10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________ 

Form 10-Q

__________________________________________________________ 

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

FOR THE QUARTERLY PERIOD ENDED March 31, 2021

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

(952) 936-1300

(Registrant’s telephone number, including area code)

_________________________________________________________  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	UNH	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☒

As of April 30, 2021, there were 943,702,120 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 March 31, 2021 and December 31, 2020		1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020		2
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020		3
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021 and 2020		4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020		5
	Notes to the Condensed Consolidated Financial Statements		6
	1.	Basis of Presentation	6
	2.	Investments	7
	3.	Fair Value	9
	4.	Medical Costs Payable	10
	5.	Short-Term Borrowings and Long-Term Debt	11
	6.	Commitments and Contingencies	12
	7.	Segment Financial Information	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		22
Item 4.	Controls and Procedures		23
Part II. Other Information
Item 1.	Legal Proceedings		23
Item 1A.	Risk Factors		23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23
Item 6.	Exhibits		24
Signatures			25

PART I

ITEM 1.    FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except per share data)	March 31, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	19,955	$	16,921
Short-term investments	2,962		2,860
Accounts receivable, net	15,980		12,870
Other current receivables, net	11,546		12,534
Assets under management	4,094		4,076
Prepaid expenses and other current assets	4,971		4,457
Total current assets	59,508		53,718
Long-term investments	42,406		41,242
Property, equipment and capitalized software, net	8,496		8,626
Goodwill	72,162		71,337
Other intangible assets, net	10,842		10,856
Other assets	11,757		11,510
Total assets	$	205,171	$	197,289
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	24,833	$	21,872
Accounts payable and accrued liabilities	22,997		22,495
Short-term borrowings and current maturities of long-term debt	8,838		4,819
Unearned revenues	2,612		2,842
Other current liabilities	21,361		20,392
Total current liabilities	80,641		72,420
Long-term debt, less current maturities	37,420		38,648
Deferred income taxes	3,602		3,367
Other liabilities	12,926		12,315
Total liabilities	134,589		126,750
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	1,269		2,211
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; 944 and 946 issued and outstanding	10		10
Additional paid-in capital	—		—
Retained earnings	71,220		69,295
Accumulated other comprehensive loss	(4,826)		(3,814)
Nonredeemable noncontrolling interests	2,909		2,837
Total equity	69,313		68,328
Total liabilities, redeemable noncontrolling interests and equity	$	205,171	$	197,289

See Notes to the Condensed Consolidated Financial Statements

1

UnitedHealth Group

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
(in millions, except per share data)	2021		2020
Revenues:
Premiums	$	55,486	$	50,640
Products	8,340		8,431
Services	5,918		4,985
Investment and other income	452		365
Total revenues	70,196		64,421
Operating costs:
Medical costs	44,904		41,000
Operating costs	10,223		10,015
Cost of products sold	7,572		7,687
Depreciation and amortization	758		723
Total operating costs	63,457		59,425
Earnings from operations	6,739		4,996
Interest expense	(397)		(437)
Earnings before income taxes	6,342		4,559
Provision for income taxes	(1,364)		(1,094)
Net earnings	4,978		3,465
Earnings attributable to noncontrolling interests	(116)		(83)
Net earnings attributable to UnitedHealth Group common shareholders	$	4,862	$	3,382
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	5.14	$	3.56
Diluted	$	5.08	$	3.52
Basic weighted-average number of common shares outstanding	945		949
Dilutive effect of common share equivalents	12		13
Diluted weighted-average number of common shares outstanding	957		962
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	3		10

See Notes to the Condensed Consolidated Financial Statements

2

UnitedHealth Group

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended March 31,
(in millions)	2021		2020
Net earnings	$	4,978	$	3,465
Other comprehensive loss:
Gross unrealized losses on investment securities during the period	(764)		(349)
Income tax effect	174		80
Total unrealized losses, net of tax	(590)		(269)
Gross reclassification adjustment for net realized gains included in net earnings	(7)		(18)
Income tax effect	2		4
Total reclassification adjustment, net of tax	(5)		(14)
Total foreign currency translation losses	(417)		(1,499)
Other comprehensive loss	(1,012)		(1,782)
Comprehensive income	3,966		1,683
Comprehensive income attributable to noncontrolling interests	(116)		(83)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	3,850	$	1,600

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 Income (Loss)				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended March 31, (in millions)	Shares	Amount						Net Unrealized Gains (losses) on Investments		Foreign Currency Translation Losses
Balance at January 1, 2021	946	$	10	$	—	$	69,295	$	1,336	$	(5,150)	$	2,837	$	68,328
Net earnings						4,862						80		4,942
Other comprehensive loss								(595)		(417)				(1,012)
Issuances of common stock, and related tax effects	3	—		256										256
Share-based compensation				242										242
Common share repurchases	(5)	—		—		(1,650)								(1,650)
Cash dividends paid on common shares ($1.25 per share)						(1,181)								(1,181)
Redeemable noncontrolling interests fair value and other adjustments				(498)		(106)								(604)
Acquisition and other adjustments of nonredeemable noncontrolling interests												66		66
Distribution to nonredeemable noncontrolling interests												(74)		(74)
Balance at March 31, 2021	944	$	10	$	—	$	71,220	$	741	$	(5,567)	$	2,909	$	69,313
Balance at January 1, 2020	948	$	9	$	7	$	61,178	$	589	$	(4,167)	$	2,820	$	60,436
Adjustment to adopt ASU 2016-13						(28)								(28)
Net earnings						3,382						59		3,441
Other comprehensive loss								(283)		(1,499)				(1,782)
Issuances of common stock, and related tax effects	5	1		320										321
Share-based compensation				234										234
Common share repurchases	(6)	—		(510)		(1,181)								(1,691)
Cash dividends paid on common shares ($1.08 per share)						(1,024)								(1,024)
Redeemable noncontrolling interests fair value and other adjustments				(51)										(51)
Acquisition and other adjustments of nonredeemable noncontrolling interests												50		50
Distribution to nonredeemable noncontrolling interests												(43)		(43)
Balance at March 31, 2020	947	$	10	$	—	$	62,327	$	306	$	(5,666)	$	2,886	$	59,863

See Notes to the Condensed Consolidated Financial Statements

4

UnitedHealth Group

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
(in millions)	2021		2020
Operating activities
Net earnings	$	4,978	$	3,465
Noncash items:
Depreciation and amortization	758		723
Deferred income taxes	341		202
Share-based compensation	256		231
Other, net	(55)		45
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(2,895)		(2,652)
Other assets	(955)		(4,249)
Medical costs payable	2,968		1,120
Accounts payable and other liabilities	870		4,137
Unearned revenues	(261)		(79)
Cash flows from operating activities	6,005		2,943
Investing activities
Purchases of investments	(4,612)		(3,866)
Sales of investments	643		2,170
Maturities of investments	2,255		1,726
Cash paid for acquisitions, net of cash assumed	(1,193)		(929)
Purchases of property, equipment and capitalized software	(568)		(469)
Other, net	(232)		(165)
Cash flows used for investing activities	(3,707)		(1,533)
Financing activities
Common share repurchases	(1,650)		(1,691)
Cash dividends paid	(1,181)		(1,024)
Proceeds from common stock issuances	436		557
Repayments of long-term debt	(1,150)		—
Proceeds from short-term borrowings, net	4,057		10,797
Customer funds administered	2,131		1,062
Other, net	(1,856)		(398)
Cash flows from financing activities	787		9,303
Effect of exchange rate changes on cash and cash equivalents	(51)		(129)
Increase in cash and cash equivalents	3,034		10,584
Cash and cash equivalents, beginning of period	16,921		10,985
Cash and cash equivalents, end of period	$	19,955	$	21,569

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 with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary business platforms — Optum and UnitedHealthcare — are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve.

The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC (2020 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.

Use of Estimates

These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.

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
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,372	$	86	$	(26)	$	3,432
State and municipal obligations	6,941		345		(22)		7,264
Corporate obligations	20,395		533		(122)		20,806
U.S. agency mortgage-backed securities	6,784		185		(48)		6,921
Non-U.S. agency mortgage-backed securities	2,382		66		(19)		2,429
Total debt securities - available-for-sale	39,874		1,215		(237)		40,852
Debt securities - held-to-maturity:
U.S. government and agency obligations	418		5		—		423
State and municipal obligations	31		2		—		33
Corporate obligations	190		—		—		190
Total debt securities - held-to-maturity	639		7		—		646
Total debt securities	$	40,513	$	1,222	$	(237)	$	41,498
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,335	$	133	$	(3)	$	3,465
State and municipal obligations	6,893		435		—		7,328
Corporate obligations	18,886		863		(12)		19,737
U.S. agency mortgage-backed securities	6,849		245		(3)		7,091
Non-U.S. agency mortgage-backed securities	2,116		95		(4)		2,207
Total debt securities - available-for-sale	38,079		1,771		(22)		39,828
Debt securities - held-to-maturity:
U.S. government and agency obligations	420		6		—		426
State and municipal obligations	31		2		—		33
Corporate obligations	187		1		—		188
Total debt securities - held-to-maturity	638		9		—		647
Total debt securities	$	38,717	$	1,780	$	(22)	$	40,475

The Company held $2.6 billion and $2.3 billion of equity securities as of March 31, 2021 and December 31, 2020, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.3 billion of equity method investments in operating businesses in the health care sector for both March 31, 2021 and December 31, 2020, respectively. The allowance for credit losses on held-to-maturity securities at March 31, 2021 and December 31, 2020 was not material.

7

The amortized cost and fair value of debt securities as of March 31, 2021, 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	$	3,037	$	3,053	$	354	$	355
Due after one year through five years	12,571		12,922		238		242
Due after five years through ten years	10,945		11,263		25		26
Due after ten years	4,155		4,264		22		23
U.S. agency mortgage-backed securities	6,784		6,921		—		—
Non-U.S. agency mortgage-backed securities	2,382		2,429		—		—
Total debt securities	$	39,874	$	40,852	$	639	$	646

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

	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	924	$	(26)	$	—	$	—	$	924	$	(26)
State and municipal obligations	1,141		(22)		3		—		1,144		(22)
Corporate obligations	5,266		(120)		367		(2)		5,633		(122)
U.S. agency mortgage-backed securities	2,552		(48)		1		—		2,553		(48)
Non-U.S. agency mortgage-backed securities	650		(17)		77		(2)		727		(19)
Total debt securities - available-for-sale	$	10,533	$	(233)	$	448	$	(4)	$	10,981	$	(237)
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	346	$	(3)	$	—	$	—	$	346	$	(3)
Corporate obligations	1,273		(9)		456		(3)		1,729		(12)
U.S. agency mortgage-backed securities	601		(3)		—		—		601		(3)
Non-U.S. agency mortgage-backed securities	195		(1)		93		(3)		288		(4)
Total debt securities - available-for-sale	$	2,415	$	(16)	$	549	$	(6)	$	2,964	$	(22)

The Company’s unrealized losses from debt securities as of March 31, 2021 were generated from approximately 8,000 positions out of a total of 37,000 positions. The Company believes that it will collect the timely principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2021, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at March 31, 2021 and December 31, 2020 was not material.

