or all forward-looking statements we make may turn out to be wrong, and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. 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 future 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 applicable securities laws.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We manage exposure to market interest rates by diversifying investments across different fixed-income market sectors and debt across maturities, as well as by endeavoring to match our floating-rate assets and liabilities over time, either directly or through the use of interest rate swap contracts. Unrealized gains and losses on investments in available-for-sale debt securities are reported in comprehensive income.

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The following table summarizes the impact of hypothetical changes in market interest rates across the entire yield curve by 1% point or 2% points as of September 30, 2018 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):

	September 30, 2018
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum (a)			Interest Expense Per Annum			Fair Value of Financial Assets (b)			Fair Value of Financial Liabilities
2 %	$	261		$	187		$	(2,192	)	$	(4,652	)
1	131			94			(1,118		)	(2,557		)
(1)	(131		)	(94		)	1,109			2,814
(2)	(254		)	(187		)	2,167			6,283

(a) Given the low absolute level of short-term market rates on our floating-rate assets as of September 30, 2018, the assumed hypothetical change in interest rates does not reflect the full 200 basis point reduction in investment income as the rate cannot fall below zero.

(b) As of September 30, 2018, some of our investments had interest rates below 2% so the assumed hypothetical change in the fair value of investments does not reflect the full 200 basis point reduction.

ITEM 4.    CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

In connection with the filing of this quarterly report on Form 10-Q, management evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2018. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2018.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

A description of our legal proceedings is included in and incorporated by reference to Note 7 of Notes to the Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

ITEM 1A.    RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” of our 2017 10-K, which could materially affect our business, financial condition or future results. The risks described in our 2017 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

There have been no material changes to the risk factors disclosed in our 2017 10-K.

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

In November 1997, our Board of Directors adopted a share repurchase program, which the Board evaluates periodically. There is no established expiration date for the program. During the third quarter 2018, we repurchased approximately 2 million shares at an average price of $259.78 per share. As of September 30, 2018, we had Board authorization to purchase up to 98 million shares of our common stock.

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ITEM 6. EXHIBITS*

The following exhibits are filed or incorporated by reference herein in response to Item 601 of Regulation S-K. The Company files Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K pursuant to the Securities Exchange Act of 1934 under Commission File No. 1-10864.

3.1	Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015)
3.2	Bylaws of UnitedHealth Group Incorporated, effective August 15, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 16, 2017)
4.1	Senior Indenture, dated as of November 15, 1998, between United HealthCare Corporation and The Bank of New York (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3/A, SEC File Number 333-66013, filed on January 11, 1999)
4.2	Amendment, dated as of November 6, 2000, to Senior Indenture, dated as of November 15, 1998, between UnitedHealth Group Incorporated and The Bank of New York (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001)
4.3	Instrument of Resignation, Appointment and Acceptance of Trustee, dated January 8, 2007, pursuant to the Senior Indenture, dated as of November 15, 1998, amended November 6, 2000, among UnitedHealth Group Incorporated, The Bank of New York and Wilmington Trust Company (incorporated by reference to Exhibit 4.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007)
4.4	Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008)
31.1	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials from UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed on November 8, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements.

 ________________

* Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNITEDHEALTH GROUP INCORPORATED

/s/ DAVID S. WICHMANN	Chief Executive Officer (principal executive officer)	Dated:	November 8, 2018
David S. Wichmann
/s/ JOHN F. REX	Executive Vice President and Chief Financial Officer (principal financial officer)	Dated:	November 8, 2018
John F. Rex
/s/THOMAS E. ROOS	Senior Vice President and Chief Accounting Officer (principal accounting officer)	Dated:	November 8, 2018
Thomas E. Roos

27

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

 I, David S. Wichmann, certify that:

1. I have reviewed this report on Form 10-Q of UnitedHealth Group Incorporated (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 8, 2018	/s/ DAVID S. WICHMANN
	David S. Wichmann Chief Executive Officer

Certification of Principal Financial Officer

I, John F. Rex, certify that:

1. I have reviewed this report on Form 10-Q of UnitedHealth Group Incorporated (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 8, 2018	/s/ JOHN F. REX
	John F. Rex Executive Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

In connection with the report of UnitedHealth Group Incorporated (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David S. Wichmann, certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 8, 2018	/s/ DAVID S. WICHMANN
	David S. Wichmann Chief Executive Officer

Certification of Principal Financial Officer

In connection with the report of UnitedHealth Group Incorporated (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John F. Rex, certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 8, 2018	/s/ JOHN F. REX
	John F. Rex Executive Vice President and Chief Financial Officer

XML

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entitiy Registrant Name	UNITEDHEALTH GROUP INC
Entitiy Central Index Key	0000731766
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		962,034,200

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 10,263	$ 11,981
Short-term investments	3,586	3,509
Accounts receivable, net	10,992	9,568
Other current receivables, net	7,270	6,262
Assets under management	2,936	3,101
Prepaid expenses and other current assets	3,707	2,663
Total current assets	38,754	37,084
Long-term investments	31,929	28,341
Property, equipment and capitalized software, net	8,042	7,013
Goodwill	58,703	54,556
Other intangible assets, net	9,498	8,489
Other assets	4,161	3,575
Total assets	151,087	139,058
Current liabilities:
Medical costs payable	19,850	17,871
Accounts payable and accrued liabilities	18,991	15,180
Commercial paper and current maturities of long-term debt	1,500	2,857
Unearned revenues	2,388	2,269
Other current liabilities	13,648	12,286
Total current liabilities	56,377	50,463
Long-term debt, less current maturities	32,053	28,835
Deferred income taxes	2,434	2,182
Other liabilities	5,858	5,556
Total liabilities	96,722	87,036
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,769	2,189
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value - 3,000 shares authorized; 962 and 969 issued and outstanding	10	10
Additional paid-in capital	0	1,703
Retained earnings	54,386	48,730
Accumulated other comprehensive loss	(4,386)	(2,667)
Nonredeemable noncontrolling interests	2,586	2,057
Total equity	52,596	49,833
Total liabilities, redeemable noncontrolling interests and equity	$ 151,087	$ 139,058

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Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2018	Dec. 31, 2017
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	962	969
Common stock, shares outstanding	962	969
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10	10
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Premiums	$ 44,613	$ 39,552	$ 133,155	$ 118,075
Products	7,344	6,665	21,050	19,209
Services	4,217	3,858	12,590	11,089
Investment and other income	382	247	1,035	725
Total revenues	56,556	50,322	167,830	149,098
Operating costs:
Medical costs	36,158	32,201	108,448	96,829
Operating costs	8,479	7,387	25,371	21,737
Cost of products sold	6,718	6,068	19,373	17,633
Depreciation and amortization	611	578	1,791	1,667
Total operating costs	51,966	46,234	154,983	137,866
Earnings from operations	4,590	4,088	12,847	11,232
Interest expense	(353)	(294)	(1,026)	(878)
Earnings before income taxes	4,237	3,794	11,821	10,354
Provision for income taxes	(953)	(1,233)	(2,603)	(3,252)
Net earnings	3,284	2,561	9,218	7,102
Earnings attributable to noncontrolling interests	(96)	(76)	(272)	(161)
Net earnings attributable to UnitedHealth Group common shareholders	$ 3,188	$ 2,485	$ 8,946	$ 6,941
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$ 3.31	$ 2.57	$ 9.29	$ 7.22
Diluted	$ 3.24	$ 2.51	$ 9.09	$ 7.06
Basic weighted-average number of common shares outstanding	962	968	963	962
Dilutive effect of common share equivalents	21	21	21	21
Diluted weighted-average number of common shares outstanding	983	989	984	983
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	7	1	7	6

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net earnings	$ 3,284	$ 2,561	$ 9,218	$ 7,102
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(91)	44	(512)	313
Income tax effect	21	(17)	117	(111)
Total unrealized (losses) gains, net of tax	(70)	27	(395)	202
Gross reclassification adjustment for net realized gains included in net earnings	(3)	(10)	(58)	(51)
Income tax effect	0	4	13	19
Total reclassification adjustment, net of tax	(3)	(6)	(45)	(32)
Total foreign currency translation (losses) gains	(233)	217	(1,303)	158
Other comprehensive (loss) income	(306)	238	(1,743)	328
Comprehensive income	2,978	2,799	7,475	7,430
Comprehensive income attributable to noncontrolling interests	(96)	(76)	(272)	(161)
Comprehensive income attributable to UnitedHealth Group common shareholders	$ 2,882	$ 2,723	$ 7,203	$ 7,269

