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 June 30, 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 July 30, 2021, there were 942,917,366 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 June 30, 2021 and December 31, 2020		1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2021 and 2020		4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020		6
	Notes to the Condensed Consolidated Financial Statements		7
	1.	Basis of Presentation	7
	2.	Investments	8
	3.	Fair Value	10
	4.	Medical Costs Payable	11
	5.	Short-Term Borrowings and Long-Term Debt	11
	6.	Dividends	12
	7.	Commitments and Contingencies	12
	8.	Segment Financial Information	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		23
Item 4.	Controls and Procedures		24
Part II. Other Information
Item 1.	Legal Proceedings		24
Item 1A.	Risk Factors		24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 6.	Exhibits		25
Signatures			26

PART I

ITEM 1.    FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except per share data)	June 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	19,832	$	16,921
Short-term investments	2,729		2,860
Accounts receivable, net	14,587		12,870
Other current receivables, net	12,630		12,534
Assets under management	4,198		4,076
Prepaid expenses and other current assets	4,940		4,457
Total current assets	58,916		53,718
Long-term investments	44,061		41,242
Property, equipment and capitalized software, net	8,735		8,626
Goodwill	75,827		71,337
Other intangible assets, net	10,806		10,856
Other assets	11,947		11,510
Total assets	$	210,292	$	197,289
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	25,131	$	21,872
Accounts payable and accrued liabilities	23,013		22,495
Short-term borrowings and current maturities of long-term debt	3,868		4,819
Unearned revenues	2,365		2,842
Other current liabilities	22,180		20,392
Total current liabilities	76,557		72,420
Long-term debt, less current maturities	44,348		38,648
Deferred income taxes	3,641		3,367
Other liabilities	12,425		12,315
Total liabilities	136,971		126,750
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,299		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; 943 and 946 issued and outstanding	10		10
Additional paid-in capital	—		—
Retained earnings	73,090		69,295
Accumulated other comprehensive loss	(4,086)		(3,814)
Nonredeemable noncontrolling interests	3,008		2,837
Total equity	72,022		68,328
Total liabilities, redeemable noncontrolling interests and equity	$	210,292	$	197,289

See Notes to the Condensed Consolidated Financial Statements

1

UnitedHealth Group

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2021		2020		2021		2020
Revenues:
Premiums	$	56,233	$	49,394	$	111,719	$	100,034
Products	8,433		8,247		16,773		16,678
Services	6,099		4,156		12,017		9,141
Investment and other income	556		341		1,008		706
Total revenues	71,321		62,138		141,517		126,559
Operating costs:
Medical costs	46,546		34,678		91,450		75,678
Operating costs	10,359		10,001		20,582		20,016
Cost of products sold	7,660		7,501		15,232		15,188
Depreciation and amortization	778		717		1,536		1,440
Total operating costs	65,343		52,897		128,800		112,322
Earnings from operations	5,978		9,241		12,717		14,237
Interest expense	(410)		(430)		(807)		(867)
Earnings before income taxes	5,568		8,811		11,910		13,370
Provision for income taxes	(1,196)		(2,115)		(2,560)		(3,209)
Net earnings	4,372		6,696		9,350		10,161
Earnings attributable to noncontrolling interests	(106)		(59)		(222)		(142)
Net earnings attributable to UnitedHealth Group common shareholders	$	4,266	$	6,637	$	9,128	$	10,019
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	4.52	$	6.99	$	9.66	$	10.56
Diluted	$	4.46	$	6.91	$	9.55	$	10.43
Basic weighted-average number of common shares outstanding	944		949		945		949
Dilutive effect of common share equivalents	12		11		11		12
Diluted weighted-average number of common shares outstanding	956		960		956		961
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	1		11		2		11

See Notes to the Condensed Consolidated Financial Statements

2

UnitedHealth Group

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Net earnings	$	4,372	$	6,696	$	9,350	$	10,161
Other comprehensive income (loss):
Gross unrealized gains (losses) on investment securities during the period	251		1,120		(513)		771
Income tax effect	(58)		(257)		116		(177)
Total unrealized gains (losses), net of tax	193		863		(397)		594
Gross reclassification adjustment for net realized gains included in net earnings	(9)		(11)		(16)		(29)
Income tax effect	2		3		4		7
Total reclassification adjustment, net of tax	(7)		(8)		(12)		(22)
Total foreign currency translation gains (losses)	554		(45)		137		(1,544)
Other comprehensive income (loss)	740		810		(272)		(972)
Comprehensive income	5,112		7,506		9,078		9,189
Comprehensive income attributable to noncontrolling interests	(106)		(59)		(222)		(142)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	5,006	$	7,447	$	8,856	$	9,047