8

3.    Fair Value

Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2020 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
March 31, 2021
Cash and cash equivalents	$	19,880		$	75		$	—		$	19,955
Debt securities - available-for-sale:
U.S. government and agency obligations	3,208			224			—			3,432
State and municipal obligations	—			7,264			—			7,264
Corporate obligations	29			20,497			280			20,806
U.S. agency mortgage-backed securities	—			6,921			—			6,921
Non-U.S. agency mortgage-backed securities	—			2,429			—			2,429
Total debt securities - available-for-sale	3,237			37,335			280			40,852
Equity securities	1,975			27			—			2,002
Assets under management	1,753			2,286			55			4,094
Total assets at fair value	$	26,845		$	39,723		$	335		$	66,903
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2021 or 2020.

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
March 31, 2021
Debt securities - held-to-maturity	$	463	$	110	$	73	$	646	$	639
Long-term debt and other financing obligations	$	—	$	46,315	$	—	$	46,315	$	40,903
December 31, 2020
Debt securities - held-to-maturity	$	466	$	108	$	73	$	647	$	638
Long-term debt and other financing obligations	$	—	$	51,254	$	—	$	51,254	$	42,171

Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during either the three months ended March 31, 2021 or 2020.

4.    Medical Costs Payable

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	12		—
Reported medical costs:
Current year	45,914		41,580
Prior years	(1,010)		(580)
Total reported medical costs	44,904		41,000
Medical payments:
Payments for current year	(25,960)		(23,471)
Payments for prior years	(15,995)		(16,447)
Total medical payments	(41,955)		(39,918)
Medical costs payable, end of period	$	24,833	$	22,772

For the three months ended March 31, 2021 and March 31, 2020, prior years medical cost reserve development was primarily driven by lower than expected health system utilization. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $16.3 billion and $14.8 billion at March 31, 2021 and December 31, 2020, respectively.

10

5.    Short-Term Borrowings and Long-Term Debt

Short-term borrowings and senior unsecured long-term debt consisted of the following:

	March 31, 2021						December 31, 2020
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	5,356	$	5,355	$	5,355	$	1,296	$	1,296	$	1,296
4.700% notes due February 2021	—		—		—		400		400		401
2.125% notes due March 2021	—		—		—		750		750		753
Floating rate notes due June 2021	350		350		350		350		350		350
3.150% notes due June 2021	400		400		402		400		400		405
3.375% notes due November 2021	500		505		506		500		507		509
2.875% notes due December 2021	750		759		764		750		762		768
2.875% notes due March 2022	1,100		1,110		1,120		1,100		1,113		1,127
3.350% notes due July 2022	1,000		999		1,038		1,000		999		1,048
2.375% notes due October 2022	900		898		929		900		897		935
0.000% notes due November 2022	15		14		14		15		14		14
2.750% notes due February 2023	625		641		648		625		644		654
2.875% notes due March 2023	750		784		786		750		789		793
3.500% notes due June 2023	750		748		801		750		748		809
3.500% notes due February 2024	750		747		813		750		747		821
2.375% notes due August 2024	750		748		790		750		747		799
3.750% notes due July 2025	2,000		1,992		2,214		2,000		1,992		2,279
3.700% notes due December 2025	300		298		333		300		298		344
1.250% notes due January 2026	500		496		500		500		496		515
3.100% notes due March 2026	1,000		997		1,086		1,000		997		1,121
3.450% notes due January 2027	750		747		831		750		747		859
3.375% notes due April 2027	625		620		686		625		620		714
2.950% notes due October 2027	950		941		1,024		950		940		1,067
3.850% notes due June 2028	1,150		1,144		1,290		1,150		1,143		1,367
3.875% notes due December 2028	850		844		958		850		844		1,019
2.875% notes due August 2029	1,000		1,015		1,057		1,000		1,086		1,137
2.000% notes due May 2030	1,250		1,234		1,226		1,250		1,234		1,326
4.625% notes due July 2035	1,000		992		1,216		1,000		992		1,340
5.800% notes due March 2036	850		839		1,147		850		839		1,271
6.500% notes due June 2037	500		492		725		500		492		800
6.625% notes due November 2037	650		642		959		650		641		1,044
6.875% notes due February 2038	1,100		1,077		1,648		1,100		1,077		1,802
3.500% notes due August 2039	1,250		1,242		1,342		1,250		1,241		1,487
2.750% notes due May 2040	1,000		964		976		1,000		964		1,085
5.700% notes due October 2040	300		296		412		300		296		451
5.950% notes due February 2041	350		346		494		350		346		540
4.625% notes due November 2041	600		589		736		600		589		820
4.375% notes due March 2042	502		485		593		502		485		661
3.950% notes due October 2042	625		608		712		625		608		790
4.250% notes due March 2043	750		735		878		750		735		982
4.750% notes due July 2045	2,000		1,974		2,496		2,000		1,974		2,814
4.200% notes due January 2047	750		738		875		750		738		991
4.250% notes due April 2047	725		718		847		725		717		963
3.750% notes due October 2047	950		934		1,031		950		934		1,180
4.250% notes due June 2048	1,350		1,330		1,592		1,350		1,330		1,803
4.450% notes due December 2048	1,100		1,087		1,345		1,100		1,086		1,517
3.700% notes due August 2049	1,250		1,235		1,354		1,250		1,235		1,567
2.900% notes due May 2050	1,250		1,208		1,193		1,250		1,208		1,384
3.875% notes due August 2059	1,250		1,228		1,391		1,250		1,228		1,618
3.125% notes due May 2060	1,000		963		979		1,000		965		1,161
Total short-term borrowings and long-term debt	$	45,473	$	45,108	$	50,462	$	42,563	$	42,280	$	51,301

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The Company’s long-term debt obligations also included $1.2 billion of other financing obligations as of both March 31, 2021 and December 31, 2020, of which $359 million and $354 million were classified as current as of March 31, 2021 and December 31, 2020, respectively.

Short-Term Borrowings

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of March 31, 2021, the Company’s outstanding commercial paper had a weighted average annual interest rate of 0.2%.

The Company has $4.4 billion five-year, $4.4 billion three-year and $3.8 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2025, December 2023 and December 2021, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of March 31, 2021, 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 March 31, 2021, annual interest rates would have ranged from 0.8% to 0.9%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of March 31, 2021.

6.    Commitments and Contingencies

Pending Acquisitions

The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), which is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $12 billion.

Legal Matters

Because of the nature of its businesses, the Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices.

The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred.

Government Investigations, Audits and Reviews

The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office 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 U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Defense Contract Audit Agency and other governmental authorities. Similarly, our international businesses are also subject to investigations, audits and reviews by applicable foreign governments, including South American and other non-U.S. governmental authorities. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.

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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. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome that may result from this matter given its procedural status.

7.    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 14 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2020 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 March 31, 2021
Revenues - unaffiliated customers:
Premiums	$	52,558	$	2,928	$	—	$	—	$	—	$	2,928	$	—	$	55,486
Products	—		8		37		8,295		—		8,340		—		8,340
Services	2,350		2,336		961		271		—		3,568		—		5,918
Total revenues - unaffiliated customers	54,908		5,272		998		8,566		—		14,836		—		69,744
Total revenues - affiliated customers	—		6,952		1,821		13,004		(475)		21,302		(21,302)		—
Investment and other income	206		179		33		34		—		246		—		452
Total revenues	$	55,114	$	12,403	$	2,852	$	21,604	$	(475)	$	36,384	$	(21,302)	$	70,196
Earnings from operations	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	—	$	6,739
Interest expense	—		—		—		—		—		—		(397)		(397)
Earnings before income taxes	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	(397)	$	6,342
Three Months Ended March 31, 2020
Revenues - unaffiliated customers:
Premiums	$	48,593	$	2,047	$	—	$	—	$	—	$	2,047	$	—	$	50,640
Products	—		9		29		8,393		—		8,431		—		8,431
Services	2,278		1,548		891		268		—		2,707		—		4,985
Total revenues - unaffiliated customers	50,871		3,604		920		8,661		—		13,185		—		64,056
Total revenues - affiliated customers	—		5,452		1,562		12,876		(404)		19,486		(19,486)		—
Investment and other income	197		136		12		20		—		168		—		365
Total revenues	$	51,068	$	9,192	$	2,494	$	21,557	$	(404)	$	32,839	$	(19,486)	$	64,421
Earnings from operations	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	—	$	4,996
Interest expense	—		—		—		—		—		—		(437)		(437)
Earnings before income taxes	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	(437)	$	4,559

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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 2020 10-K, including the Consolidated Financial Statements and Notes in Part II, Item 8, “Financial Statements and Supplementary Data” 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 2020 10-K and in the discussion below.

EXECUTIVE OVERVIEW

General

UnitedHealth Group is a diversified health care company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary businesses — Optum and UnitedHealthcare — are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve.

We have four reportable segments across our two business platforms, Optum and UnitedHealthcare:

•OptumHealth;

•OptumInsight;

•OptumRx; and

•UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement, UnitedHealthcare Community & State and UnitedHealthcare Global.

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 2020 10-K and additional information on our segments can be found in this Item 2 and in Note 7 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

COVID-19 Trends and Uncertainties

The COVID-19 pandemic continues to evolve and the ultimate impact on our business, results of operations, financial condition and cash flows remains uncertain. During the three months ended March 31, 2021, overall care activity, including COVID-19 related care, was nearly at seasonal baselines. This was primarily the result of temporary deferral of elective care activity, which generally tracked with COVID-19 incidence rates during the quarter. For the three months ended March 31, 2021, the temporary deferral of care was more than offset by COVID-19 related care and testing costs, rebate requirements, and general economic impacts, such as impacts of unemployment. The temporary deferral of care, along with continued COVID-19 related care costs, may cause care patterns to moderately exceed normal baselines in future periods as utilization of health system capacity increases and consumers resume elective care. From time to time, health system capacity may be subject to possible increased volatility due to the pandemic. Specific trends and uncertainties related to our two business platforms are as follows:

Optum. COVID-19 related care costs continued to impact our OptumHealth risk-based care delivery businesses, which were partially offset by the continued temporary deferral of care. The temporary deferral of care reduced fee-for-service care delivery volume, as well as OptumInsight and OptumRx volume-based business activity. We believe COVID-19 will continue to influence customer and consumer behavior, both during and after the pandemic, which could impact how care is delivered and the manner in which consumers wish to receive their prescription drugs or infusion services. We expect COVID-19 related care costs and other economic impacts to only partially be offset by temporary deferrals of care in the second half of the year as health systems return to seasonally adjusted levels of care. As a result of the dynamic situation and broad-reaching impact to the health system, the ultimate impact of COVID-19 on our Optum businesses is uncertain.

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UnitedHealthcare. In 2021, we have continued expanded benefit coverage in areas such as COVID-19 related care and testing, telemedicine, and pharmacy; continuing to assist our customers, care providers, members and communities in addressing the COVID-19 crisis. Temporary care deferrals continued to impact UnitedHealthcare’s results of operations for the three months ended March 31, 2021, offset by COVID-19 related care and testing, rebate requirements and other revenue impacts and broader economic impacts. Enrollment in our commercial products declined primarily due to employer actions in response to the pandemic.