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Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Net Unrealized (Losses) Gains on Investments [Member]	Foreign Currency Translation [Member]	Nonredeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2016	$ 38,177	$ 10	$ 0	$ 40,945	$ (97)	$ (2,584)	$ (97)
Balance (in shares) at Dec. 31, 2016		952
Net earnings attributable to UnitedHealth Group common shareholders	6,941			6,941
Net earnings attributable to nonredeemable noncontrolling interest							120
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	7,061
Other comprehensive income (loss)	328				170	158
Issuances of common stock, and related tax effects (in shares)		24
Issuances of common stock, and related tax effects	2,156	$ 0	2,156
Share-based compensation	447		447
Common share repurchases (in shares)		(7)
Common share repurchases	(1,173)	$ 0	(1,173)
Cash dividends paid on common shares ($2.55 per share, and $2.125 per share for nine months ended September 30, 2018 and September 30, 2017, respectively)	(2,046)			(2,046)
Redeemable noncontrolling interests fair value and other adjustments	371		371
Acquisition of nonredeemable noncontrolling interests	2,111						2,111
Distribution to nonredeemable noncontrolling interest	(122)						(122)
Balance at Sep. 30, 2017	47,310	$ 10	1,801	45,840	73	(2,426)	2,012
Balance (in shares) at Sep. 30, 2017		969
Balance at Dec. 31, 2017	$ 49,833	$ 10	1,703	48,730	(13)	(2,654)	2,057
Balance (in shares) at Dec. 31, 2017	969	969
Adjustment to adopt ASU 2016-01 at Dec. 31, 2017	$ 0			(24)	24
Net earnings attributable to UnitedHealth Group common shareholders	8,946			8,946
Net earnings attributable to nonredeemable noncontrolling interest							183
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	9,129
Other comprehensive income (loss)	(1,743)				(440)	(1,303)
Issuances of common stock, and related tax effects (in shares)		9
Issuances of common stock, and related tax effects	761	$ 0	761
Share-based compensation	$ 493		493
Common share repurchases (in shares)	(16)	(16)
Common share repurchases	$ (3,650)	$ 0	(2,838)	(812)
Cash dividends paid on common shares ($2.55 per share, and $2.125 per share for nine months ended September 30, 2018 and September 30, 2017, respectively)	(2,454)			(2,454)
Redeemable noncontrolling interests fair value and other adjustments	(119)		(119)
Acquisition of nonredeemable noncontrolling interests	518						518
Distribution to nonredeemable noncontrolling interest	(172)						(172)
Balance at Sep. 30, 2018	$ 52,596	$ 10	$ 0	$ 54,386	$ (429)	$ (3,957)	$ 2,586
Balance (in shares) at Sep. 30, 2018	962	962

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Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares				9 Months Ended
	Sep. 18, 2018	Jun. 26, 2018	Mar. 20, 2018	Sep. 30, 2018	Sep. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.90	$ 0.90	$ 0.75	$ 2.55	$ 2.125

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net earnings	$ 9,218	$ 7,102
Noncash items:
Depreciation and amortization	1,791	1,667
Deferred income taxes	9	(459)
Share-based compensation	512	456
Other, net	(136)	168
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(984)	(244)
Other assets	(1,641)	(763)
Medical costs payable	1,745	1,305
Accounts payable and other liabilities	2,783	2,283
Unearned revenues	20	4,658
Cash flows from operating activities	13,317	16,173
Investing activities
Purchases of investments	(11,316)	(10,626)
Sales of investments	2,872	2,809
Maturities of investments	4,715	4,251
Cash paid for acquisitions, net of cash assumed	(5,824)	(908)
Purchases of property, equipment and capitalized software	(1,505)	(1,391)
Other, net	(187)	(30)
Cash flows used for investing activities	(11,245)	(5,895)
Financing activities
Common share repurchases	(3,650)	(1,173)
Cash dividends paid	(2,454)	(2,046)
Proceeds from common stock issuances	745	604
Repayments of long-term debt	(2,600)	(2,867)
Repayments of commercial paper, net	(164)	(3,352)
Proceeds from issuance of long-term debt	3,964	1,342
Customer funds administered	1,552	3,659
Other, net	(1,086)	(624)
Cash flows used for financing activities	(3,693)	(4,457)
Effect of exchange rate changes on cash and cash equivalents	(97)	18
(Decrease) increase in cash and cash equivalents	(1,718)	5,839
Cash and cash equivalents, beginning of period	11,981	10,430
Cash and cash equivalents, end of period	10,263	16,269
Supplemental schedule of noncash investing activities
Common stock issued for acquisition	$ 0	$ 2,164

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Basis of Presentation (Notes)

9 Months Ended

Sep. 30, 2018

Basis of Presentation and Significant Accounting Policies [Text Block]

Basis of Presentation

UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and the “Company”) is a diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone. Through its diversified family of businesses, the Company leverages core competencies in data and health information; advanced technology; and clinical expertise to help meet the demands of the health system. These core competencies are deployed within two distinct, but strategically aligned, business platforms: health benefits operating under UnitedHealthcare and health services operating under Optum.

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” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC (2017 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 medical costs payable, revenues, and goodwill and other intangible assets. 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.

Recently Issued Accounting Standards

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, “Leases (Topic 842)”, as modified by ASUs 2018-01, 2018-10 and 2018-11 (collectively, ASU 2016-02). Under ASU 2016-02, an entity will be required to recognize assets and liabilities for the rights and obligations created by leases on the entity’s balance sheet for both finance and operating leases. For leases with a term of 12 months or less, an entity can elect to not recognize lease assets and lease liabilities and expense the lease over a straight-line basis for the term of the lease. ASU 2016-02 will require new disclosures that depict the amount, timing and uncertainty of cash flows pertaining to an entity’s leases. Companies may adopt the new standard using a modified retrospective approach or a cumulative effect upon adoption approach for the annual and interim periods beginning after December 15, 2018. Early adoption of ASU 2016-02 is permitted. When adopted, ASU 2016-02 will not have a material impact on the Company’s balance sheet, results of operations, equity or cash flows.

Recently Adopted Accounting Standards

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). Most notably, the new guidance requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The Company adopted ASU 2016-01 on a prospective basis effective January 1, 2018, as required, and reclassified $24 million from accumulated other comprehensive income to retained earnings.

The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements.

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Investments (Notes)

9 Months Ended

Sep. 30, 2018

Investments [Abstract]

Investments [Text Block]

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
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,291	$	—	$	(76	)	$	3,215
State and municipal obligations	6,962		30		(112		)	6,880
Corporate obligations	15,561		10		(208		)	15,363
U.S. agency mortgage-backed securities	4,846		1		(171		)	4,676
Non-U.S. agency mortgage-backed securities	1,329		—		(30		)	1,299
Total debt securities - available-for-sale	31,989		41		(597		)	31,433
Debt securities - held-to-maturity:
U.S. government and agency obligations	246		1		(3		)	244
State and municipal obligations	11		—		—			11
Corporate obligations	342		—		—			342
Total debt securities - held-to-maturity	599		1		(3		)	597
Total debt securities	$	32,588	$	42	$	(600	)	$	32,030
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,673	$	1	$	(30	)	$	2,644
State and municipal obligations	7,596		99		(35		)	7,660
Corporate obligations	13,181		57		(44		)	13,194
U.S. agency mortgage-backed securities	3,942		7		(38		)	3,911
Non-U.S. agency mortgage-backed securities	1,018		3		(6		)	1,015
Total debt securities - available-for-sale	28,410		167		(153		)	28,424
Debt securities - held-to-maturity:
U.S. government and agency obligations	254		1		(1		)	254
State and municipal obligations	2		—		—			2
Corporate obligations	280		—		—			280
Total debt securities - held-to-maturity	536		1		(1		)	536
Total debt securities	$	28,946	$	168	$	(154	)	$	28,960

The Company held $2.0 billion of equity securities as of September 30, 2018 and December 31, 2017. The Company’s investments in equity securities primarily consist of investments in Brazilian real denominated fixed-income funds, employee savings plan related investments and dividend paying stocks, with readily determinable fair values.

Additionally, the Company’s investments included $1.5 billion and $0.9 billion of equity method investments in operating businesses in the health care sector as of September 30, 2018 and December 31, 2017, respectively.

The amortized cost and fair value of debt securities as of September 30, 2018, 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	$	3,683	$	3,675	$	145	$	145
Due after one year through five years	12,362		12,197		180		178
Due after five years through ten years	7,194		7,041		102		101
Due after ten years	2,575		2,545		172		173
U.S. agency mortgage-backed securities	4,846		4,676		—		—
Non-U.S. agency mortgage-backed securities	1,329		1,299		—		—
Total debt securities	$	31,989	$	31,433	$	599	$	597

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

	Less Than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,025	$	(33	)	$	1,068	$	(43	)	$	3,093	$	(76	)
State and municipal obligations	3,471		(54		)	1,596		(58		)	5,067		(112		)
Corporate obligations	9,933		(136		)	2,334		(72		)	12,267		(208		)
U.S. agency mortgage-backed securities	2,762		(74		)	1,811		(97		)	4,573		(171		)
Non-U.S. agency mortgage-backed securities	956		(19		)	265		(11		)	1,221		(30		)
Total debt securities - available-for-sale	$	19,147	$	(316	)	$	7,074	$	(281	)	$	26,221	$	(597	)
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,249	$	(8	)	$	1,027	$	(22	)	$	2,276	$	(30	)
State and municipal obligations	2,599		(21		)	866		(14		)	3,465		(35		)
Corporate obligations	5,901		(23		)	1,242		(21		)	7,143		(44		)
U.S. agency mortgage-backed securities	1,657		(12		)	1,162		(26		)	2,819		(38		)
Non-U.S. agency mortgage-backed securities	411		(3		)	144		(3		)	555		(6		)
Total debt securities - available-for-sale	$	11,817	$	(67	)	$	4,441	$	(86	)	$	16,258	$	(153	)

The Company’s unrealized losses from debt securities as of September 30, 2018 were generated from 20,000 positions out of a total of 29,000 positions. The Company believes that it will collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. As of September 30, 2018, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.