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 June 30, (in millions)	Shares	Amount						Net Unrealized Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at March 31, 2021	944	$	10	$	—	$	71,220	$	741	$	(5,567)	$	2,909	$	69,313
Net earnings						4,266						88		4,354
Other comprehensive income								186		554				740
Issuances of common stock, and related tax effects	2	—		292										292
Share-based compensation				158										158
Common share repurchases	(3)	—		(221)		(1,029)								(1,250)
Cash dividends paid on common shares ($1.45 per share)						(1,367)								(1,367)
Redeemable noncontrolling interests fair value and other adjustments				(229)		—								(229)
Acquisition and other adjustments of nonredeemable noncontrolling interests												85		85
Distribution to nonredeemable noncontrolling interests												(74)		(74)
Balance at June 30, 2021	943	$	10	$	—	$	73,090	$	927	$	(5,013)	$	3,008	$	72,022
Balance at March 31, 2020	947	$	10	$	—	$	62,327	$	306	$	(5,666)	$	2,886	$	59,863
Net earnings						6,637						38		6,675
Other comprehensive income (loss)								855		(45)				810
Issuances of common stock, and related tax effects	3	—		287										287
Share-based compensation				144										144
Common share repurchases	—	—		—		—								—
Cash dividends paid on common shares ($1.25 per share)						(1,188)								(1,188)
Redeemable noncontrolling interests fair value and other adjustments				(43)										(43)
Distribution to nonredeemable noncontrolling interests												(33)		(33)
Balance at June 30, 2020	950	$	10	$	388	$	67,776	$	1,161	$	(5,711)	$	2,891	$	66,515

See Notes to the Condensed Consolidated Financial Statements

4

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
Six months ended June 30, (in millions)	Shares	Amount						Net Unrealized Gains (Losses) on Investments		Foreign Currency Translation (Losses) Gains
Balance at January 1, 2021	946	$	10	$	—	$	69,295	$	1,336	$	(5,150)	$	2,837	$	68,328
Net earnings						9,128						168		9,296
Other comprehensive (loss) income								(409)		137				(272)
Issuances of common stock, and related tax effects	5	—		548										548
Share-based compensation				400										400
Common share repurchases	(8)	—		(221)		(2,679)								(2,900)
Cash dividends paid on common shares ($2.70 per share)						(2,548)								(2,548)
Redeemable noncontrolling interests fair value and other adjustments				(727)		(106)								(833)
Acquisition and other adjustments of nonredeemable noncontrolling interests												151		151
Distribution to nonredeemable noncontrolling interests												(148)		(148)
Balance at June 30, 2021	943	$	10	$	—	$	73,090	$	927	$	(5,013)	$	3,008	$	72,022
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						10,019						97		10,116
Other comprehensive income (loss)								572		(1,544)				(972)
Issuances of common stock, and related tax effects	8	1		607										608
Share-based compensation				378										378
Common share repurchases	(6)	—		(510)		(1,181)								(1,691)
Cash dividends paid on common shares ($2.33 per share)						(2,212)								(2,212)
Redeemable noncontrolling interests fair value and other adjustments				(94)										(94)
Acquisitions and other adjustments of nonredeemable noncontrolling interests												50		50
Distribution to nonredeemable noncontrolling interests												(76)		(76)
Balance at June 30, 2020	950	$	10	$	388	$	67,776	$	1,161	$	(5,711)	$	2,891	$	66,515

See Notes to the Condensed Consolidated Financial Statements

5

UnitedHealth Group

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended June 30,
(in millions)	2021		2020
Operating activities
Net earnings	$	9,350	$	10,161
Noncash items:
Depreciation and amortization	1,536		1,440
Deferred income taxes	327		114
Share-based compensation	426		388
Other, net	(214)		124
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(1,218)		(439)
Other assets	(1,523)		(3,784)
Medical costs payable	3,086		(2,353)
Accounts payable and other liabilities	298		7,591
Unearned revenues	(523)		(296)
Cash flows from operating activities	11,545		12,946
Investing activities
Purchases of investments	(8,847)		(6,412)
Sales of investments	1,408		3,548
Maturities of investments	4,650		3,437
Cash paid for acquisitions, net of cash assumed	(4,642)		(3,952)
Purchases of property, equipment and capitalized software	(1,130)		(920)
Other, net	(648)		(186)
Cash flows used for investing activities	(9,209)		(4,485)
Financing activities
Common share repurchases	(2,900)		(1,691)
Cash dividends paid	(2,548)		(2,212)
Proceeds from common stock issuances	764		870
Repayments of long-term debt	(1,900)		—
(Repayments of) proceeds from short-term borrowings, net	(176)		351
Proceeds from issuance of long-term debt	6,934		4,864
Customer funds administered	2,395		1,263
Purchases of redeemable noncontrolling interests	(1,338)		—
Other, net	(662)		(421)
Cash flows from financing activities	569		3,024
Effect of exchange rate changes on cash and cash equivalents	6		(143)
Increase in cash and cash equivalents	2,911		11,342
Cash and cash equivalents, beginning of period	16,921		10,985
Cash and cash equivalents, end of period	$	19,832	$	22,327