Increased consumer demand for care, potentially even higher acuity care, along with continued COVID-19 related care and testing costs are expected to result in increased future medical costs in the second half of the year. Disrupted care patterns, as a result of the pandemic, have and may continue to temporarily affect the ability to obtain complete member health status information, impacting revenue in businesses utilizing risk adjustment methodologies. The ultimate overall impact is uncertain and dependent on the future pacing and intensity of the pandemic, the duration of policies and initiatives to address COVID-19, and general economic uncertainty.

Business Trends

Our businesses participate in the United States, South American and certain other international health markets. Overall spending on health care is impacted by inflation; utilization; medical technology and pharmaceutical advancement; regulatory requirements; demographic trends in the population; and national interest in health and well-being. The rate of market growth may be affected by a variety of factors, including macro-economic conditions, such as the impacts of COVID-19, and regulatory changes, which could impact our results of operations, including our continued efforts to control health care costs.

Pricing Trends. To price our health care benefit products, we start with our view of expected future costs, including any potential impacts from COVID-19. We frequently evaluate and adjust our approach in each of the local markets we serve, considering all relevant factors, such as product positioning, price competitiveness and environmental, competitive, legislative and regulatory considerations, including minimum medical loss ratio (MLR) thresholds and similar revenue adjustments. We will continue seeking to balance growth and profitability across all these dimensions.

The commercial risk market remains highly competitive in 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.

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

Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, health system utilization and prescription drug costs. COVID-19 related care and testing costs as well as the deferral of care have also impacted medical cost trends in the current year and may continue in future years. We endeavor to mitigate those increases by engaging physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high quality, affordable care. The continued uncertain impact of COVID-19 may impact our ability to estimate medical costs payable, which has resulted in, and could result in, increased variability to medical cost reserve development.

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,” Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2020 10-K and “Risk Factors” in Part II, Item 1A of this report.

Medicare Advantage Rates. Final 2022 Medicare Advantage rates resulted in an increase in industry base rates of approximately 4.1%, short of the industry forward medical cost trend. We continue to manage costs through improving and expanding our coordinated care models, value-based care arrangements and various consumer engagement tools.

Affordable Care Act (ACA) Tax. The Health Insurance Tax was permanently repealed by Congress, effective January 1, 2021. The permanent repeal of the tax impacts year-over-year comparability of our financial statements, including revenues, operating costs, medical care ratio (MCR), operating cost ratio, effective tax rate and cash flows from operations.

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SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS

The following summarizes select first quarter 2021 year-over-year operating comparisons to first quarter 2020.

•Consolidated revenues grew 9%, UnitedHealthcare revenues grew 8% and Optum revenues grew 11%.

•UnitedHealthcare served 1.1 million more people domestically, driven by growth in community and senior programs, partially offset by decreased people served by our commercial benefits business.

•Consolidated earnings from operations increased 35%, including increases of 42% at UnitedHealthcare and 25% at Optum.

•Diluted earnings per common share increased 44% to $5.08.

•Cash flows from operations for the three months ended March 31, 2021 were $6.0 billion.

•Return on equity was 29.5%.

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 March 31,						Increase/(Decrease)
	2021			2020			2021 vs. 2020
Revenues:
Premiums	$	55,486		$	50,640		$	4,846		10	%
Products	8,340			8,431			(91)			(1)
Services	5,918			4,985			933			19
Investment and other income	452			365			87			24
Total revenues	70,196			64,421			5,775			9
Operating costs:
Medical costs	44,904			41,000			3,904			10
Operating costs	10,223			10,015			208			2
Cost of products sold	7,572			7,687			(115)			(1)
Depreciation and amortization	758			723			35			5
Total operating costs	63,457			59,425			4,032			7
Earnings from operations	6,739			4,996			1,743			35
Interest expense	(397)			(437)			40			(9)
Earnings before income taxes	6,342			4,559			1,783			39
Provision for income taxes	(1,364)			(1,094)			(270)			25
Net earnings	4,978			3,465			1,513			44
Earnings attributable to noncontrolling interests	(116)			(83)			(33)			40
Net earnings attributable to UnitedHealth Group common shareholders	$	4,862		$	3,382		$	1,480		44	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	5.08		$	3.52		$	1.56		44	%
Medical care ratio (a)	80.9		%	81.0		%	(0.1)		%
Operating cost ratio	14.6			15.5			(0.9)
Operating margin	9.6			7.8			1.8
Tax rate	21.5			24.0			(2.5)
Net earnings margin (b)	6.9			5.2			1.7
Return on equity (c)	29.5		%	23.6		%	5.9		%

(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 attributable to UnitedHealth Group common shareholders divided by average shareholders’ equity. Average shareholders’ equity is calculated using the shareholders’ equity balance at the end of the preceding year and the shareholders’ equity balances at the end of each of the quarters in the year presented.

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2021 RESULTS OF OPERATIONS COMPARED TO 2020 RESULTS OF OPERATIONS

Consolidated Financial Results

Revenue

The increases in revenue were primarily driven by the increase in the number of individuals served through Medicare Advantage and Medicaid; pricing trends; and organic and acquisition growth across the Optum business, primarily due to expansion in care delivery and managed services. The increases were partially offset by decreased individuals served through our commercial benefits business due to the continued economic impacts of COVID-19.

Medical Costs and MCR

Medical costs increased as a result of growth in people served through Medicare Advantage and Medicaid, medical cost trends and COVID-19 related care and testing costs, partially offset by the temporary deferral of care continued to be caused by COVID-19, decreased people served in commercial, increased prior year favorable reserve development and calendar day impacts. The MCR was stable due to the temporary deferral of care, increased prior year favorable reserve development and calendar day impacts, being offset by the permanent repeal of the Health Insurance Tax and COVID-19 related care and testing costs.

Operating Cost Ratio

The operating cost ratio decreased primarily due to the permanent repeal of the return of the Health Insurance Tax and operating efficiency gains, partially offset by business mix.

Income Tax Rate

Our effective tax rate decreased primarily due to the permanent repeal of the nondeductible Health Insurance Tax.

Reportable Segments

See Note 7 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report for more information on our segments. We utilize various metrics to evaluate and manage our reportable segments, including individuals served by UnitedHealthcare by major market segment and funding arrangement, people served by OptumHealth and adjusted scripts for OptumRx. These metrics are the main drivers of revenue, earnings and cash flows at each business. The metrics also allow management and investors to evaluate and understand business mix, customer penetration and pricing trends when comparing the metrics to revenue by segment.

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The following table presents a summary of the reportable segment financial information:

	Three Months Ended March 31,						Increase/(Decrease)
(in millions, except percentages)	2021			2020			2021 vs. 2020
Revenues
UnitedHealthcare	$	55,114		$	51,068		$	4,046		8	%
OptumHealth	12,403			9,192			3,211			35
OptumInsight	2,852			2,494			358			14
OptumRx	21,604			21,557			47			—
Optum eliminations	(475)			(404)			(71)			18
Optum	36,384			32,839			3,545			11
Eliminations	(21,302)			(19,486)			(1,816)			9
Consolidated revenues	$	70,196		$	64,421		$	5,775		9	%
Earnings from operations
UnitedHealthcare	$	4,108		$	2,888		$	1,220		42	%
OptumHealth	962			712			250			35
OptumInsight	779			536			243			45
OptumRx	890			860			30			3
Optum	2,631			2,108			523			25
Consolidated earnings from operations	$	6,739		$	4,996		$	1,743		35	%
Operating margin
UnitedHealthcare	7.5		%	5.7		%	1.8		%
OptumHealth	7.8			7.7			0.1
OptumInsight	27.3			21.5			5.8
OptumRx	4.1			4.0			0.1
Optum	7.2			6.4			0.8
Consolidated operating margin	9.6		%	7.8		%	1.8		%

UnitedHealthcare

The following table summarizes UnitedHealthcare revenues by business:

	Three Months Ended March 31,				Increase/(Decrease)
(in millions, except percentages)	2021		2020		2021 vs. 2020
UnitedHealthcare Employer & Individual	$	14,632	$	14,280	$	352	2	%
UnitedHealthcare Medicare & Retirement	25,474		23,152		2,322		10
UnitedHealthcare Community & State	12,973		11,453		1,520		13
UnitedHealthcare Global	2,035		2,183		(148)		(7)
Total UnitedHealthcare revenues	$	55,114	$	51,068	$	4,046	8	%

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

	March 31,		Increase/(Decrease)
(in thousands, except percentages)	2021	2020	2021 vs. 2020
Commercial:
Risk-based	7,860	8,215	(355)	(4)	%
Fee-based	18,455	18,825	(370)	(2)
Total commercial	26,315	27,040	(725)	(3)
Medicare Advantage	6,335	5,575	760	14
Medicaid	6,975	5,880	1,095	19
Medicare Supplement (Standardized)	4,390	4,440	(50)	(1)
Total community and senior	17,700	15,895	1,805	11
Total UnitedHealthcare - domestic medical	44,015	42,935	1,080	3
Global	5,460	5,605	(145)	(3)
Total UnitedHealthcare - medical	49,475	48,540	935	2	%
Supplemental Data:
Medicare Part D stand-alone	3,795	4,150	(355)	(9)	%

Fee-based and risk-based commercial business decreased primarily due to increased unemployment. Medicare Advantage increased due to growth in people served through individual and group Medicare Advantage plans. The increase in people served through Medicaid was primarily driven by states continuing to ease redetermination requirements due to COVID-19, new state-based awards and growth in people served through Dual Special Needs Plans.

UnitedHealthcare’s revenue increased due to growth in the number of individuals served through Medicare Advantage and Medicaid and a greater mix of people with higher acuity needs, partially offset by a decrease in the number of individuals served through commercial benefits and the permanent repeal of the Health Insurance Tax. Earnings from operations increased due to the continued deferral of care caused by COVID-19 on the health system, the growth in people served through Medicare Advantage and Medicaid and the repeal of the Health Insurance Tax, partially offset by COVID-19 related care and testing costs, the reduction in people served through commercial benefits and broader economic impacts of COVID-19.

Optum

Total revenues and earnings from operations increased due to growth at OptumHealth and OptumInsight. The results by segment were as follows:

OptumHealth

Revenue and earnings from operations at OptumHealth increased primarily due to organic growth and acquisitions in care delivery. Earnings from operations were also impacted by the temporary deferral of care at our risk-based businesses caused by COVID-19 and cost management initiatives, partially offset by COVID-19 related care costs. OptumHealth served approximately 99 million people as of March 31, 2021 compared to 96 million people as of March 31, 2020.

OptumInsight

Revenue at OptumInsight increased primarily due to growth in technology and managed services, partially offset by decreased activity levels in volume-based services due to the impact of COVID-19 on payer and care provider clients. Earnings from operations increased primarily due to productivity gains and cost management initiatives, as well as the factors impacting revenue.

OptumRx

Revenue and earnings from operations at OptumRx grew modestly due to organic growth and acquisitions in pharmacy care services and pricing trends, offset by lower script volumes. OptumRx fulfilled 329 million and 339 million adjusted scripts in the first quarters of 2021 and 2020, respectively, as the first quarter 2020 included the advance provision of medications to people served in response to COVID-related supply concerns, with script levels then receding with care deferral patterns.