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Fair Value (Notes)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value [Text Block]

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 in Part II, Item 8, “Financial Statements” in the 2017 10-K.

The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
September 30, 2018
Cash and cash equivalents	$	10,220		$	43		$	—		$	10,263
Debt securities - available-for-sale:
U.S. government and agency obligations	2,928			287			—			3,215
State and municipal obligations	—			6,880			—			6,880
Corporate obligations	41			15,163			159			15,363
U.S. agency mortgage-backed securities	—			4,676			—			4,676
Non-U.S. agency mortgage-backed securities	—			1,299			—			1,299
Total debt securities - available-for-sale	2,969			28,305			159			31,433
Equity securities	1,885			13			100			1,998
Assets under management	993			1,939			4			2,936
Total assets at fair value	$	16,067		$	30,300		$	263		$	46,630
Percentage of total assets at fair value	34		%	65		%	1		%	100		%
December 31, 2017
Cash and cash equivalents	$	11,718		$	263		$	—		$	11,981
Debt securities - available-for-sale:
U.S. government and agency obligations	2,428			216			—			2,644
State and municipal obligations	—			7,660			—			7,660
Corporate obligations	65			12,989			140			13,194
U.S. agency mortgage-backed securities	—			3,911			—			3,911
Non-U.S. agency mortgage-backed securities	—			1,015			—			1,015
Total debt securities - available-for-sale	2,493			25,791			140			28,424
Equity securities	1,784			14			194			1,992
Assets under management	1,117			1,984			—			3,101
Total assets at fair value	$	17,112		$	28,052		$	334		$	45,498
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

Transfers between levels, if any, are recorded as of the beginning of the reporting period in which the transfer occurs; there were no transfers between Levels 1, 2 or 3 of any financial assets during the nine months endedSeptember 30, 2018 or 2017.

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

(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value		Total Carrying Value
September 30, 2018
Debt securities - held-to-maturity	$	257	$	71	$	269	$	597	$	599
Long-term debt and other financing obligations	$	—	$	34,908	$	—	$	34,908	$	33,533
December 31, 2017
Debt securities - held-to-maturity	$	267	$	4	$	265	$	536	$	536
Long-term debt and other financing obligations	$	—	$	34,504	$	—	$	34,504	$	31,542

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 the nine months endedSeptember 30, 2018 or 2017.

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Medical Costs Payable (Notes)

9 Months Ended

Sep. 30, 2018

Medical Costs Payable Text Block

Medical Costs Payable

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

(in millions)	2018			2017
Medical costs payable, beginning of period	$	17,871		$	16,391
Acquisitions	333			76
Reported medical costs:
Current year	108,658			97,519
Prior years	(210		)	(690		)
Total reported medical costs	108,448			96,829
Medical payments:
Payments for current year	(90,348		)	(81,237		)
Payments for prior years	(16,454		)	(14,096		)
Total medical payments	(106,802		)	(95,333		)
Medical costs payable, end of period	$	19,850		$	17,963

For the nine months ended September 30, 2018, the medical cost reserve development included no individual factors that were significant. For the nine months ended September 30, 2017, the medical cost reserve development was primarily driven by lower than expected health system utilization levels. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $13.8 billion and $12.3 billion at September 30, 2018 and December 31, 2017, respectively.

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Commercial Paper and Long-Term Debt (Notes)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Commercial Paper and Long-Term Debt [Text Block]

Commercial Paper and Long-Term Debt

Commercial paper and senior unsecured long-term debt consisted of the following:

	September 30, 2018						December 31, 2017
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	20	$	20	$	20	$	150	$	150	$	150
6.000% notes due February 2018	—		—		—		1,100		1,101		1,106
1.900% notes due July 2018	—		—		—		1,500		1,499		1,501
1.700% notes due February 2019	750		750		747		750		749		747
1.625% notes due March 2019	500		500		498		500		501		497
2.300% notes due December 2019	500		492		496		500		495		501
2.700% notes due July 2020	1,500		1,497		1,491		1,500		1,496		1,517
Floating rate notes due October 2020	300		299		300		300		299		300
3.875% notes due October 2020	450		439		456		450		446		467
1.950% notes due October 2020	900		897		881		900		895		892
4.700% notes due February 2021	400		395		412		400		403		425
2.125% notes due March 2021	750		747		732		750		746		744
Floating rate notes due June 2021	350		349		350		—		—		—
3.150% notes due June 2021	400		398		399		—		—		—
3.375% notes due November 2021	500		481		502		500		493		516
2.875% notes due December 2021	750		724		741		750		741		760
2.875% notes due March 2022	1,100		1,031		1,083		1,100		1,054		1,114
3.350% notes due July 2022	1,000		997		999		1,000		996		1,033
2.375% notes due October 2022	900		894		863		900		893		891
0.000% notes due November 2022	15		12		12		15		12		12
2.750% notes due February 2023	625		588		606		625		606		626
2.875% notes due March 2023	750		734		731		750		762		759
3.500% notes due June 2023	750		746		752		—		—		—
3.750% notes due July 2025	2,000		1,989		2,010		2,000		1,987		2,108
3.100% notes due March 2026	1,000		995		961		1,000		995		1,007
3.450% notes due January 2027	750		745		734		750		745		776
3.375% notes due April 2027	625		619		607		625		618		642
2.950% notes due October 2027	950		938		890		950		937		947
3.850% notes due June 2028	1,150		1,142		1,153		—		—		—
4.625% notes due July 2035	1,000		991		1,064		1,000		991		1,165
5.800% notes due March 2036	850		838		1,013		850		837		1,105
6.500% notes due June 2037	500		492		640		500		491		698
6.625% notes due November 2037	650		641		844		650		641		923
6.875% notes due February 2038	1,100		1,076		1,467		1,100		1,075		1,596
5.700% notes due October 2040	300		296		358		300		296		389
5.950% notes due February 2041	350		345		428		350		345		466
4.625% notes due November 2041	600		588		630		600		588		685
4.375% notes due March 2042	502		484		510		502		483		555
3.950% notes due October 2042	625		607		596		625		607		650
4.250% notes due March 2043	750		734		749		750		734		822
4.750% notes due July 2045	2,000		1,972		2,140		2,000		1,972		2,362
4.200% notes due January 2047	750		738		743		750		738		808
4.250% notes due April 2047	725		717		728		725		717		798
3.750% notes due October 2047	950		933		883		950		933		969
4.250% notes due June 2048	1,350		1,329		1,355		—		—		—
Total commercial paper and long-term debt	$	32,687	$	32,199	$	33,574	$	31,417	$	31,067	$	34,029

The Company’s long-term debt obligations included $1.4 billion and $625 million of other financing obligations, of which $230 million and $107 million were classified as current as of September 30, 2018 and December 31, 2017, respectively.

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of September 30, 2018, the Company’s outstanding commercial paper had a weighted average annual interest rate of 2.1%.

The Company has $3.0 billion five-year, $3.0 billion three-year and $4.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2022, December 2020 and December 2018, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of September 30, 2018, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of September 30, 2018, annual interest rates would have ranged from 3.1% to 3.4%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain adefined debt to debt-plus-shareholders’ equity ratio of not more than 55%. The Company was in compliance with its debt covenants as of September 30, 2018.

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Shareholders' Equity (Notes)

9 Months Ended

Sep. 30, 2018

Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity

Share Repurchase Program

In June 2018, the Company’s Board of Directors renewed the Company’s share repurchase program with an authorization to repurchase up to 100 million shares of the Company’s common stock. The following table provides details of the Company’s share repurchase activity for the nine months endedSeptember 30, 2018:

(in millions, except per share data)
Common share repurchases, shares	16
Common share repurchases, average price per share	$	232.61
Common share repurchases, aggregate cost	$	3,650
Board authorized shares remaining	98

Dividends

In June 2018, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual dividend rate of $3.60 per share from $3.00 per share, which the Company had paid since June 2017. Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s 2018 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 20	$	0.75	$	722
June 26	0.90		866
September 18	0.90		866

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Commitments and Contingencies (Notes)

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

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, the Brazilian national regulatory agency for private health insurance and plans (the Agência Nacional de Saúde Suplementar), state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office of Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice, the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the Brazilian federal revenue service (the Secretaria da Receita Federal), the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Defense Contract Audit Agency and other 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 Department of Justice (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 risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. Those motions were argued in September 2018. The Company cannot reasonably estimate the outcome that may result from this matter given its procedural status.