See Notes to the Condensed Consolidated Financial Statements

6

UnitedHealth Group

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1.    Basis of Presentation

UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a 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” 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.

7

2.    Investments

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

(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,526	$	88	$	(17)	$	3,597
State and municipal obligations	7,044		386		(7)		7,423
Corporate obligations	21,116		628		(57)		21,687
U.S. agency mortgage-backed securities	6,596		167		(30)		6,733
Non-U.S. agency mortgage-backed securities	2,623		72		(10)		2,685
Total debt securities - available-for-sale	40,905		1,341		(121)		42,125
Debt securities - held-to-maturity:
U.S. government and agency obligations	412		4		—		416
State and municipal obligations	30		2		—		32
Corporate obligations	148		—		(1)		147
Total debt securities - held-to-maturity	590		6		(1)		595
Total debt securities	$	41,495	$	1,347	$	(122)	$	42,720
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 $2.8 billion and $2.3 billion of equity securities as of June 30, 2021 and December 31, 2020, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, shares of Brazilian real denominated fixed-income funds with readily determinable fair values and other venture investments. Additionally, the Company’s investments included $1.3 billion of equity method investments in operating businesses in the health care sector as of June 30, 2021 and December 31, 2020. The allowance for credit losses on held-to-maturity securities at June 30, 2021 and December 31, 2020 was not material.

8

The amortized cost and fair value of debt securities as of June 30, 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	$	2,808	$	2,822	$	309	$	310
Due after one year through five years	13,088		13,460		231		233
Due after five years through ten years	11,550		12,000		28		29
Due after ten years	4,240		4,425		22		23
U.S. agency mortgage-backed securities	6,596		6,733		—		—
Non-U.S. agency mortgage-backed securities	2,623		2,685		—		—
Total debt securities	$	40,905	$	42,125	$	590	$	595

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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,201	$	(17)	$	—	$	—	$	1,201	$	(17)
State and municipal obligations	777		(7)		—		—		777		(7)
Corporate obligations	4,679		(56)		229		(1)		4,908		(57)
U.S. agency mortgage-backed securities	2,668		(30)		—		—		2,668		(30)
Non-U.S. agency mortgage-backed securities	713		(8)		42		(2)		755		(10)
Total debt securities - available-for-sale	$	10,038	$	(118)	$	271	$	(3)	$	10,309	$	(121)
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 June 30, 2021 were generated from approximately 6,500 positions out of a total of 38,000 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 June 30, 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 June 30, 2021 and December 31, 2020 was not material.

9

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” 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
June 30, 2021
Cash and cash equivalents	$	19,703		$	129		$	—		$	19,832
Debt securities - available-for-sale:
U.S. government and agency obligations	3,379			218			—			3,597
State and municipal obligations	—			7,423			—			7,423
Corporate obligations	40			21,416			231			21,687
U.S. agency mortgage-backed securities	—			6,733			—			6,733
Non-U.S. agency mortgage-backed securities	—			2,685			—			2,685
Total debt securities - available-for-sale	3,419			38,475			231			42,125
Equity securities	1,917			20			—			1,937
Assets under management	1,803			2,292			103			4,198
Total assets at fair value	$	26,842		$	40,916		$	334		$	68,092
Percentage of total assets at fair value	39		%	60		%	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 six months ended June 30, 2021 or 2020.

10

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
June 30, 2021
Debt securities - held-to-maturity	$	494	$	93	$	8	$	595	$	590
Long-term debt and other financing obligations	$	—	$	54,023	$	—	$	54,023	$	47,091
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 six months ended June 30, 2021 or 2020.

4.    Medical Costs Payable

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

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	46		41
Reported medical costs:
Current year	92,570		76,338
Prior years	(1,120)		(660)
Total reported medical costs	91,450		75,678
Medical payments:
Payments for current year	(69,808)		(59,482)
Payments for prior years	(18,429)		(18,727)
Total medical payments	(88,237)		(78,209)
Medical costs payable, end of period	$	25,131	$	19,200

For the six months ended June 30, 2021 and June 30, 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 $16.9 billion and $14.8 billion at June 30, 2021 and December 31, 2020, respectively.