19

LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

Liquidity

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

	Three Months Ended March 31,				Increase/(Decrease)
(in millions)	2021		2020		2021 vs. 2020
Sources of cash:
Cash provided by operating activities	$	6,005	$	2,943	$	3,062
Issuances of short-term borrowings and long-term debt, net of repayments	2,907		10,797		(7,890)
Proceeds from common stock issuances	436		557		(121)
Customer funds administered	2,131		1,062		1,069
Sales and maturities of investments, net of purchases	—		30		(30)
Total sources of cash	11,479		15,389
Uses of cash:
Common stock repurchases	(1,650)		(1,691)		41
Cash paid for acquisitions, net of cash assumed	(1,193)		(929)		(264)
Purchases of investments, net of sales and maturities	(1,714)		—		(1,714)
Purchases of property, equipment and capitalized software	(568)		(469)		(99)
Cash dividends paid	(1,181)		(1,024)		(157)
Other	(2,088)		(563)		(1,525)
Total uses of cash	(8,394)		(4,676)
Effect of exchange rate changes on cash and cash equivalents	(51)		(129)		78
Net increase in cash and cash equivalents	$	3,034	$	10,584	$	(7,550)

2021 Cash Flows Compared to 2020 Cash Flows

Increased cash flows provided by operating activities were primarily driven by increased net earnings and changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included decreased short-term borrowings and increased purchases of investments, partially offset by increased customer funds administered.

Financial Condition

As of March 31, 2021, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $63.4 billion included approximately $20.0 billion of cash and cash equivalents (of which $2.1 billion was available for general corporate use), $40.9 billion of debt securities and $2.6 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 securities portfolio had a weighted-average duration of 3.8 years and a weighted-average credit rating of “Double A” as of March 31, 2021. 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:

Cash Requirements. A summary of our cash requirements as of December 31, 2020 was disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations ” in our 2020 10-K. During the three months ended March 31, 2021, there were no material changes to this previously disclosed information outside the ordinary course of business. We believe our capital resources are sufficient to meet future, short-term and long-term, liquidity needs. We continually evaluate opportunities to expand our operations, including through internal development of new products, programs and technology applications and acquisitions.

20

Short-Term Borrowings. Our revolving bank credit facilities provide liquidity support for our commercial paper borrowing program, which facilitates the private placement of unsecured debt through independent 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.

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 60%. As of March 31, 2021, our debt to debt-plus-shareholders’ equity ratio, as defined and calculated under the credit facilities, was approximately 39%.

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 March 31, 2021 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-	Positive
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. 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. During the three months ended March 31, 2021, we repurchased approximately 5 million shares at an average price of $345.42 per share. As of March 31, 2021, we had Board authorization to purchase up to 53 million shares of our common stock.

Dividends. Our quarterly cash dividend to shareholders reflects an annual dividend rate of $5.00 per share.

Pending Acquisitions. The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), which is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $12 billion.

For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 in our 2020 10-K.

RECENTLY ISSUED ACCOUNTING STANDARDS

There are no recently issued accounting standards that are expected to have a material impact on our Condensed Consolidated Financial Statements.

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 and goodwill. 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 2020 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 2020 10-K.

21

FORWARD-LOOKING STATEMENTS

The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities law. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: risks associated with public health crises, large-scale medical emergencies and pandemics, such as the COVID-19 pandemic; our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; risks and uncertainties associated with the pharmacy benefits management industry; competitive pressures; changes in or challenges to our public sector contract awards; our ability to contract on competitive terms with physicians, hospitals and other service providers; failure to attract, develop, retain, and manage the succession of key employees and executives; the impact of potential changes in tax laws and regulations (including any increase in the U.S. income tax rate applicable to corporations); failure to achieve targeted operating cost productivity improvements; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of strategic transactions; fluctuations in foreign currency exchange rates; downgrades in our credit ratings; our investment portfolio performance; impairment of our goodwill and intangible assets; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

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 matching a portion of our floating-rate assets and liabilities, 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.

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 March 31, 2021 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):

	March 31, 2021
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum (a)		Interest Expense Per Annum (a)		Fair Value of Financial Assets (b)		Fair Value of Financial Liabilities
2 %	$	468	$	245	$	(3,116)	$	(7,467)
1	234		122		(1,576)		(4,059)
(1)	(80)		(14)		1,226		4,741
(2)	(80)		(14)		1,689		9,821

Note: Given the low absolute level of short-term market rates on our floating-rate assets and liabilities as of March 31, 2021, the assumed hypothetical change in interest rates does not reflect the full 100 and 200 basis point reduction in interest income or interest expense, as the rates are assumed not to fall below zero. As of March 31, 2021 and 2020, 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.

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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 March 31, 2021. 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 March 31, 2021.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

A description of our legal proceedings is included in and incorporated by reference to Note 6 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 2020 10-K, which could materially affect our business, financial condition or future results. The risks described in our 2020 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 as disclosed in our 2020 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 first quarter 2021, we repurchased approximately 5 million shares at an average price of $345.42 per share. As of March 31, 2021, we had Board authorization to purchase up to 53 million shares of our common stock.

23

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	Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on February 26, 2021)
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.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).

 ________________

* 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.

24

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/ ANDREW P. WITTY	Chief Executive Officer (principal executive officer)	Dated:	May 5, 2021
Andrew P. Witty
/s/ JOHN F. REX	Executive Vice President and Chief Financial Officer (principal financial officer)	Dated:	May 5, 2021
John F. Rex
/s/ THOMAS E. ROOS	Senior Vice President and Chief Accounting Officer (principal accounting officer)	Dated:	May 5, 2021
Thomas E. Roos

25

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

 I, Andrew P. Witty, 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.

May 5, 2021	/s/ ANDREW P. WITTY
	Andrew P. Witty 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.

May 5, 2021	/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 March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew P. Witty, 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.

May 5, 2021	/s/ ANDREW P. WITTY
	Andrew P. Witty 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 March 31, 2021 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.

May 5, 2021	/s/ JOHN F. REX
	John F. Rex Executive Vice President and Chief Financial Officer

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Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-10864
Entitiy Registrant Name	UnitedHealth Group Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1321939
Entity Address, Address Line One	UnitedHealth Group Center
Entity Address, Address Line Two	9900 Bren Road East
Entity Address, City or Town	Minnetonka,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55343
City Area Code	952
Local Phone Number	936-1300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	UNH
Security Exchange Name	NYSE
Entitiy Central Index Key	0000731766
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		943,702,120

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Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 19,955	$ 16,921
Short-term investments	2,962	2,860
Accounts receivable, net	15,980	12,870
Other current receivables, net	11,546	12,534
Assets under management	4,094	4,076
Prepaid expenses and other current assets	4,971	4,457
Total current assets	59,508	53,718
Long-term investments	42,406	41,242
Property, equipment and capitalized software, net	8,496	8,626
Goodwill	72,162	71,337
Other intangible assets, net	10,842	10,856
Other assets	11,757	11,510
Total assets	205,171	197,289
Current liabilities:
Medical costs payable	24,833	21,872
Accounts payable and accrued liabilities	22,997	22,495
Short-term borrowings and current maturities of long-term debt	8,838	4,819
Unearned revenues	2,612	2,842
Other current liabilities	21,361	20,392
Total current liabilities	80,641	72,420
Long-term debt, less current maturities	37,420	38,648
Deferred income taxes	3,602	3,367
Other liabilities	12,926	12,315
Total liabilities	134,589	126,750
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	1,269	2,211
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; 944 and 946 issued and outstanding	10	10
Additional Paid-in Capital	0	0
Retained earnings	71,220	69,295
Accumulated other comprehensive loss	(4,826)	(3,814)
Nonredeemable noncontrolling interests	2,909	2,837
Total equity	69,313	68,328
Total liabilities, redeemable noncontrolling interests and equity	$ 205,171	$ 197,289
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
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	944	946
Common stock, shares outstanding	944	946

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Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10	10
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	944	946
Common stock, shares outstanding	944	946

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Premiums	$ 55,486	$ 50,640
Investment and other income	452	365
Total revenues	70,196	64,421
Operating costs:
Medical costs	44,904	41,000
Operating costs	10,223	10,015
Cost of products sold	7,572	7,687
Depreciation and amortization	758	723
Total operating costs	63,457	59,425
Earnings from operations	6,739	4,996
Interest expense	(397)	(437)
Earnings before income taxes	6,342	4,559
Provision for income taxes	(1,364)	(1,094)
Net earnings	4,978	3,465
Earnings attributable to noncontrolling interests	(116)	(83)
Net earnings attributable to UnitedHealth Group common shareholders	$ 4,862	$ 3,382
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$ 5.14	$ 3.56
Diluted	$ 5.08	$ 3.52
Basic weighted-average number of common shares outstanding	945	949
Dilutive effect of common share equivalents	12	13
Diluted weighted-average number of common shares outstanding	957	962
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	3	10
Products
Revenue from Products and Services	$ 8,340	$ 8,431
Services
Revenue from Products and Services	$ 5,918	$ 4,985

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net earnings	$ 4,978	$ 3,465
Other comprehensive loss:
Gross unrealized losses on investment securities during the period	(764)	(349)
Income tax effect	174	80
Total unrealized losses, net of tax	(590)	(269)
Gross reclassification adjustment for net realized gains included in net earnings	(7)	(18)
Income tax effect	2	4
Total reclassification adjustment, net of tax	(5)	(14)
Total foreign currency translation losses	(417)	(1,499)
Other comprehensive loss	(1,012)	(1,782)
Comprehensive income	3,966	1,683
Comprehensive income attributable to noncontrolling interests	(116)	(83)
Comprehensive income attributable to UnitedHealth Group common shareholders	$ 3,850	$ 1,600

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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 Gains (losses) on Investments [Member]	Foreign Currency Translation [Member]	Nonredeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 60,436	$ 9	$ 7	$ 61,178	$ 589	$ (4,167)	$ 2,820
Balance (Adjustment to Adopt ASU 2016-13) at Dec. 31, 2019	(28)			(28)
Balance (in shares) at Dec. 31, 2019		948
Net earnings attributable to UnitedHealth Group common shareholders	3,382			3,382
Net earnings attributable to nonredeemable noncontrolling interest							59
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	3,441
Other comprehensive loss	(1,782)				(283)	(1,499)
Issuances of common stock, and related tax effects (in shares)		5
Issuances of common stock, and related tax effects	321	$ 1	320
Share-based compensation	234		234
Common share repurchases (in shares)		(6)
Common share repurchases	(1,691)	$ 0	(510)	(1,181)
Cash dividends paid on common shares	(1,024)			(1,024)
Redeemable noncontrolling interests fair value and other adjustments	(51)		(51)
Acquisition and other adjustments of nonredeemable noncontrolling interests	50						50
Distribution to nonredeemable noncontrolling interests	(43)						(43)
Balance at Mar. 31, 2020	59,863	$ 10	0	62,327	306	(5,666)	2,886
Balance (in shares) at Mar. 31, 2020		947
Balance at Dec. 31, 2020	$ 68,328	$ 10	0	69,295	1,336	(5,150)	2,837
Balance (in shares) at Dec. 31, 2020	946	946
Net earnings attributable to UnitedHealth Group common shareholders	$ 4,862			4,862
Net earnings attributable to nonredeemable noncontrolling interest							80
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	4,942
Other comprehensive loss	(1,012)				(595)	(417)
Issuances of common stock, and related tax effects (in shares)		3
Issuances of common stock, and related tax effects	256	$ 0	256
Share-based compensation	242		242
Common share repurchases (in shares)		(5)
Common share repurchases	(1,650)	$ 0	0	(1,650)
Cash dividends paid on common shares	(1,181)			(1,181)
Redeemable noncontrolling interests fair value and other adjustments	(604)		(498)	(106)
Acquisition and other adjustments of nonredeemable noncontrolling interests	66						66
Distribution to nonredeemable noncontrolling interests	(74)						(74)
Balance at Mar. 31, 2021	$ 69,313	$ 10	$ 0	$ 71,220	$ 741	$ (5,567)	$ 2,909
Balance (in shares) at Mar. 31, 2021	944	944