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Segment Financial Information (Notes)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Financial Information [Text Block]

Segment Financial Information

The Company’s four reportable segments are UnitedHealthcare, OptumHealth, OptumInsight and OptumRx. For more information on the Company’s segments see Part I, Item I, “Business” and Note 13 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2017 10-K.

The following tables present reportable segment financial information:

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Three Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	43,628	$	985	$	—	$	—	$	—		$	985	$	—		$	44,613
Products	—		13		29		7,302		—			7,344		—			7,344
Services	2,067		1,196		790		164		—			2,150		—			4,217
Total revenues - unaffiliated customers	45,695		2,194		819		7,466		—			10,479		—			56,174
Total revenues - affiliated customers	—		3,733		1,431		9,960		(352		)	14,772		(14,772		)	—
Investment and other income	242		125		4		11		—			140		—			382
Total revenues	$	45,937	$	6,052	$	2,254	$	17,437	$	(352	)	$	25,391	$	(14,772	)	$	56,556
Earnings from operations	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	—		$	4,590
Interest expense	—		—		—		—		—			—		(353		)	(353		)
Earnings before income taxes	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	(353	)	$	4,237
Three Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	38,576	$	976	$	—	$	—	$	—		$	976	$	—		$	39,552
Products	—		10		29		6,626		—			6,665		—			6,665
Services	2,005		1,040		677		136		—			1,853		—			3,858
Total revenues - unaffiliated customers	40,581		2,026		706		6,762		—			9,494		—			50,075
Total revenues - affiliated customers	—		3,138		1,297		9,186		(324		)	13,297		(13,297		)	—
Investment and other income	153		88		1		5		—			94		—			247
Total revenues	$	40,734	$	5,252	$	2,004	$	15,953	$	(324	)	$	22,885	$	(13,297	)	$	50,322
Earnings from operations	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	—		$	4,088
Interest expense	—		—		—		—		—			—		(294		)	(294		)
Earnings before income taxes	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	(294	)	$	3,794

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Nine Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	130,361	$	2,794	$	—	$	—	$	—		$	2,794	$	—		$	133,155
Products	—		37		72		20,941		—			21,050		—			21,050
Services	6,248		3,587		2,306		449		—			6,342		—			12,590
Total revenues - unaffiliated customers	136,609		6,418		2,378		21,390		—			30,186		—			166,795
Total revenues - affiliated customers	—		10,979		4,115		29,062		(1,026		)	43,130		(43,130		)	—
Investment and other income	633		355		15		32		—			402		—			1,035
Total revenues	$	137,242	$	17,752	$	6,508	$	50,484	$	(1,026	)	$	73,718	$	(43,130	)	$	167,830
Earnings from operations	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	—		$	12,847
Interest expense	—		—		—		—		—			—		(1,026		)	(1,026		)
Earnings before income taxes	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	(1,026	)	$	11,821
Nine Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	115,295	$	2,780	$	—	$	—	$	—		$	2,780	$	—		$	118,075
Products	—		33		69		19,107		—			19,209		—			19,209
Services	5,885		2,769		2,011		424		—			5,204		—			11,089
Total revenues - unaffiliated customers	121,180		5,582		2,080		19,531		—			27,193		—			148,373
Total revenues - affiliated customers	—		9,294		3,757		27,196		(894		)	39,353		(39,353		)	—
Investment and other income	478		231		3		13		—			247		—			725
Total revenues	$	121,658	$	15,107	$	5,840	$	46,740	$	(894	)	$	66,793	$	(39,353	)	$	149,098
Earnings from operations	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	—		$	11,232
Interest expense	—		—		—		—		—			—		(878		)	(878		)
Earnings before income taxes	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	(878	)	$	10,354

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Basis of Presentation Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2018

Basis of presentation [Abstract]

Basis of Accounting, Policy [Policy Text Block]

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” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC (2017 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.

Use of Estimates, Policy [Policy Text Block]

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 medical costs payable, revenues, and goodwill and other intangible assets. 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.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, “Leases (Topic 842)”, as modified by ASUs 2018-01, 2018-10 and 2018-11 (collectively, ASU 2016-02). Under ASU 2016-02, an entity will be required to recognize assets and liabilities for the rights and obligations created by leases on the entity’s balance sheet for both finance and operating leases. For leases with a term of 12 months or less, an entity can elect to not recognize lease assets and lease liabilities and expense the lease over a straight-line basis for the term of the lease. ASU 2016-02 will require new disclosures that depict the amount, timing and uncertainty of cash flows pertaining to an entity’s leases. Companies may adopt the new standard using a modified retrospective approach or a cumulative effect upon adoption approach for the annual and interim periods beginning after December 15, 2018. Early adoption of ASU 2016-02 is permitted. When adopted, ASU 2016-02 will not have a material impact on the Company’s balance sheet, results of operations, equity or cash flows.

Recently Adopted Accounting Standards

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). Most notably, the new guidance requires that equity investments, with certain exemptions, be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. The Company adopted ASU 2016-01 on a prospective basis effective January 1, 2018, as required, and reclassified $24 million from accumulated other comprehensive income to retained earnings.

The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements.

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Investments Investments (Policies)

9 Months Ended

Sep. 30, 2018

Investment [Line Items]

Investment, Policy [Policy Text Block]

At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. As of September 30, 2018, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.

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Investments (Tables)

9 Months Ended

Sep. 30, 2018

Short-Term and Long-Term Investments [Table Text Block]

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

(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,291	$	—	$	(76	)	$	3,215
State and municipal obligations	6,962		30		(112		)	6,880
Corporate obligations	15,561		10		(208		)	15,363
U.S. agency mortgage-backed securities	4,846		1		(171		)	4,676
Non-U.S. agency mortgage-backed securities	1,329		—		(30		)	1,299
Total debt securities - available-for-sale	31,989		41		(597		)	31,433
Debt securities - held-to-maturity:
U.S. government and agency obligations	246		1		(3		)	244
State and municipal obligations	11		—		—			11
Corporate obligations	342		—		—			342
Total debt securities - held-to-maturity	599		1		(3		)	597
Total debt securities	$	32,588	$	42	$	(600	)	$	32,030
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,673	$	1	$	(30	)	$	2,644
State and municipal obligations	7,596		99		(35		)	7,660
Corporate obligations	13,181		57		(44		)	13,194
U.S. agency mortgage-backed securities	3,942		7		(38		)	3,911
Non-U.S. agency mortgage-backed securities	1,018		3		(6		)	1,015
Total debt securities - available-for-sale	28,410		167		(153		)	28,424
Debt securities - held-to-maturity:
U.S. government and agency obligations	254		1		(1		)	254
State and municipal obligations	2		—		—			2
Corporate obligations	280		—		—			280
Total debt securities - held-to-maturity	536		1		(1		)	536
Total debt securities	$	28,946	$	168	$	(154	)	$	28,960

Investments by Contractual Maturity [Table Text Block]

The amortized cost and fair value of debt securities as of September 30, 2018, 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	$	3,683	$	3,675	$	145	$	145
Due after one year through five years	12,362		12,197		180		178
Due after five years through ten years	7,194		7,041		102		101
Due after ten years	2,575		2,545		172		173
U.S. agency mortgage-backed securities	4,846		4,676		—		—
Non-U.S. agency mortgage-backed securities	1,329		1,299		—		—
Total debt securities	$	31,989	$	31,433	$	599	$	597

Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position [Table Text Block]

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

	Less Than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
September 30, 2018
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,025	$	(33	)	$	1,068	$	(43	)	$	3,093	$	(76	)
State and municipal obligations	3,471		(54		)	1,596		(58		)	5,067		(112		)
Corporate obligations	9,933		(136		)	2,334		(72		)	12,267		(208		)
U.S. agency mortgage-backed securities	2,762		(74		)	1,811		(97		)	4,573		(171		)
Non-U.S. agency mortgage-backed securities	956		(19		)	265		(11		)	1,221		(30		)
Total debt securities - available-for-sale	$	19,147	$	(316	)	$	7,074	$	(281	)	$	26,221	$	(597	)
December 31, 2017
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,249	$	(8	)	$	1,027	$	(22	)	$	2,276	$	(30	)
State and municipal obligations	2,599		(21		)	866		(14		)	3,465		(35		)
Corporate obligations	5,901		(23		)	1,242		(21		)	7,143		(44		)
U.S. agency mortgage-backed securities	1,657		(12		)	1,162		(26		)	2,819		(38		)
Non-U.S. agency mortgage-backed securities	411		(3		)	144		(3		)	555		(6		)
Total debt securities - available-for-sale	$	11,817	$	(67	)	$	4,441	$	(86	)	$	16,258	$	(153	)

