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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED 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
__________________________________________________________ 
unh-20210331_g1.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware 41-1321939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
UnitedHealth Group Center 55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices) (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of 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
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 investments2,962 2,860 
Accounts receivable, net15,980 12,870 
Other current receivables, net11,546 12,534 
Assets under management4,094 4,076 
Prepaid expenses and other current assets4,971 4,457 
Total current assets59,508 53,718 
Long-term investments42,406 41,242 
Property, equipment and capitalized software, net
8,496 8,626 
Goodwill72,162 71,337 
Other intangible assets, net10,842 10,856 
Other assets11,757 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 liabilities22,997 22,495 
Short-term borrowings and current maturities of long-term debt8,838 4,819 
Unearned revenues2,612 2,842 
Other current liabilities21,361 20,392 
Total current liabilities80,641 72,420 
Long-term debt, less current maturities37,420 38,648 
Deferred income taxes3,602 3,367 
Other liabilities12,926 12,315 
Total liabilities134,589 126,750 
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests1,269 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 earnings71,220 69,295 
Accumulated other comprehensive loss(4,826)(3,814)
Nonredeemable noncontrolling interests
2,909 2,837 
Total equity69,313 68,328 
Total liabilities, redeemable noncontrolling interests and equity$205,171 $197,289 
See Notes to the Condensed Consolidated Financial Statements
1

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended
March 31,
(in millions, except per share data)20212020
Revenues:
Premiums$55,486 $50,640 
Products8,340 8,431 
Services5,918 4,985 
Investment and other income452 365 
Total revenues70,196 64,421 
Operating costs:
Medical costs44,904 41,000 
Operating costs10,223 10,015 
Cost of products sold7,572 7,687 
Depreciation and amortization758 723 
Total operating costs63,457 59,425 
Earnings from operations6,739 4,996 
Interest expense(397)(437)
Earnings before income taxes6,342 4,559 
Provision for income taxes(1,364)(1,094)
Net earnings4,978 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 outstanding945 949 
Dilutive effect of common share equivalents12 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

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended
March 31,
(in millions)20212020
Net earnings$4,978 $3,465 
Other comprehensive loss:
Gross unrealized losses on investment securities during the period(764)(349)
Income tax effect174 80 
Total unrealized losses, net of tax(590)(269)
Gross reclassification adjustment for net realized gains included in net earnings
(7)(18)
Income tax effect2 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 income3,966 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

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended March 31,
(in millions)
SharesAmountNet Unrealized Gains (losses) on InvestmentsForeign Currency Translation Losses
Balance at January 1, 2021946 $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, 2021944 $10 $ $71,220 $741 $(5,567)$2,909 $69,313 
Balance at January 1, 2020948 $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, 2020947 $10 $ $62,327 $306 $(5,666)$2,886 $59,863 
See Notes to the Condensed Consolidated Financial Statements
4

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Three Months Ended March 31,
(in millions)20212020
Operating activities
Net earnings$4,978 $3,465 
Noncash items:
Depreciation and amortization758 723 
Deferred income taxes341 202 
Share-based compensation256 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 payable2,968 1,120 
Accounts payable and other liabilities870 4,137 
Unearned revenues(261)(79)
Cash flows from operating activities6,005 2,943 
Investing activities
Purchases of investments(4,612)(3,866)
Sales of investments643 2,170 
Maturities of investments2,255 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 issuances436 557 
Repayments of long-term debt(1,150) 
Proceeds from short-term borrowings, net4,057 10,797 
Customer funds administered2,131 1,062 
Other, net(1,856)(398)
Cash flows from financing activities787 9,303 
Effect of exchange rate changes on cash and cash equivalents(51)(129)
Increase in cash and cash equivalents3,034 10,584 
Cash and cash equivalents, beginning of period16,921 10,985 
Cash and cash equivalents, end of period$19,955 $21,569 
See Notes to the Condensed Consolidated Financial Statements
5

Table of Contents
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.
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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 obligations6,941 345 (22)7,264 
Corporate obligations20,395 533 (122)20,806 
U.S. agency mortgage-backed securities6,784 185 (48)6,921 
Non-U.S. agency mortgage-backed securities2,382 66 (19)2,429 
Total debt securities - available-for-sale39,874 1,215 (237)40,852 
Debt securities - held-to-maturity:
U.S. government and agency obligations418 5  423 
State and municipal obligations31 2  33 
Corporate obligations190   190 
Total debt securities - held-to-maturity639 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 obligations6,893 435  7,328 
Corporate obligations18,886 863 (12)19,737 
U.S. agency mortgage-backed securities6,849 245 (3)7,091 
Non-U.S. agency mortgage-backed securities2,116 95 (4)2,207 
Total debt securities - available-for-sale38,079 1,771 (22)39,828 
Debt securities - held-to-maturity:
U.S. government and agency obligations420 6  426 
State and municipal obligations31 2  33 
Corporate obligations187 1  188 
Total debt securities - held-to-maturity638 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.
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The amortized cost and fair value of debt securities as of March 31, 2021, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$3,037 $3,053 $354 $355 
Due after one year through five years12,571 12,922 238 242 
Due after five years through ten years10,945 11,263 25 26 
Due after ten years4,155 4,264 22 23 
U.S. agency mortgage-backed securities6,784 6,921 — — 
Non-U.S. agency mortgage-backed securities2,382 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 Months12 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 obligations1,141 (22)3  1,144 (22)
Corporate obligations5,266 (120)367 (2)5,633 (122)
U.S. agency mortgage-backed securities2,552 (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 obligations1,273 (9)456 (3)1,729 (12)
U.S. agency mortgage-backed securities601 (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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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 obligations3,208 224  3,432 
State and municipal obligations 7,264  7,264 
Corporate obligations29 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-sale3,237 37,335 280 40,852 
Equity securities1,975 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 value40 %59 %%100 %
December 31, 2020
Cash and cash equivalents$16,841 $80 $ $16,921 
Debt securities - available-for-sale:
U.S. government and agency obligations3,241 224  3,465 
State and municipal obligations 7,328  7,328 
Corporate obligations25 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-sale3,266 36,274 288 39,828 
Equity securities1,795 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 value38 %61 %%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.
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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)20212020
Medical costs payable, beginning of period$21,872 $21,690 
Acquisitions12  
Reported medical costs:
Current year45,914 41,580 
Prior years(1,010)(580)
Total reported medical costs44,904 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)