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Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.25	$ 1.08

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net earnings	$ 4,978	$ 3,465
Noncash items:
Depreciation and amortization	758	723
Deferred income taxes	341	202
Share-based compensation	256	231
Other, net	(55)	45
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(2,895)	(2,652)
Other assets	(955)	(4,249)
Medical costs payable	2,968	1,120
Accounts payable and other liabilities	870	4,137
Unearned revenues	(261)	(79)
Cash flows from operating activities	6,005	2,943
Investing activities
Purchases of investments	(4,612)	(3,866)
Sales of investments	643	2,170
Maturities of investments	2,255	1,726
Cash paid for acquisitions, net of cash assumed	(1,193)	(929)
Purchases of property, equipment and capitalized software	(568)	(469)
Other, net	(232)	(165)
Cash flows used for investing activities	(3,707)	(1,533)
Financing activities
Common share repurchases	(1,650)	(1,691)
Cash dividends paid	(1,181)	(1,024)
Proceeds from common stock issuances	436	557
Repayments of long-term debt	(1,150)	0
Proceeds from short-term borrowings, net	4,057	10,797
Customer funds administered	2,131	1,062
Other, net	(1,856)	(398)
Cash flows from financing activities	787	9,303
Effect of exchange rate changes on cash and cash equivalents	(51)	(129)
Increase in cash and cash equivalents	3,034	10,584
Cash and cash equivalents, beginning of period	16,921	10,985
Cash and cash equivalents, end of period	$ 19,955	$ 21,569

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Basis of Presentation (Notes)

3 Months Ended

Mar. 31, 2021

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 with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary business platforms — Optum and UnitedHealthcare — are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve.

The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC (2020 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.

Use of Estimates

These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.

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Investments (Notes)

3 Months Ended

Mar. 31, 2021

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
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,372	$	86	$	(26)	$	3,432
State and municipal obligations	6,941		345		(22)		7,264
Corporate obligations	20,395		533		(122)		20,806
U.S. agency mortgage-backed securities	6,784		185		(48)		6,921
Non-U.S. agency mortgage-backed securities	2,382		66		(19)		2,429
Total debt securities - available-for-sale	39,874		1,215		(237)		40,852
Debt securities - held-to-maturity:
U.S. government and agency obligations	418		5		—		423
State and municipal obligations	31		2		—		33
Corporate obligations	190		—		—		190
Total debt securities - held-to-maturity	639		7		—		646
Total debt securities	$	40,513	$	1,222	$	(237)	$	41,498
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,335	$	133	$	(3)	$	3,465
State and municipal obligations	6,893		435		—		7,328
Corporate obligations	18,886		863		(12)		19,737
U.S. agency mortgage-backed securities	6,849		245		(3)		7,091
Non-U.S. agency mortgage-backed securities	2,116		95		(4)		2,207
Total debt securities - available-for-sale	38,079		1,771		(22)		39,828
Debt securities - held-to-maturity:
U.S. government and agency obligations	420		6		—		426
State and municipal obligations	31		2		—		33
Corporate obligations	187		1		—		188
Total debt securities - held-to-maturity	638		9		—		647
Total debt securities	$	38,717	$	1,780	$	(22)	$	40,475

The Company held $2.6 billion and $2.3 billion of equity securities as of March 31, 2021 and December 31, 2020, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.3 billion of equity method investments in operating businesses in the health care sector for both March 31, 2021 and December 31, 2020, respectively. The allowance for credit losses on held-to-maturity securities at March 31, 2021 and December 31, 2020 was not material.

The amortized cost and fair value of debt securities as of March 31, 2021, 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	$	3,037	$	3,053	$	354	$	355
Due after one year through five years	12,571		12,922		238		242
Due after five years through ten years	10,945		11,263		25		26
Due after ten years	4,155		4,264		22		23
U.S. agency mortgage-backed securities	6,784		6,921		—		—
Non-U.S. agency mortgage-backed securities	2,382		2,429		—		—
Total debt securities	$	39,874	$	40,852	$	639	$	646

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

	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	924	$	(26)	$	—	$	—	$	924	$	(26)
State and municipal obligations	1,141		(22)		3		—		1,144		(22)
Corporate obligations	5,266		(120)		367		(2)		5,633		(122)
U.S. agency mortgage-backed securities	2,552		(48)		1		—		2,553		(48)
Non-U.S. agency mortgage-backed securities	650		(17)		77		(2)		727		(19)
Total debt securities - available-for-sale	$	10,533	$	(233)	$	448	$	(4)	$	10,981	$	(237)
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	346	$	(3)	$	—	$	—	$	346	$	(3)
Corporate obligations	1,273		(9)		456		(3)		1,729		(12)
U.S. agency mortgage-backed securities	601		(3)		—		—		601		(3)
Non-U.S. agency mortgage-backed securities	195		(1)		93		(3)		288		(4)
Total debt securities - available-for-sale	$	2,415	$	(16)	$	549	$	(6)	$	2,964	$	(22)

The Company’s unrealized losses from debt securities as of March 31, 2021 were generated from approximately 8,000 positions out of a total of 37,000 positions. The Company believes that it will collect the timely principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities that impacted our assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2021, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at March 31, 2021 and December 31, 2020 was not material.

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Fair Value (Notes)

3 Months Ended

Mar. 31, 2021

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 and Supplementary Data” in the 2020 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
March 31, 2021
Cash and cash equivalents	$	19,880		$	75		$	—		$	19,955
Debt securities - available-for-sale:
U.S. government and agency obligations	3,208			224			—			3,432
State and municipal obligations	—			7,264			—			7,264
Corporate obligations	29			20,497			280			20,806
U.S. agency mortgage-backed securities	—			6,921			—			6,921
Non-U.S. agency mortgage-backed securities	—			2,429			—			2,429
Total debt securities - available-for-sale	3,237			37,335			280			40,852
Equity securities	1,975			27			—			2,002
Assets under management	1,753			2,286			55			4,094
Total assets at fair value	$	26,845		$	39,723		$	335		$	66,903
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2021 or 2020.

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
March 31, 2021
Debt securities - held-to-maturity	$	463	$	110	$	73	$	646	$	639
Long-term debt and other financing obligations	$	—	$	46,315	$	—	$	46,315	$	40,903
December 31, 2020
Debt securities - held-to-maturity	$	466	$	108	$	73	$	647	$	638
Long-term debt and other financing obligations	$	—	$	51,254	$	—	$	51,254	$	42,171

Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during either the three months ended March 31, 2021 or 2020.

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Medical Costs Payable (Notes)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Short-Duration Insurance and Deposit Contracts

Medical Costs Payable

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	12		—
Reported medical costs:
Current year	45,914		41,580
Prior years	(1,010)		(580)
Total reported medical costs	44,904		41,000
Medical payments:
Payments for current year	(25,960)		(23,471)
Payments for prior years	(15,995)		(16,447)
Total medical payments	(41,955)		(39,918)
Medical costs payable, end of period	$	24,833	$	22,772

For the three months ended March 31, 2021 and March 31, 2020, prior years medical cost reserve development was primarily driven by lower than expected health system utilization. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $16.3 billion and $14.8 billion at March 31, 2021 and December 31, 2020, respectively.

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Short-Term Borrowings and Long-Term Debt (Notes)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt Disclosure

Short-Term Borrowings and Long-Term Debt

Short-term borrowings and senior unsecured long-term debt consisted of the following:

	March 31, 2021						December 31, 2020
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	5,356	$	5,355	$	5,355	$	1,296	$	1,296	$	1,296
4.700% notes due February 2021	—		—		—		400		400		401
2.125% notes due March 2021	—		—		—		750		750		753
Floating rate notes due June 2021	350		350		350		350		350		350
3.150% notes due June 2021	400		400		402		400		400		405
3.375% notes due November 2021	500		505		506		500		507		509
2.875% notes due December 2021	750		759		764		750		762		768
2.875% notes due March 2022	1,100		1,110		1,120		1,100		1,113		1,127
3.350% notes due July 2022	1,000		999		1,038		1,000		999		1,048
2.375% notes due October 2022	900		898		929		900		897		935
0.000% notes due November 2022	15		14		14		15		14		14
2.750% notes due February 2023	625		641		648		625		644		654
2.875% notes due March 2023	750		784		786		750		789		793
3.500% notes due June 2023	750		748		801		750		748		809
3.500% notes due February 2024	750		747		813		750		747		821
2.375% notes due August 2024	750		748		790		750		747		799
3.750% notes due July 2025	2,000		1,992		2,214		2,000		1,992		2,279
3.700% notes due December 2025	300		298		333		300		298		344
1.250% notes due January 2026	500		496		500		500		496		515
3.100% notes due March 2026	1,000		997		1,086		1,000		997		1,121
3.450% notes due January 2027	750		747		831		750		747		859
3.375% notes due April 2027	625		620		686		625		620		714
2.950% notes due October 2027	950		941		1,024		950		940		1,067
3.850% notes due June 2028	1,150		1,144		1,290		1,150		1,143		1,367
3.875% notes due December 2028	850		844		958		850		844		1,019
2.875% notes due August 2029	1,000		1,015		1,057		1,000		1,086		1,137
2.000% notes due May 2030	1,250		1,234		1,226		1,250		1,234		1,326
4.625% notes due July 2035	1,000		992		1,216		1,000		992		1,340
5.800% notes due March 2036	850		839		1,147		850		839		1,271
6.500% notes due June 2037	500		492		725		500		492		800
6.625% notes due November 2037	650		642		959		650		641		1,044
6.875% notes due February 2038	1,100		1,077		1,648		1,100		1,077		1,802
3.500% notes due August 2039	1,250		1,242		1,342		1,250		1,241		1,487
2.750% notes due May 2040	1,000		964		976		1,000		964		1,085
5.700% notes due October 2040	300		296		412		300		296		451
5.950% notes due February 2041	350		346		494		350		346		540
4.625% notes due November 2041	600		589		736		600		589		820
4.375% notes due March 2042	502		485		593		502		485		661
3.950% notes due October 2042	625		608		712		625		608		790
4.250% notes due March 2043	750		735		878		750		735		982
4.750% notes due July 2045	2,000		1,974		2,496		2,000		1,974		2,814
4.200% notes due January 2047	750		738		875		750		738		991
4.250% notes due April 2047	725		718		847		725		717		963
3.750% notes due October 2047	950		934		1,031		950		934		1,180
4.250% notes due June 2048	1,350		1,330		1,592		1,350		1,330		1,803
4.450% notes due December 2048	1,100		1,087		1,345		1,100		1,086		1,517
3.700% notes due August 2049	1,250		1,235		1,354		1,250		1,235		1,567
2.900% notes due May 2050	1,250		1,208		1,193		1,250		1,208		1,384
3.875% notes due August 2059	1,250		1,228		1,391		1,250		1,228		1,618
3.125% notes due May 2060	1,000		963		979		1,000		965		1,161
Total short-term borrowings and long-term debt	$	45,473	$	45,108	$	50,462	$	42,563	$	42,280	$	51,301

The Company’s long-term debt obligations also included $1.2 billion of other financing obligations as of both March 31, 2021 and December 31, 2020, of which $359 million and $354 million were classified as current as of March 31, 2021 and December 31, 2020, respectively.