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Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
September 30, 2018
Cash and cash equivalents	$	10,220		$	43		$	—		$	10,263
Debt securities - available-for-sale:
U.S. government and agency obligations	2,928			287			—			3,215
State and municipal obligations	—			6,880			—			6,880
Corporate obligations	41			15,163			159			15,363
U.S. agency mortgage-backed securities	—			4,676			—			4,676
Non-U.S. agency mortgage-backed securities	—			1,299			—			1,299
Total debt securities - available-for-sale	2,969			28,305			159			31,433
Equity securities	1,885			13			100			1,998
Assets under management	993			1,939			4			2,936
Total assets at fair value	$	16,067		$	30,300		$	263		$	46,630
Percentage of total assets at fair value	34		%	65		%	1		%	100		%
December 31, 2017
Cash and cash equivalents	$	11,718		$	263		$	—		$	11,981
Debt securities - available-for-sale:
U.S. government and agency obligations	2,428			216			—			2,644
State and municipal obligations	—			7,660			—			7,660
Corporate obligations	65			12,989			140			13,194
U.S. agency mortgage-backed securities	—			3,911			—			3,911
Non-U.S. agency mortgage-backed securities	—			1,015			—			1,015
Total debt securities - available-for-sale	2,493			25,791			140			28,424
Equity securities	1,784			14			194			1,992
Assets under management	1,117			1,984			—			3,101
Total assets at fair value	$	17,112		$	28,052		$	334		$	45,498
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

Fair Value Measurements, Nonrecurring [Table Text Block]

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

(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value		Total Carrying Value
September 30, 2018
Debt securities - held-to-maturity	$	257	$	71	$	269	$	597	$	599
Long-term debt and other financing obligations	$	—	$	34,908	$	—	$	34,908	$	33,533
December 31, 2017
Debt securities - held-to-maturity	$	267	$	4	$	265	$	536	$	536
Long-term debt and other financing obligations	$	—	$	34,504	$	—	$	34,504	$	31,542

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Medical Costs Payable (Tables)

9 Months Ended

Sep. 30, 2018

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

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

(in millions)	2018			2017
Medical costs payable, beginning of period	$	17,871		$	16,391
Acquisitions	333			76
Reported medical costs:
Current year	108,658			97,519
Prior years	(210		)	(690		)
Total reported medical costs	108,448			96,829
Medical payments:
Payments for current year	(90,348		)	(81,237		)
Payments for prior years	(16,454		)	(14,096		)
Total medical payments	(106,802		)	(95,333		)
Medical costs payable, end of period	$	19,850		$	17,963

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Commercial Paper and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Instrument [Line Items]

Commercial Paper and Long-Term Debt [Table Text Block]

Commercial paper and senior unsecured long-term debt consisted of the following:

	September 30, 2018						December 31, 2017
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	20	$	20	$	20	$	150	$	150	$	150
6.000% notes due February 2018	—		—		—		1,100		1,101		1,106
1.900% notes due July 2018	—		—		—		1,500		1,499		1,501
1.700% notes due February 2019	750		750		747		750		749		747
1.625% notes due March 2019	500		500		498		500		501		497
2.300% notes due December 2019	500		492		496		500		495		501
2.700% notes due July 2020	1,500		1,497		1,491		1,500		1,496		1,517
Floating rate notes due October 2020	300		299		300		300		299		300
3.875% notes due October 2020	450		439		456		450		446		467
1.950% notes due October 2020	900		897		881		900		895		892
4.700% notes due February 2021	400		395		412		400		403		425
2.125% notes due March 2021	750		747		732		750		746		744
Floating rate notes due June 2021	350		349		350		—		—		—
3.150% notes due June 2021	400		398		399		—		—		—
3.375% notes due November 2021	500		481		502		500		493		516
2.875% notes due December 2021	750		724		741		750		741		760
2.875% notes due March 2022	1,100		1,031		1,083		1,100		1,054		1,114
3.350% notes due July 2022	1,000		997		999		1,000		996		1,033
2.375% notes due October 2022	900		894		863		900		893		891
0.000% notes due November 2022	15		12		12		15		12		12
2.750% notes due February 2023	625		588		606		625		606		626
2.875% notes due March 2023	750		734		731		750		762		759
3.500% notes due June 2023	750		746		752		—		—		—
3.750% notes due July 2025	2,000		1,989		2,010		2,000		1,987		2,108
3.100% notes due March 2026	1,000		995		961		1,000		995		1,007
3.450% notes due January 2027	750		745		734		750		745		776
3.375% notes due April 2027	625		619		607		625		618		642
2.950% notes due October 2027	950		938		890		950		937		947
3.850% notes due June 2028	1,150		1,142		1,153		—		—		—
4.625% notes due July 2035	1,000		991		1,064		1,000		991		1,165
5.800% notes due March 2036	850		838		1,013		850		837		1,105
6.500% notes due June 2037	500		492		640		500		491		698
6.625% notes due November 2037	650		641		844		650		641		923
6.875% notes due February 2038	1,100		1,076		1,467		1,100		1,075		1,596
5.700% notes due October 2040	300		296		358		300		296		389
5.950% notes due February 2041	350		345		428		350		345		466
4.625% notes due November 2041	600		588		630		600		588		685
4.375% notes due March 2042	502		484		510		502		483		555
3.950% notes due October 2042	625		607		596		625		607		650
4.250% notes due March 2043	750		734		749		750		734		822
4.750% notes due July 2045	2,000		1,972		2,140		2,000		1,972		2,362
4.200% notes due January 2047	750		738		743		750		738		808
4.250% notes due April 2047	725		717		728		725		717		798
3.750% notes due October 2047	950		933		883		950		933		969
4.250% notes due June 2048	1,350		1,329		1,355		—		—		—
Total commercial paper and long-term debt	$	32,687	$	32,199	$	33,574	$	31,417	$	31,067	$	34,029

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity, Class of Treasury Stock [Line Items]

Share Repurchase Activity

The following table provides details of the Company’s share repurchase activity for the nine months endedSeptember 30, 2018:

(in millions, except per share data)
Common share repurchases, shares	16
Common share repurchases, average price per share	$	232.61
Common share repurchases, aggregate cost	$	3,650
Board authorized shares remaining	98

Dividends Declared [Table Text Block]

The following table provides details of the Company’s 2018 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 20	$	0.75	$	722
June 26	0.90		866
September 18	0.90		866

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Segment Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Financial Information [Table Text Block]

The following tables present reportable segment financial information:

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Three Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	43,628	$	985	$	—	$	—	$	—		$	985	$	—		$	44,613
Products	—		13		29		7,302		—			7,344		—			7,344
Services	2,067		1,196		790		164		—			2,150		—			4,217
Total revenues - unaffiliated customers	45,695		2,194		819		7,466		—			10,479		—			56,174
Total revenues - affiliated customers	—		3,733		1,431		9,960		(352		)	14,772		(14,772		)	—
Investment and other income	242		125		4		11		—			140		—			382
Total revenues	$	45,937	$	6,052	$	2,254	$	17,437	$	(352	)	$	25,391	$	(14,772	)	$	56,556
Earnings from operations	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	—		$	4,590
Interest expense	—		—		—		—		—			—		(353		)	(353		)
Earnings before income taxes	$	2,559	$	622	$	534	$	875	$	—		$	2,031	$	(353	)	$	4,237
Three Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	38,576	$	976	$	—	$	—	$	—		$	976	$	—		$	39,552
Products	—		10		29		6,626		—			6,665		—			6,665
Services	2,005		1,040		677		136		—			1,853		—			3,858
Total revenues - unaffiliated customers	40,581		2,026		706		6,762		—			9,494		—			50,075
Total revenues - affiliated customers	—		3,138		1,297		9,186		(324		)	13,297		(13,297		)	—
Investment and other income	153		88		1		5		—			94		—			247
Total revenues	$	40,734	$	5,252	$	2,004	$	15,953	$	(324	)	$	22,885	$	(13,297	)	$	50,322
Earnings from operations	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	—		$	4,088
Interest expense	—		—		—		—		—			—		(294		)	(294		)
Earnings before income taxes	$	2,391	$	513	$	414	$	770	$	—		$	1,697	$	(294	)	$	3,794

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations			Optum		Corporate and Eliminations			Consolidated
Nine Months Ended September 30, 2018
Revenues - unaffiliated customers:
Premiums	$	130,361	$	2,794	$	—	$	—	$	—		$	2,794	$	—		$	133,155
Products	—		37		72		20,941		—			21,050		—			21,050
Services	6,248		3,587		2,306		449		—			6,342		—			12,590
Total revenues - unaffiliated customers	136,609		6,418		2,378		21,390		—			30,186		—			166,795
Total revenues - affiliated customers	—		10,979		4,115		29,062		(1,026		)	43,130		(43,130		)	—
Investment and other income	633		355		15		32		—			402		—			1,035
Total revenues	$	137,242	$	17,752	$	6,508	$	50,484	$	(1,026	)	$	73,718	$	(43,130	)	$	167,830
Earnings from operations	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	—		$	12,847
Interest expense	—		—		—		—		—			—		(1,026		)	(1,026		)
Earnings before income taxes	$	7,316	$	1,680	$	1,382	$	2,469	$	—		$	5,531	$	(1,026	)	$	11,821
Nine Months Ended September 30, 2017
Revenues - unaffiliated customers:
Premiums	$	115,295	$	2,780	$	—	$	—	$	—		$	2,780	$	—		$	118,075
Products	—		33		69		19,107		—			19,209		—			19,209
Services	5,885		2,769		2,011		424		—			5,204		—			11,089
Total revenues - unaffiliated customers	121,180		5,582		2,080		19,531		—			27,193		—			148,373
Total revenues - affiliated customers	—		9,294		3,757		27,196		(894		)	39,353		(39,353		)	—
Investment and other income	478		231		3		13		—			247		—			725
Total revenues	$	121,658	$	15,107	$	5,840	$	46,740	$	(894	)	$	66,793	$	(39,353	)	$	149,098
Earnings from operations	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	—		$	11,232
Interest expense	—		—		—		—		—			—		(878		)	(878		)
Earnings before income taxes	$	6,736	$	1,267	$	1,080	$	2,149	$	—		$	4,496	$	(878	)	$	10,354

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Basis of Presentation Basis of Presentation, Uses of Estimates and Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 24	$ 0
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncement or Change in Accounting Principle, Description of Transition Method	Prospective
New Accounting Pronouncement, Transition Guidance Not Significant or Not Practical	Impact is not material
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement or Change in Accounting Principle, Description of Transition Method	Modified retrospective or cumulative effect upon adoption approach
New Accounting Pronouncement, Transition Guidance Not Significant or Not Practical	Impact is not material

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Investments (Narrative) (Details) $ in Millions	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Investment [Line Items]
Equity Securities	$ 1,998	$ 1,992
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	20,000
Total number of security positions	29,000
Equity Method Investments	$ 1,500	$ 900

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Investments (Short-Term and Long-Term Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 31,989	$ 28,410
Securities, Available for sale Debt Securities, Gross Unrealized Gains	41	167
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(597)	(153)
Debt Securities, Available-for-sale	31,433	28,424
Held-to-maturity securities, Amortized Cost	599	536
Securities, Held to maturity, Unrecognized Holding Gain	1	1
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(3)	(1)
Debt Securities, Held-to-maturity, Fair Value	597	536
Total debt securities, Amortized Cost	32,588	28,946
Total debt securities, Gross Unrealized Gains	42	168
Total debt securities, Gross Unrealized Losses	(600)	(154)
Debt securities, Fair Value Disclosure	32,030	28,960
Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale	31,433	28,424
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	3,291	2,673
Securities, Available for sale Debt Securities, Gross Unrealized Gains	0	1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(76)	(30)
Debt Securities, Available-for-sale	3,215	2,644
Held-to-maturity securities, Amortized Cost	246	254
Securities, Held to maturity, Unrecognized Holding Gain	1	1
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(3)	(1)
Debt Securities, Held-to-maturity, Fair Value	244	254
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	6,962	7,596
Securities, Available for sale Debt Securities, Gross Unrealized Gains	30	99
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(112)	(35)
Debt Securities, Available-for-sale	6,880	7,660
Held-to-maturity securities, Amortized Cost	11	2
Securities, Held to maturity, Unrecognized Holding Gain	0	0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	11	2
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	15,561	13,181
Securities, Available for sale Debt Securities, Gross Unrealized Gains	10	57
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(208)	(44)
Debt Securities, Available-for-sale	15,363	13,194
Held-to-maturity securities, Amortized Cost	342	280
Securities, Held to maturity, Unrecognized Holding Gain	0	0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	342	280
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,846	3,942
Securities, Available for sale Debt Securities, Gross Unrealized Gains	1	7
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(171)	(38)
Debt Securities, Available-for-sale	4,676	3,911
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1,329	1,018
Securities, Available for sale Debt Securities, Gross Unrealized Gains	0	3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(30)	(6)
Debt Securities, Available-for-sale	$ 1,299	$ 1,015

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Investments (Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Due in one year or less, Amortized Cost	$ 3,683
Due after one year through five years, Amortized Cost	12,362
Due after five years through ten years, Amortized Cost	7,194
Due after ten years, Amortized Cost	2,575
Total debt securities - available-for-sale, Amortized Cost	31,989	$ 28,410
Due in one year or less, Fair Value	3,675
Due after one year through five years, Fair Value	12,197
Due after five years through ten years, Fair Value	7,041
Due after ten years, Fair Value	2,545
Debt Securities, Available-for-sale	31,433	28,424
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	145
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	180
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	102
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost	172
Held-to-maturity securities, Amortized Cost	599	536
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value	145
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	178
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value	101
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	173
Debt Securities, Held-to-maturity, Fair Value	597	536
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	4,846
Total debt securities - available-for-sale, Amortized Cost	4,846	3,942
Mortgage-backed securities, Fair Value	4,676
Debt Securities, Available-for-sale	4,676	3,911
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	1,329
Total debt securities - available-for-sale, Amortized Cost	1,329	1,018
Mortgage-backed securities, Fair Value	1,299
Debt Securities, Available-for-sale	$ 1,299	$ 1,015

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Investments (Fair Value of Available-For-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time That Individual Securities Have Been in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Debt Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	$ 19,147	$ 11,817
Less Than 12 Months, Gross Unrealized Losses	(316)	(67)
Greater Than 12 Months, Fair Value	7,074	4,441
Greater Than 12 Months, Gross Unrealized Losses	(281)	(86)
Total, Fair Value	26,221	16,258
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(597)	(153)
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	2,025	1,249
Less Than 12 Months, Gross Unrealized Losses	(33)	(8)
Greater Than 12 Months, Fair Value	1,068	1,027
Greater Than 12 Months, Gross Unrealized Losses	(43)	(22)
Total, Fair Value	3,093	2,276
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(76)	(30)
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	3,471	2,599
Less Than 12 Months, Gross Unrealized Losses	(54)	(21)
Greater Than 12 Months, Fair Value	1,596	866
Greater Than 12 Months, Gross Unrealized Losses	(58)	(14)
Total, Fair Value	5,067	3,465
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(112)	(35)
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	9,933	5,901
Less Than 12 Months, Gross Unrealized Losses	(136)	(23)
Greater Than 12 Months, Fair Value	2,334	1,242
Greater Than 12 Months, Gross Unrealized Losses	(72)	(21)
Total, Fair Value	12,267	7,143
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(208)	(44)
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	2,762	1,657
Less Than 12 Months, Gross Unrealized Losses	(74)	(12)
Greater Than 12 Months, Fair Value	1,811	1,162
Greater Than 12 Months, Gross Unrealized Losses	(97)	(26)
Total, Fair Value	4,573	2,819
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(171)	(38)
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	956	411
Less Than 12 Months, Gross Unrealized Losses	(19)	(3)
Greater Than 12 Months, Fair Value	265	144
Greater Than 12 Months, Gross Unrealized Losses	(11)	(3)
Total, Fair Value	1,221	555
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (30)	$ (6)

XML

Fair Value (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Fair Value [Line Items]
Transfers from level 1 to level 2-Assets	$ 0	$ 0
Transfers from level 1 to level 2-Liabilities	0	0
Transfer from level 2 to level 1-Assets	0	0
Transfer from level 2 to level 1-Liabilities	0	0
Transfers Into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value [Line Items]
Significant fair value adjustments for assets and liabilities measured on a nonrecurring basis	$ 0	$ 0

XML

Fair Value (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 10,263	$ 11,981
Debt Securities, Available-for-sale	31,433	28,424
Equity Securities, Fair Value	1,998	1,992
Assets under management	2,936	3,101
Assets, Fair Value Disclosure	46,630	45,498
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	31,433	28,424
U.S. Government and Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	3,215	2,644
State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	6,880	7,660
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	15,363	13,194
U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	4,676	3,911
Non-U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	1,299	1,015
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,220	11,718
Equity Securities, Fair Value	1,885	1,784
Assets under management	993	1,117
Assets, Fair Value Disclosure	16,067	17,112
Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,969	2,493
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,928	2,428
Quoted Prices in Active Markets (Level 1) [Member] | State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	41	65
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	43	263
Equity Securities, Fair Value	13	14
Assets under management	1,939	1,984
Assets, Fair Value Disclosure	30,300	28,052
Other Observable Inputs (Level 2) [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	28,305	25,791
Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	287	216
Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	6,880	7,660
Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	15,163	12,989
Other Observable Inputs (Level 2) [Member] | U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	4,676	3,911
Other Observable Inputs (Level 2) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	1,299	1,015
Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Equity Securities, Fair Value	100	194
Assets under management	4	0
Assets, Fair Value Disclosure	263	334
Unobservable Inputs (Level 3) [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	159	140
Unobservable Inputs (Level 3) [Member] | U.S. Government and Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Unobservable Inputs (Level 3) [Member] | State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	159	140
Unobservable Inputs (Level 3) [Member] | U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Unobservable Inputs (Level 3) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 0	$ 0