Short-Term Borrowings

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of March 31, 2021, the Company’s outstanding commercial paper had a weighted average annual interest rate of 0.2%.

The Company has $4.4 billion five-year, $4.4 billion three-year and $3.8 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2025, December 2023 and December 2021, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of March 31, 2021, 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 March 31, 2021, annual interest rates would have ranged from 0.8% to 0.9%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of March 31, 2021.

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Commitments and Contingencies (Notes)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Pending Acquisitions

The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), which is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $12 billion.

Legal Matters

Because of the nature of its businesses, the Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices.

The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred.

Government Investigations, Audits and Reviews

The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office 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 U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Defense Contract Audit Agency and other governmental authorities. Similarly, our international businesses are also subject to investigations, audits and reviews by applicable foreign governments, including South American and other non-U.S. governmental authorities. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.

On February 14, 2017, the 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. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome that may result from this matter given its procedural status.

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Segment Financial Information (Notes)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure

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 14 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2020 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 March 31, 2021
Revenues - unaffiliated customers:
Premiums	$	52,558	$	2,928	$	—	$	—	$	—	$	2,928	$	—	$	55,486
Products	—		8		37		8,295		—		8,340		—		8,340
Services	2,350		2,336		961		271		—		3,568		—		5,918
Total revenues - unaffiliated customers	54,908		5,272		998		8,566		—		14,836		—		69,744
Total revenues - affiliated customers	—		6,952		1,821		13,004		(475)		21,302		(21,302)		—
Investment and other income	206		179		33		34		—		246		—		452
Total revenues	$	55,114	$	12,403	$	2,852	$	21,604	$	(475)	$	36,384	$	(21,302)	$	70,196
Earnings from operations	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	—	$	6,739
Interest expense	—		—		—		—		—		—		(397)		(397)
Earnings before income taxes	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	(397)	$	6,342
Three Months Ended March 31, 2020
Revenues - unaffiliated customers:
Premiums	$	48,593	$	2,047	$	—	$	—	$	—	$	2,047	$	—	$	50,640
Products	—		9		29		8,393		—		8,431		—		8,431
Services	2,278		1,548		891		268		—		2,707		—		4,985
Total revenues - unaffiliated customers	50,871		3,604		920		8,661		—		13,185		—		64,056
Total revenues - affiliated customers	—		5,452		1,562		12,876		(404)		19,486		(19,486)		—
Investment and other income	197		136		12		20		—		168		—		365
Total revenues	$	51,068	$	9,192	$	2,494	$	21,557	$	(404)	$	32,839	$	(19,486)	$	64,421
Earnings from operations	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	—	$	4,996
Interest expense	—		—		—		—		—		—		(437)		(437)
Earnings before income taxes	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	(437)	$	4,559

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Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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 and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC (2020 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]	These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.

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Investments (Policies)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Investment, Policy [Policy Text Block]	At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2021, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary.

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Investments (Tables)

3 Months Ended

Mar. 31, 2021

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
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,372	$	86	$	(26)	$	3,432
State and municipal obligations	6,941		345		(22)		7,264
Corporate obligations	20,395		533		(122)		20,806
U.S. agency mortgage-backed securities	6,784		185		(48)		6,921
Non-U.S. agency mortgage-backed securities	2,382		66		(19)		2,429
Total debt securities - available-for-sale	39,874		1,215		(237)		40,852
Debt securities - held-to-maturity:
U.S. government and agency obligations	418		5		—		423
State and municipal obligations	31		2		—		33
Corporate obligations	190		—		—		190
Total debt securities - held-to-maturity	639		7		—		646
Total debt securities	$	40,513	$	1,222	$	(237)	$	41,498
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,335	$	133	$	(3)	$	3,465
State and municipal obligations	6,893		435		—		7,328
Corporate obligations	18,886		863		(12)		19,737
U.S. agency mortgage-backed securities	6,849		245		(3)		7,091
Non-U.S. agency mortgage-backed securities	2,116		95		(4)		2,207
Total debt securities - available-for-sale	38,079		1,771		(22)		39,828
Debt securities - held-to-maturity:
U.S. government and agency obligations	420		6		—		426
State and municipal obligations	31		2		—		33
Corporate obligations	187		1		—		188
Total debt securities - held-to-maturity	638		9		—		647
Total debt securities	$	38,717	$	1,780	$	(22)	$	40,475

Investments by Contractual Maturity [Table Text Block]

The amortized cost and fair value of debt securities as of March 31, 2021, 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	$	3,037	$	3,053	$	354	$	355
Due after one year through five years	12,571		12,922		238		242
Due after five years through ten years	10,945		11,263		25		26
Due after ten years	4,155		4,264		22		23
U.S. agency mortgage-backed securities	6,784		6,921		—		—
Non-U.S. agency mortgage-backed securities	2,382		2,429		—		—
Total debt securities	$	39,874	$	40,852	$	639	$	646

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 major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:

	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	924	$	(26)	$	—	$	—	$	924	$	(26)
State and municipal obligations	1,141		(22)		3		—		1,144		(22)
Corporate obligations	5,266		(120)		367		(2)		5,633		(122)
U.S. agency mortgage-backed securities	2,552		(48)		1		—		2,553		(48)
Non-U.S. agency mortgage-backed securities	650		(17)		77		(2)		727		(19)
Total debt securities - available-for-sale	$	10,533	$	(233)	$	448	$	(4)	$	10,981	$	(237)
December 31, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations	$	346	$	(3)	$	—	$	—	$	346	$	(3)
Corporate obligations	1,273		(9)		456		(3)		1,729		(12)
U.S. agency mortgage-backed securities	601		(3)		—		—		601		(3)
Non-U.S. agency mortgage-backed securities	195		(1)		93		(3)		288		(4)
Total debt securities - available-for-sale	$	2,415	$	(16)	$	549	$	(6)	$	2,964	$	(22)

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

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

Financial Assets and Liabilities, Measured at Fair Value 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
March 31, 2021
Cash and cash equivalents	$	19,880		$	75		$	—		$	19,955
Debt securities - available-for-sale:
U.S. government and agency obligations	3,208			224			—			3,432
State and municipal obligations	—			7,264			—			7,264
Corporate obligations	29			20,497			280			20,806
U.S. agency mortgage-backed securities	—			6,921			—			6,921
Non-U.S. agency mortgage-backed securities	—			2,429			—			2,429
Total debt securities - available-for-sale	3,237			37,335			280			40,852
Equity securities	1,975			27			—			2,002
Assets under management	1,753			2,286			55			4,094
Total assets at fair value	$	26,845		$	39,723		$	335		$	66,903
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
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
March 31, 2021
Debt securities - held-to-maturity	$	463	$	110	$	73	$	646	$	639
Long-term debt and other financing obligations	$	—	$	46,315	$	—	$	46,315	$	40,903
December 31, 2020
Debt securities - held-to-maturity	$	466	$	108	$	73	$	647	$	638
Long-term debt and other financing obligations	$	—	$	51,254	$	—	$	51,254	$	42,171

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Medical Costs Payable (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	12		—
Reported medical costs:
Current year	45,914		41,580
Prior years	(1,010)		(580)
Total reported medical costs	44,904		41,000
Medical payments:
Payments for current year	(25,960)		(23,471)
Payments for prior years	(15,995)		(16,447)
Total medical payments	(41,955)		(39,918)
Medical costs payable, end of period	$	24,833	$	22,772

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Short-Term Borrowings and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Instrument [Line Items]

Short-Term Borrowings and Long-Term Debt [Table Text Block]

Short-term borrowings and senior unsecured long-term debt consisted of the following:

	March 31, 2021						December 31, 2020
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	5,356	$	5,355	$	5,355	$	1,296	$	1,296	$	1,296
4.700% notes due February 2021	—		—		—		400		400		401
2.125% notes due March 2021	—		—		—		750		750		753
Floating rate notes due June 2021	350		350		350		350		350		350
3.150% notes due June 2021	400		400		402		400		400		405
3.375% notes due November 2021	500		505		506		500		507		509
2.875% notes due December 2021	750		759		764		750		762		768
2.875% notes due March 2022	1,100		1,110		1,120		1,100		1,113		1,127
3.350% notes due July 2022	1,000		999		1,038		1,000		999		1,048
2.375% notes due October 2022	900		898		929		900		897		935
0.000% notes due November 2022	15		14		14		15		14		14
2.750% notes due February 2023	625		641		648		625		644		654
2.875% notes due March 2023	750		784		786		750		789		793
3.500% notes due June 2023	750		748		801		750		748		809
3.500% notes due February 2024	750		747		813		750		747		821
2.375% notes due August 2024	750		748		790		750		747		799
3.750% notes due July 2025	2,000		1,992		2,214		2,000		1,992		2,279
3.700% notes due December 2025	300		298		333		300		298		344
1.250% notes due January 2026	500		496		500		500		496		515
3.100% notes due March 2026	1,000		997		1,086		1,000		997		1,121
3.450% notes due January 2027	750		747		831		750		747		859
3.375% notes due April 2027	625		620		686		625		620		714
2.950% notes due October 2027	950		941		1,024		950		940		1,067
3.850% notes due June 2028	1,150		1,144		1,290		1,150		1,143		1,367
3.875% notes due December 2028	850		844		958		850		844		1,019
2.875% notes due August 2029	1,000		1,015		1,057		1,000		1,086		1,137
2.000% notes due May 2030	1,250		1,234		1,226		1,250		1,234		1,326
4.625% notes due July 2035	1,000		992		1,216		1,000		992		1,340
5.800% notes due March 2036	850		839		1,147		850		839		1,271
6.500% notes due June 2037	500		492		725		500		492		800
6.625% notes due November 2037	650		642		959		650		641		1,044
6.875% notes due February 2038	1,100		1,077		1,648		1,100		1,077		1,802
3.500% notes due August 2039	1,250		1,242		1,342		1,250		1,241		1,487
2.750% notes due May 2040	1,000		964		976		1,000		964		1,085
5.700% notes due October 2040	300		296		412		300		296		451
5.950% notes due February 2041	350		346		494		350		346		540
4.625% notes due November 2041	600		589		736		600		589		820
4.375% notes due March 2042	502		485		593		502		485		661
3.950% notes due October 2042	625		608		712		625		608		790
4.250% notes due March 2043	750		735		878		750		735		982
4.750% notes due July 2045	2,000		1,974		2,496		2,000		1,974		2,814
4.200% notes due January 2047	750		738		875		750		738		991
4.250% notes due April 2047	725		718		847		725		717		963
3.750% notes due October 2047	950		934		1,031		950		934		1,180
4.250% notes due June 2048	1,350		1,330		1,592		1,350		1,330		1,803
4.450% notes due December 2048	1,100		1,087		1,345		1,100		1,086		1,517
3.700% notes due August 2049	1,250		1,235		1,354		1,250		1,235		1,567
2.900% notes due May 2050	1,250		1,208		1,193		1,250		1,208		1,384
3.875% notes due August 2059	1,250		1,228		1,391		1,250		1,228		1,618
3.125% notes due May 2060	1,000		963		979		1,000		965		1,161
Total short-term borrowings and long-term debt	$	45,473	$	45,108	$	50,462	$	42,563	$	42,280	$	51,301