XML

Fair Value (Financial Assets and Liabilities, Not Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	$ 597	$ 536
Debt Securities, Held-to-maturity	599	536
Debt and other financing obligations, carrying value	32,199	31,067
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	597	536
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	257	267
Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	71	4
Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	269	265
Long-term debt and other financing obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and other financing obligations, carrying value	33,533	31,542
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and other financing obligations	34,908	34,504
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and other financing obligations	0	0
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and other financing obligations	34,908	34,504
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and other financing obligations	$ 0	$ 0

XML

Medical Costs Payable (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2018	Dec. 31, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	$ 13.8	$ 12.3

XML

Medical Costs Payable Rollforward (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Medical costs payable, beginning of period	$ 17,871	$ 16,391
Acquisitions	333	76
Reported medical costs:
Current year	108,658	97,519
Prior years	(210)	(690)
Total reported medical costs	108,448	96,829
Medical payments:
Payments for current year	(90,348)	(81,237)
Payments for prior years	(16,454)	(14,096)
Total medical payments	(106,802)	(95,333)
Medical costs payable, end of period	$ 19,850	$ 17,963

XML

Commercial Paper and Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Minimum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	3.10%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	3.40%
Five Year $3.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 0
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 3,000
Line of Credit Facility, Expiration Period	5 years
Three Year 3.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 0
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 3,000
Line of Credit Facility, Expiration Period	3 years
364 Day $4.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit, Current	$ 0
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 4,000
Line of Credit Facility, Expiration Period	364 days
Subsidiaries [Member]
Debt Instrument [Line Items]
Other Long-term Debt	$ 1,400	$ 625
Other Long-term Debt, Current	$ 230	$ 107
Commercial Paper [Member]
Debt Instrument [Line Items]
Short-term Debt, Weighted Average Interest Rate, at Point in Time	2.10%

XML

Commercial Paper and Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Par Value	$ 32,687	$ 31,417
Carrying Value	32,199	31,067
Fair Value	33,574	34,029
Commercial Paper [Member]
Debt Instrument [Line Items]
Par Value	20	150
Carrying Value	20	150
Fair Value	$ 20	150
6.000% notes due February 2018 [Member]
Debt Instrument [Line Items]
Interest Rate	6.00%
Par Value	$ 0	1,100
Unsecured Debt, Current	0	1,101
Fair Value	$ 0	1,106
1.900% notes due July 2018 [Member]
Debt Instrument [Line Items]
Interest Rate	1.90%
Par Value	$ 0	1,500
Unsecured Debt, Current	0	1,499
Fair Value	$ 0	1,501
1.700% Notes due February 2019 [Member]
Debt Instrument [Line Items]
Interest Rate	1.70%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent		749
Unsecured Debt, Current	750
Fair Value	$ 747	747
1.625% notes due March 2019 [Member]
Debt Instrument [Line Items]
Interest Rate	1.625%
Par Value	$ 500	500
Unsecured Long-term Debt, Noncurrent		501
Unsecured Debt, Current	500
Fair Value	$ 498	497
2.300% notes due December 2019 [Member]
Debt Instrument [Line Items]
Interest Rate	2.30%
Par Value	$ 500	500
Unsecured Long-term Debt, Noncurrent	492	495
Fair Value	$ 496	501
2.700% notes due July 2020 [Member]
Debt Instrument [Line Items]
Interest Rate	2.70%
Par Value	$ 1,500	1,500
Unsecured Long-term Debt, Noncurrent	1,497	1,496
Fair Value	1,491	1,517
Floating rate notes due October 2020 [Member]
Debt Instrument [Line Items]
Par Value	300	300
Unsecured Long-term Debt, Noncurrent	299	299
Fair Value	$ 300	300
3.875% notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest Rate	3.875%
Par Value	$ 450	450
Unsecured Long-term Debt, Noncurrent	439	446
Fair Value	$ 456	467
1.950% notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest Rate	1.95%
Par Value	$ 900	900
Unsecured Long-term Debt, Noncurrent	897	895
Fair Value	$ 881	892
4.700% notes due February 2021 [Member]
Debt Instrument [Line Items]
Interest Rate	4.70%
Par Value	$ 400	400
Unsecured Long-term Debt, Noncurrent	395	403
Fair Value	$ 412	425
2.125% notes due March 2021 [Member]
Debt Instrument [Line Items]
Interest Rate	2.125%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	747	746
Fair Value	732	744
Floating rate notes due June 2021 [Member]
Debt Instrument [Line Items]
Par Value	350	0
Unsecured Long-term Debt, Noncurrent	349	0
Fair Value	$ 350	0
3.150% notes due June 2021 [Member]
Debt Instrument [Line Items]
Interest Rate	3.15%
Par Value	$ 400	0
Unsecured Long-term Debt, Noncurrent	398	0
Fair Value	$ 399	0
3.375% notes due November 2021 [Member]
Debt Instrument [Line Items]
Interest Rate	3.375%
Par Value	$ 500	500
Unsecured Long-term Debt, Noncurrent	481	493
Fair Value	$ 502	516
2.875% notes due December 2021 [Member]
Debt Instrument [Line Items]
Interest Rate	2.875%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	724	741
Fair Value	$ 741	760
2.875% notes due March 2022 [Member]
Debt Instrument [Line Items]
Interest Rate	2.875%
Par Value	$ 1,100	1,100
Unsecured Long-term Debt, Noncurrent	1,031	1,054
Fair Value	$ 1,083	1,114
3.350% notes due July 2022 [Member]
Debt Instrument [Line Items]
Interest Rate	3.35%
Par Value	$ 1,000	1,000
Unsecured Long-term Debt, Noncurrent	997	996
Fair Value	$ 999	1,033
2.375% notes due October 2022 [Member]
Debt Instrument [Line Items]
Interest Rate	2.375%
Par Value	$ 900	900
Unsecured Long-term Debt, Noncurrent	894	893
Fair Value	$ 863	891
0.000% notes due November 2022 [Member]
Debt Instrument [Line Items]
Interest Rate	0.00%
Par Value	$ 15	15
Unsecured Long-term Debt, Noncurrent	12	12
Fair Value	$ 12	12
2.750% notes due February 2023 [Member]
Debt Instrument [Line Items]
Interest Rate	2.75%
Par Value	$ 625	625
Unsecured Long-term Debt, Noncurrent	588	606
Fair Value	$ 606	626
2.875% notes due March 2023 [Member]
Debt Instrument [Line Items]
Interest Rate	2.875%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	734	762
Fair Value	$ 731	759
3.500% notes due June 2023 [Member]
Debt Instrument [Line Items]
Interest Rate	3.50%
Par Value	$ 750	0
Unsecured Long-term Debt, Noncurrent	746	0
Fair Value	$ 752	0
3.750% notes due July 2025 [Member]
Debt Instrument [Line Items]
Interest Rate	3.75%
Par Value	$ 2,000	2,000
Unsecured Long-term Debt, Noncurrent	1,989	1,987
Fair Value	$ 2,010	2,108
3.100% notes due March 2026 [Member]
Debt Instrument [Line Items]
Interest Rate	3.10%
Par Value	$ 1,000	1,000
Unsecured Long-term Debt, Noncurrent	995	995
Fair Value	$ 961	1,007
3.450% notes due January 2027 [Member]
Debt Instrument [Line Items]
Interest Rate	3.45%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	745	745
Fair Value	$ 734	776
3.375% notes due April 2027 [Member]
Debt Instrument [Line Items]
Interest Rate	3.375%
Par Value	$ 625	625
Unsecured Long-term Debt, Noncurrent	619	618
Fair Value	$ 607	642
2.950% notes due October 2027 [Member]
Debt Instrument [Line Items]
Interest Rate	2.95%
Par Value	$ 950	950
Unsecured Long-term Debt, Noncurrent	938	937
Fair Value	$ 890	947
3.850% notes due June 2028 [Member]
Debt Instrument [Line Items]
Interest Rate	3.85%
Par Value	$ 1,150	0
Unsecured Long-term Debt, Noncurrent	1,142	0
Fair Value	$ 1,153	0
4.625% notes due July 2035 [Member]
Debt Instrument [Line Items]
Interest Rate	4.625%
Par Value	$ 1,000	1,000
Unsecured Long-term Debt, Noncurrent	991	991
Fair Value	$ 1,064	1,165
5.800% notes due March 2036 [Member]
Debt Instrument [Line Items]
Interest Rate	5.80%
Par Value	$ 850	850
Unsecured Long-term Debt, Noncurrent	838	837
Fair Value	$ 1,013	1,105
6.500% notes due June 2037 [Member]
Debt Instrument [Line Items]
Interest Rate	6.50%
Par Value	$ 500	500
Unsecured Long-term Debt, Noncurrent	492	491
Fair Value	$ 640	698
6.625% notes due November 2037 [Member]
Debt Instrument [Line Items]
Interest Rate	6.625%
Par Value	$ 650	650
Unsecured Long-term Debt, Noncurrent	641	641
Fair Value	$ 844	923
6.875% notes due February 2038 [Member]
Debt Instrument [Line Items]
Interest Rate	6.875%
Par Value	$ 1,100	1,100
Unsecured Long-term Debt, Noncurrent	1,076	1,075
Fair Value	$ 1,467	1,596
5.700% notes due October 2040 [Member]
Debt Instrument [Line Items]
Interest Rate	5.70%
Par Value	$ 300	300
Unsecured Long-term Debt, Noncurrent	296	296
Fair Value	$ 358	389
5.950% notes due February 2041 [Member]
Debt Instrument [Line Items]
Interest Rate	5.95%
Par Value	$ 350	350
Unsecured Long-term Debt, Noncurrent	345	345
Fair Value	$ 428	466
4.625% notes due November 2041 [Member]
Debt Instrument [Line Items]
Interest Rate	4.625%
Par Value	$ 600	600
Unsecured Long-term Debt, Noncurrent	588	588
Fair Value	$ 630	685
4.375% notes due March 2042 [Member]
Debt Instrument [Line Items]
Interest Rate	4.375%
Par Value	$ 502	502
Unsecured Long-term Debt, Noncurrent	484	483
Fair Value	$ 510	555
3.950% notes due October 2042 [Member]
Debt Instrument [Line Items]
Interest Rate	3.95%
Par Value	$ 625	625
Unsecured Long-term Debt, Noncurrent	607	607
Fair Value	$ 596	650
4.250% notes due March 2043 [Member]
Debt Instrument [Line Items]
Interest Rate	4.25%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	734	734
Fair Value	$ 749	822
4.750% notes due July 2045 [Member]
Debt Instrument [Line Items]
Interest Rate	4.75%
Par Value	$ 2,000	2,000
Unsecured Long-term Debt, Noncurrent	1,972	1,972
Fair Value	$ 2,140	2,362
4.200% notes due January 2047 [Member]
Debt Instrument [Line Items]
Interest Rate	4.20%
Par Value	$ 750	750
Unsecured Long-term Debt, Noncurrent	738	738
Fair Value	$ 743	808
4.250% notes due April 2047 [Member]
Debt Instrument [Line Items]
Interest Rate	4.25%
Par Value	$ 725	725
Unsecured Long-term Debt, Noncurrent	717	717
Fair Value	$ 728	798
3.750% notes due October 2047 [Member]
Debt Instrument [Line Items]
Interest Rate	3.75%
Par Value	$ 950	950
Unsecured Long-term Debt, Noncurrent	933	933
Fair Value	$ 883	969
4.250% notes due June 2048 [Member]
Debt Instrument [Line Items]
Interest Rate	4.25%
Par Value	$ 1,350	0
Unsecured Long-term Debt, Noncurrent	1,329	0
Fair Value	$ 1,355	$ 0

XML

Shareholders' Equity (Details) shares in Millions	Jun. 01, 2018 shares
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	100

XML

Shareholders' Equity Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Common share repurchases, shares	16
Common share repurchases, average price per share	$ 232.61
Common share repurchases, aggregate cost	$ 3,650	$ 1,173
Board authorized shares remaining	98

XML

Shareholders' Equity Dividends (Details) - USD ($) $ / shares in Units, $ in Millions				9 Months Ended
	Sep. 18, 2018	Jun. 26, 2018	Mar. 20, 2018	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.90	$ 0.90	$ 0.75	$ 2.55	$ 2.125
Payments of Ordinary Dividends, Common Stock	$ 866	$ 866	$ 722	$ 2,454	$ 2,046

XML

Segment Financial Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018
Statement [Line Items]
Number of Reportable Segments	4

XML

Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement [Line Items]
Premiums, revenues - unaffiliated customers	$ 44,613	$ 39,552	$ 133,155	$ 118,075
Products, revenues - unaffiliated customers	7,344	6,665	21,050	19,209
Services, revenues - unaffiliated customers	4,217	3,858	12,590	11,089
Investment and other income	382	247	1,035	725
Total revenues	56,556	50,322	167,830	149,098
Earnings from operations	4,590	4,088	12,847	11,232
Interest expense	(353)	(294)	(1,026)	(878)
Earnings before income taxes	4,237	3,794	11,821	10,354
Optum
Statement [Line Items]
Investment and other income	140	94	402	247
Total revenues	25,391	22,885	73,718	66,793
Earnings from operations	2,031	1,697	5,531	4,496
Interest expense	0	0	0	0
Earnings before income taxes	2,031	1,697	5,531	4,496
Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	44,613	39,552	133,155	118,075
Products, revenues - unaffiliated customers	7,344	6,665	21,050	19,209
Services, revenues - unaffiliated customers	4,217	3,858	12,590	11,089
Total revenues	56,174	50,075	166,795	148,373
Unaffiliated Customers | Optum
Statement [Line Items]
Premiums, revenues - unaffiliated customers	985	976	2,794	2,780
Products, revenues - unaffiliated customers	7,344	6,665	21,050	19,209
Services, revenues - unaffiliated customers	2,150	1,853	6,342	5,204
Total revenues	10,479	9,494	30,186	27,193
Affiliated Customers
Statement [Line Items]
Total revenues	0	0	0	0
Affiliated Customers | Optum
Statement [Line Items]
Total revenues	14,772	13,297	43,130	39,353
Operating Segments | UnitedHealthcare
Statement [Line Items]
Investment and other income	242	153	633	478
Total revenues	45,937	40,734	137,242	121,658
Earnings from operations	2,559	2,391	7,316	6,736
Interest expense	0	0	0	0
Earnings before income taxes	2,559	2,391	7,316	6,736
Operating Segments | OptumHealth
Statement [Line Items]
Investment and other income	125	88	355	231
Total revenues	6,052	5,252	17,752	15,107
Earnings from operations	622	513	1,680	1,267
Interest expense	0	0	0	0
Earnings before income taxes	622	513	1,680	1,267
Operating Segments | OptumInsight
Statement [Line Items]
Investment and other income	4	1	15	3
Total revenues	2,254	2,004	6,508	5,840
Earnings from operations	534	414	1,382	1,080
Interest expense	0	0	0	0
Earnings before income taxes	534	414	1,382	1,080
Operating Segments | OptumRx
Statement [Line Items]
Investment and other income	11	5	32	13
Total revenues	17,437	15,953	50,484	46,740
Earnings from operations	875	770	2,469	2,149
Interest expense	0	0	0	0
Earnings before income taxes	875	770	2,469	2,149
Operating Segments | Unaffiliated Customers | UnitedHealthcare
Statement [Line Items]
Premiums, revenues - unaffiliated customers	43,628	38,576	130,361	115,295
Products, revenues - unaffiliated customers	0	0	0	0
Services, revenues - unaffiliated customers	2,067	2,005	6,248	5,885
Total revenues	45,695	40,581	136,609	121,180
Operating Segments | Unaffiliated Customers | OptumHealth
Statement [Line Items]
Premiums, revenues - unaffiliated customers	985	976	2,794	2,780
Products, revenues - unaffiliated customers	13	10	37	33
Services, revenues - unaffiliated customers	1,196	1,040	3,587	2,769
Total revenues	2,194	2,026	6,418	5,582
Operating Segments | Unaffiliated Customers | OptumInsight
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Products, revenues - unaffiliated customers	29	29	72	69
Services, revenues - unaffiliated customers	790	677	2,306	2,011
Total revenues	819	706	2,378	2,080
Operating Segments | Unaffiliated Customers | OptumRx
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Products, revenues - unaffiliated customers	7,302	6,626	20,941	19,107
Services, revenues - unaffiliated customers	164	136	449	424
Total revenues	7,466	6,762	21,390	19,531
Operating Segments | Affiliated Customers | UnitedHealthcare
Statement [Line Items]
Total revenues	0	0	0	0
Operating Segments | Affiliated Customers | OptumHealth
Statement [Line Items]
Total revenues	3,733	3,138	10,979	9,294
Operating Segments | Affiliated Customers | OptumInsight
Statement [Line Items]
Total revenues	1,431	1,297	4,115	3,757
Operating Segments | Affiliated Customers | OptumRx
Statement [Line Items]
Total revenues	9,960	9,186	29,062	27,196
Optum Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(352)	(324)	(1,026)	(894)
Earnings from operations	0	0	0	0
Interest expense	0	0	0	0
Earnings before income taxes	0	0	0	0
Optum Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Products, revenues - unaffiliated customers	0	0	0	0
Services, revenues - unaffiliated customers	0	0	0	0
Total revenues	0	0	0	0
Optum Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	(352)	(324)	(1,026)	(894)
Corporate and Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(14,772)	(13,297)	(43,130)	(39,353)
Earnings from operations	0	0	0	0
Interest expense	(353)	(294)	(1,026)	(878)
Earnings before income taxes	(353)	(294)	(1,026)	(878)
Corporate and Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Products, revenues - unaffiliated customers	0	0	0	0
Services, revenues - unaffiliated customers	0	0	0	0
Total revenues	0	0	0	0
Corporate and Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	$ (14,772)	$ (13,297)	$ (43,130)	$ (39,353)