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Segment Financial Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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 March 31, 2021
Revenues - unaffiliated customers:
Premiums	$	52,558	$	2,928	$	—	$	—	$	—	$	2,928	$	—	$	55,486
Products	—		8		37		8,295		—		8,340		—		8,340
Services	2,350		2,336		961		271		—		3,568		—		5,918
Total revenues - unaffiliated customers	54,908		5,272		998		8,566		—		14,836		—		69,744
Total revenues - affiliated customers	—		6,952		1,821		13,004		(475)		21,302		(21,302)		—
Investment and other income	206		179		33		34		—		246		—		452
Total revenues	$	55,114	$	12,403	$	2,852	$	21,604	$	(475)	$	36,384	$	(21,302)	$	70,196
Earnings from operations	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	—	$	6,739
Interest expense	—		—		—		—		—		—		(397)		(397)
Earnings before income taxes	$	4,108	$	962	$	779	$	890	$	—	$	2,631	$	(397)	$	6,342
Three Months Ended March 31, 2020
Revenues - unaffiliated customers:
Premiums	$	48,593	$	2,047	$	—	$	—	$	—	$	2,047	$	—	$	50,640
Products	—		9		29		8,393		—		8,431		—		8,431
Services	2,278		1,548		891		268		—		2,707		—		4,985
Total revenues - unaffiliated customers	50,871		3,604		920		8,661		—		13,185		—		64,056
Total revenues - affiliated customers	—		5,452		1,562		12,876		(404)		19,486		(19,486)		—
Investment and other income	197		136		12		20		—		168		—		365
Total revenues	$	51,068	$	9,192	$	2,494	$	21,557	$	(404)	$	32,839	$	(19,486)	$	64,421
Earnings from operations	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	—	$	4,996
Interest expense	—		—		—		—		—		—		(437)		(437)
Earnings before income taxes	$	2,888	$	712	$	536	$	860	$	—	$	2,108	$	(437)	$	4,559

XML

Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2021
Nature of Operations	UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a diversified health care company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary business platforms — Optum and UnitedHealthcare — are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve.

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Investments (Narrative) (Details) number in Thousands, $ in Millions	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments [Abstract]
Equity Securities, FV-NI	$ 2,600	$ 2,300
Equity Method Investments	$ 1,300	$ 1,300
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	8
Total number of security positions	37

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Investments (Short-Term and Long-Term Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 39,874	$ 38,079
Securities, Available for sale Debt Securities, Gross Unrealized Gains	1,215	1,771
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(237)	(22)
Debt Securities, Available-for-sale	40,852	39,828
Held-to-maturity securities, Amortized Cost	639	638
Securities, Held to maturity, Unrecognized Holding Gain	7	9
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	646	647
Total debt securities, Amortized Cost	40,513	38,717
Total debt securities, Gross Unrealized Gains	1,222	1,780
Total debt securities, Gross Unrealized Losses	(237)	(22)
Debt securities, Fair Value Disclosure	41,498	40,475
Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale	40,852	39,828
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	3,372	3,335
Securities, Available for sale Debt Securities, Gross Unrealized Gains	86	133
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(26)	(3)
Debt Securities, Available-for-sale	3,432	3,465
Held-to-maturity securities, Amortized Cost	418	420
Securities, Held to maturity, Unrecognized Holding Gain	5	6
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	423	426
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	6,941	6,893
Securities, Available for sale Debt Securities, Gross Unrealized Gains	345	435
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(22)	0
Debt Securities, Available-for-sale	7,264	7,328
Held-to-maturity securities, Amortized Cost	31	31
Securities, Held to maturity, Unrecognized Holding Gain	2	2
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	33	33
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	20,395	18,886
Securities, Available for sale Debt Securities, Gross Unrealized Gains	533	863
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(122)	(12)
Debt Securities, Available-for-sale	20,806	19,737
Held-to-maturity securities, Amortized Cost	190	187
Securities, Held to maturity, Unrecognized Holding Gain	0	1
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	190	188
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	6,784	6,849
Securities, Available for sale Debt Securities, Gross Unrealized Gains	185	245
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(48)	(3)
Debt Securities, Available-for-sale	6,921	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,382	2,116
Securities, Available for sale Debt Securities, Gross Unrealized Gains	66	95
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(19)	(4)
Debt Securities, Available-for-sale	$ 2,429	$ 2,207

XML

Investments (Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Due in one year or less, Amortized Cost	$ 3,037
Due after one year through five years, Amortized Cost	12,571
Due after five years through ten years, Amortized Cost	10,945
Due after ten years, Amortized Cost	4,155
Total debt securities - available-for-sale, Amortized Cost	39,874	$ 38,079
Due in one year or less, Fair Value	3,053
Due after one year through five years, Fair Value	12,922
Due after five years through ten years, Fair Value	11,263
Due after ten years, Fair Value	4,264
Debt Securities, Available-for-sale	40,852	39,828
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	354
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	238
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	25
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	22
Debt Securities, Held-to-maturity	639	638
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value	355
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	242
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	26
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	23
Debt Securities, Held-to-maturity, Fair Value	646	647
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	6,784
Total debt securities - available-for-sale, Amortized Cost	6,784	6,849
Mortgage-backed securities, Fair Value	6,921
Debt Securities, Available-for-sale	6,921	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	2,382
Total debt securities - available-for-sale, Amortized Cost	2,382	2,116
Mortgage-backed securities, Fair Value	2,429
Debt Securities, Available-for-sale	$ 2,429	$ 2,207

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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	Mar. 31, 2021	Dec. 31, 2020
Debt Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	$ 10,533	$ 2,415
Less Than 12 Months, Gross Unrealized Losses	(233)	(16)
Greater Than 12 Months, Fair Value	448	549
Greater Than 12 Months, Gross Unrealized Losses	(4)	(6)
Total, Fair Value	10,981	2,964
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(237)	(22)
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	924	346
Less Than 12 Months, Gross Unrealized Losses	(26)	(3)
Greater Than 12 Months, Fair Value	0	0
Greater Than 12 Months, Gross Unrealized Losses	0	0
Total, Fair Value	924	346
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(26)	(3)
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	1,141
Less Than 12 Months, Gross Unrealized Losses	(22)
Greater Than 12 Months, Fair Value	3
Greater Than 12 Months, Gross Unrealized Losses	0
Total, Fair Value	1,144
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(22)
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	5,266	1,273
Less Than 12 Months, Gross Unrealized Losses	(120)	(9)
Greater Than 12 Months, Fair Value	367	456
Greater Than 12 Months, Gross Unrealized Losses	(2)	(3)
Total, Fair Value	5,633	1,729
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(122)	(12)
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	2,552	601
Less Than 12 Months, Gross Unrealized Losses	(48)	(3)
Greater Than 12 Months, Fair Value	1	0
Greater Than 12 Months, Gross Unrealized Losses	0	0
Total, Fair Value	2,553	601
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(48)	(3)
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	650	195
Less Than 12 Months, Gross Unrealized Losses	(17)	(1)
Greater Than 12 Months, Fair Value	77	93
Greater Than 12 Months, Gross Unrealized Losses	(2)	(3)
Total, Fair Value	727	288
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (19)	$ (4)

XML

Fair Value (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value [Line Items]
Transfers Into Level 3	$ 0	$ 0
Transfers out of Level 3	0	0
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	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 19,955	$ 16,921
Debt Securities, Available-for-sale	40,852	39,828
Equity Securities, Fair Value	2,002	1,828
Assets under management	4,094	4,076
Assets, Fair Value Disclosure	66,903	62,653
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	40,852	39,828
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	3,432	3,465
State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	7,264	7,328
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	20,806	19,737
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	6,921	7,091
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	2,429	2,207
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	19,880	16,841
Equity Securities, Fair Value	1,975	1,795
Assets under management	1,753	1,774
Assets, Fair Value Disclosure	26,845	23,676
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	3,237	3,266
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	3,208	3,241
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	29	25
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	75	80
Equity Securities, Fair Value	27	33
Assets under management	2,286	2,250
Assets, Fair Value Disclosure	39,723	38,637
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	37,335	36,274
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	224	224
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	7,264	7,328
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	20,497	19,424
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	6,921	7,091
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	2,429	2,207
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	0	0
Assets under management	55	52
Assets, Fair Value Disclosure	335	340
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	280	288
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	280	288
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	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	$ 646	$ 647
Debt Securities, Held-to-maturity	639	638
Debt and other financing obligations, carrying value	45,108	42,280
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	646	647
Debt and other financing obligations	46,315	51,254
Fair Value, 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	463	466
Debt and other financing obligations	0	0
Fair Value, 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	110	108
Debt and other financing obligations	46,315	51,254
Fair Value, 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	73	73
Debt and other financing obligations	0	0
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	$ 40,903	$ 42,171

XML

Medical Costs Payable (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	$ 16.3	$ 14.8

XML

Medical Costs Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Medical costs payable, beginning of period	$ 21,872	$ 21,690
Acquisitions	12	0
Reported medical costs:
Current year	45,914	41,580
Prior year	(1,010)	(580)
Total reported medical costs	44,904	41,000
Medical payments:
Payments for current year	(25,960)	(23,471)
Payments for prior years	(15,995)	(16,447)
Total medical payments	(41,955)	(39,918)
Medical costs payable, end of period	$ 24,833	$ 22,772

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Short-Term Borrowings and Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.80%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	0.90%
Five year $4.4 billion credit facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 4,400
Line of Credit Facility, Expiration Period	5 years
Three year $4.4 billion credit facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 4,400
Line of Credit Facility, Expiration Period	3 years
364 day $3.8 billion credit facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit, Credit Facility, Maximum Borrowing Capacity	$ 3,800
Line of Credit Facility, Expiration Period	364 days
Subsidiaries [Member]
Debt Instrument [Line Items]
Other Long-term Debt	$ 1,200	$ 1,200
Other Long-term Debt, Current	$ 359	$ 354
Commercial Paper [Member]
Debt Instrument [Line Items]
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.20%

XML

Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Par Value	$ 45,473	$ 42,563
Carrying value, Combined Amount	45,108	42,280
Fair Value	50,462	51,301
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial Paper	5,355	1,296
Par Value	5,356	1,296
Fair Value	$ 5,355	1,296
4.700% notes due February 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.70%
Par Value	$ 0	400
Carrying Value, Current	0	400
Fair Value	$ 0	401
2.125% notes due March 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.125%
Par Value	$ 0	750
Carrying Value, Current	0	750
Fair Value	0	753
Floating rate notes due June 2021 [Member]
Debt Instrument [Line Items]
Par Value	350	350
Carrying Value, Current	350	350
Fair Value	$ 350	350
3.150% notes due June 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Par Value	$ 400	400
Carrying Value, Current	400	400
Fair Value	$ 402	405
3.375% notes due November 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Par Value	$ 500	500
Carrying Value, Current	505	507
Fair Value	$ 506	509
2.875% notes due December 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.875%
Par Value	$ 750	750
Carrying Value, Current	759	762
Fair Value	$ 764	768
2.875% notes due March 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.875%
Par Value	$ 1,100	1,100
Carrying Value, Current	1,110
Carrying Value, Noncurrent		1,113
Fair Value	$ 1,120	1,127
3.350% notes due July 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	999	999
Fair Value	$ 1,038	1,048
2.375% notes due October 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.375%
Par Value	$ 900	900
Carrying Value, Noncurrent	898	897
Fair Value	$ 929	935
Zero Coupon notes due November 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Par Value	$ 15	15
Carrying Value, Noncurrent	14	14
Fair Value	$ 14	14
2.750% notes due February 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Par Value	$ 625	625
Carrying Value, Noncurrent	641	644
Fair Value	$ 648	654
2.875% notes due March 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.875%
Par Value	$ 750	750
Carrying Value, Noncurrent	784	789
Fair Value	$ 786	793
3.500% notes due June 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Par Value	$ 750	750
Carrying Value, Noncurrent	748	748
Fair Value	$ 801	809
3.500% notes due February 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Par Value	$ 750	750
Carrying Value, Noncurrent	747	747
Fair Value	$ 813	821
2.375% notes due August 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.375%
Par Value	$ 750	750
Carrying Value, Noncurrent	748	747
Fair Value	$ 790	799
3.750% notes due July 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Par Value	$ 2,000	2,000
Carrying Value, Noncurrent	1,992	1,992
Fair Value	$ 2,214	2,279
3.700% notes due December 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Par Value	$ 300	300
Carrying Value, Noncurrent	298	298
Fair Value	$ 333	344
1.250% notes due January 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Par Value	$ 500	500
Carrying Value, Noncurrent	496	496
Fair Value	$ 500	515
3.100% notes due March 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.10%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	997	997
Fair Value	$ 1,086	1,121
3.450% notes due January 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Par Value	$ 750	750
Carrying Value, Noncurrent	747	747
Fair Value	$ 831	859
3.375% notes due April 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Par Value	$ 625	625
Carrying Value, Noncurrent	620	620
Fair Value	$ 686	714
2.950% notes due October 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.95%
Par Value	$ 950	950
Carrying Value, Noncurrent	941	940
Fair Value	$ 1,024	1,067
3.850% notes due June 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Par Value	$ 1,150	1,150
Carrying Value, Noncurrent	1,144	1,143
Fair Value	$ 1,290	1,367
3.875% notes due December 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.875%
Par Value	$ 850	850
Carrying Value, Noncurrent	844	844
Fair Value	$ 958	1,019
2.875% notes due August 2029 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.875%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	1,015	1,086
Fair Value	$ 1,057	1,137
2.000% notes due May 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Par Value	$ 1,250	1,250
Carrying Value, Noncurrent	1,234	1,234
Fair Value	$ 1,226	1,326
4.625% notes due July 2035 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	992	992
Fair Value	$ 1,216	1,340
5.800% notes due March 2036 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Par Value	$ 850	850
Carrying Value, Noncurrent	839	839
Fair Value	$ 1,147	1,271
6.500% Notes Due June 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%
Par Value	$ 500	500
Carrying Value, Noncurrent	492	492
Fair Value	$ 725	800
6.625% Notes due November 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.625%
Par Value	$ 650	650
Carrying Value, Noncurrent	642	641
Fair Value	$ 959	1,044
6.875% notes due February 2038 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Par Value	$ 1,100	1,100
Carrying Value, Noncurrent	1,077	1,077
Fair Value	$ 1,648	1,802
3.500% notes due August 2039 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Par Value	$ 1,250	1,250
Carrying Value, Noncurrent	1,242	1,241
Fair Value	$ 1,342	1,487
2.750% notes due May 2040
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	964	964
Fair Value	$ 976	1,085
5.700% notes due October 2040 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.70%
Par Value	$ 300	300
Carrying Value, Noncurrent	296	296
Fair Value	$ 412	451
5.950% notes due February 2041 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.95%
Par Value	$ 350	350
Carrying Value, Noncurrent	346	346
Fair Value	$ 494	540
4.625% notes due November 2041 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Par Value	$ 600	600
Carrying Value, Noncurrent	589	589
Fair Value	$ 736	820
4.375% notes due March 2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Par Value	$ 502	502
Carrying Value, Noncurrent	485	485
Fair Value	$ 593	661
3.950% notes due October 2042 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.95%
Par Value	$ 625	625
Carrying Value, Noncurrent	608	608
Fair Value	$ 712	790
4.250% notes due March 2043 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Par Value	$ 750	750
Carrying Value, Noncurrent	735	735
Fair Value	$ 878	982
4.750% notes due July 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Par Value	$ 2,000	2,000
Carrying Value, Noncurrent	1,974	1,974
Fair Value	$ 2,496	2,814
4.200% notes due January 2047 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.20%
Par Value	$ 750	750
Carrying Value, Noncurrent	738	738
Fair Value	$ 875	991
4.250% notes due April 2047 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Par Value	$ 725	725
Carrying Value, Noncurrent	718	717
Fair Value	$ 847	963
3.750% notes due October 2047 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Par Value	$ 950	950
Carrying Value, Noncurrent	934	934
Fair Value	$ 1,031	1,180
4.250% notes due June 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Par Value	$ 1,350	1,350
Carrying Value, Noncurrent	1,330	1,330
Fair Value	$ 1,592	1,803
4.450% notes due December 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.45%
Par Value	$ 1,100	1,100
Carrying Value, Noncurrent	1,087	1,086
Fair Value	$ 1,345	1,517
3.700% notes due August 2049 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Par Value	$ 1,250	1,250
Carrying Value, Noncurrent	1,235	1,235
Fair Value	$ 1,354	1,567
2.900% notes due May 2050
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.90%
Par Value	$ 1,250	1,250
Carrying Value, Noncurrent	1,208	1,208
Fair Value	$ 1,193	1,384
3.875% notes due August 2059 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.875%
Par Value	$ 1,250	1,250
Carrying Value, Noncurrent	1,228	1,228
Fair Value	$ 1,391	1,618
3.125% notes due May 2060
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.125%
Par Value	$ 1,000	1,000
Carrying Value, Noncurrent	963	965
Fair Value	$ 979	$ 1,161

XML

Commitments and Contingencies Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2021 USD ($)
Contingencies [Line Items]
Other Commitments, Description	The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), which is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions.
Payments To Be Made To Acquire Businesses	$ 12

XML

Segment Financial Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021 reportableSegments
Statement [Line Items]
Number of Reportable Segments	4

XML

Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement [Line Items]
Premiums, revenues - unaffiliated customers	$ 55,486	$ 50,640
Investment and other income	452	365
Total revenues	70,196	64,421
Earnings from operations	6,739	4,996
Interest expense	(397)	(437)
Earnings before income taxes	6,342	4,559
Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,340	8,431
Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	5,918	4,985
Optum
Statement [Line Items]
Investment and other income	246	168
Total revenues	36,384	32,839
Earnings from operations	2,631	2,108
Interest expense	0	0
Earnings before income taxes	2,631	2,108
Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	55,486	50,640
Total revenues	69,744	64,056
Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,340	8,431
Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	5,918	4,985
Unaffiliated Customers | Optum
Statement [Line Items]
Premiums, revenues - unaffiliated customers	2,928	2,047
Total revenues	14,836	13,185
Unaffiliated Customers | Optum | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,340	8,431
Unaffiliated Customers | Optum | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	3,568	2,707
Affiliated Customers
Statement [Line Items]
Total revenues	0	0
Affiliated Customers | Optum
Statement [Line Items]
Total revenues	21,302	19,486
Operating Segments | UnitedHealthcare
Statement [Line Items]
Investment and other income	206	197
Total revenues	55,114	51,068
Earnings from operations	4,108	2,888
Interest expense	0	0
Earnings before income taxes	4,108	2,888
Operating Segments | OptumHealth
Statement [Line Items]
Investment and other income	179	136
Total revenues	12,403	9,192
Earnings from operations	962	712
Interest expense	0	0
Earnings before income taxes	962	712
Operating Segments | OptumInsight
Statement [Line Items]
Investment and other income	33	12
Total revenues	2,852	2,494
Earnings from operations	779	536
Interest expense	0	0
Earnings before income taxes	779	536
Operating Segments | OptumRx
Statement [Line Items]
Investment and other income	34	20
Total revenues	21,604	21,557
Earnings from operations	890	860
Interest expense	0	0
Earnings before income taxes	890	860
Operating Segments | Unaffiliated Customers | UnitedHealthcare
Statement [Line Items]
Premiums, revenues - unaffiliated customers	52,558	48,593
Total revenues	54,908	50,871
Operating Segments | Unaffiliated Customers | UnitedHealthcare | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0
Operating Segments | Unaffiliated Customers | UnitedHealthcare | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	2,350	2,278
Operating Segments | Unaffiliated Customers | OptumHealth
Statement [Line Items]
Premiums, revenues - unaffiliated customers	2,928	2,047
Total revenues	5,272	3,604
Operating Segments | Unaffiliated Customers | OptumHealth | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8	9
Operating Segments | Unaffiliated Customers | OptumHealth | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	2,336	1,548
Operating Segments | Unaffiliated Customers | OptumInsight
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0
Total revenues	998	920
Operating Segments | Unaffiliated Customers | OptumInsight | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	37	29
Operating Segments | Unaffiliated Customers | OptumInsight | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	961	891
Operating Segments | Unaffiliated Customers | OptumRx
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0
Total revenues	8,566	8,661
Operating Segments | Unaffiliated Customers | OptumRx | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,295	8,393
Operating Segments | Unaffiliated Customers | OptumRx | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	271	268
Operating Segments | Affiliated Customers | UnitedHealthcare
Statement [Line Items]
Total revenues	0	0
Operating Segments | Affiliated Customers | OptumHealth
Statement [Line Items]
Total revenues	6,952	5,452
Operating Segments | Affiliated Customers | OptumInsight
Statement [Line Items]
Total revenues	1,821	1,562
Operating Segments | Affiliated Customers | OptumRx
Statement [Line Items]
Total revenues	13,004	12,876
Optum Eliminations
Statement [Line Items]
Investment and other income	0	0
Total revenues	(475)	(404)
Earnings from operations	0	0
Interest expense	0	0
Earnings before income taxes	0	0
Optum Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0
Total revenues	0	0
Optum Eliminations | Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0
Optum Eliminations | Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0
Optum Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	(475)	(404)
Corporate and Eliminations
Statement [Line Items]
Investment and other income	0	0
Total revenues	(21,302)	(19,486)
Earnings from operations	0	0
Interest expense	(397)	(437)
Earnings before income taxes	(397)	(437)
Corporate and Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0
Total revenues	0	0
Corporate and Eliminations | Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0
Corporate and Eliminations | Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0
Corporate and Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	$ (21,302)	$ (19,486)