5.    Short-Term Borrowings and Long-Term Debt

In May 2021, the Company issued $7.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages)	Par Value
0.550% notes due May 2024	$	1,000
1.150% notes due May 2026	1,000
2.300% notes due May 2031	1,500
3.050% notes due May 2041	1,500
3.250% notes due May 2051	2,000

For more information on the Company’s short-term borrowings, debt covenants and long-term debt see Note 8 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2020 10-K.

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6.    Dividends

In June 2021, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $5.80 compared to $5.00 per share, which the Company had paid since June 2020. Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s 2021 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 23	$	1.25	$	1,181
June 29	$	1.45	$	1,367

7.    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), 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 $9 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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8.    Segment Financial Information

The Company’s four reportable segments are UnitedHealthcare, OptumHealth, OptumInsight and OptumRx. For more information on the Company’s segments see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” 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 June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	52,858	$	3,375	$	—	$	—	$	—	$	3,375	$	—	$	56,233
Products	—		9		33		8,391		—		8,433		—		8,433
Services	2,440		2,461		930		268		—		3,659		—		6,099
Total revenues - unaffiliated customers	55,298		5,845		963		8,659		—		15,467		—		70,765
Total revenues - affiliated customers	—		7,221		1,921		13,792		(478)		22,456		(22,456)		—
Investment and other income	176		234		73		73		—		380		—		556
Total revenues	$	55,474	$	13,300	$	2,957	$	22,524	$	(478)	$	38,303	$	(22,456)	$	71,321
Earnings from operations	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	—	$	5,978
Interest expense	—		—		—		—		—		—		(410)		(410)
Earnings before income taxes	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	(410)	$	5,568
Three Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	47,039	$	2,355	$	—	$	—	$	—	$	2,355	$	—	$	49,394
Products	—		7		27		8,213		—		8,247		—		8,247
Services	1,895		1,225		764		272		—		2,261		—		4,156
Total revenues - unaffiliated customers	48,934		3,587		791		8,485		—		12,863		—		61,797
Total revenues - affiliated customers	—		5,423		1,823		12,865		(447)		19,664		(19,664)		—
Investment and other income	173		129		18		21		—		168		—		341
Total revenues	$	49,107	$	9,139	$	2,632	$	21,371	$	(447)	$	32,695	$	(19,664)	$	62,138
Earnings from operations	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	—	$	9,241
Interest expense	—		—		—		—		—		—		(430)		(430)
Earnings before income taxes	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	(430)	$	8,811

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			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Six Months Ended June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	105,416	$	6,303	$	—	$	—	$	—	$	6,303	$	—	$	111,719
Products	—		17		70		16,686		—		16,773		—		16,773
Services	4,790		4,797		1,891		539		—		7,227		—		12,017
Total revenues - unaffiliated customers	110,206		11,117		1,961		17,225		—		30,303		—		140,509
Total revenues - affiliated customers	—		14,173		3,742		26,796		(953)		43,758		(43,758)		—
Investment and other income	382		413		106		107		—		626		—		1,008
Total revenues	$	110,588	$	25,703	$	5,809	$	44,128	$	(953)	$	74,687	$	(43,758)	$	141,517
Earnings from operations	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	—	$	12,717
Interest expense	—		—		—		—		—		—		(807)		(807)
Earnings before income taxes	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	(807)	$	11,910
Six Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	95,632	$	4,402	$	—	$	—	$	—	$	4,402	$	—	$	100,034
Products	—		16		56		16,606		—		16,678		—		16,678
Services	4,173		2,773		1,655		540		—		4,968		—		9,141
Total revenues - unaffiliated customers	99,805		7,191		1,711		17,146		—		26,048		—		125,853
Total revenues - affiliated customers	—		10,875		3,385		25,741		(851)		39,150		(39,150)		—
Investment and other income	370		265		30		41		—		336		—		706
Total revenues	$	100,175	$	18,331	$	5,126	$	42,928	$	(851)	$	65,534	$	(39,150)	$	126,559
Earnings from operations	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	—	$	14,237
Interest expense	—		—		—		—		—		—		(867)		(867)
Earnings before income taxes	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	(867)	$	13,370

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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” 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 8 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. Overall care activity approached seasonal baselines, including a mix of temporary deferral of care activity and COVID-19 related care costs. 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. In future periods, care patterns may moderately exceed normal baselines as previously deferred care is obtained and acuity temporarily rises due to missed regular 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, although we expect the impact to continue decreasing as care returns to, and potentially exceeds, normal levels. We believe COVID-19 will continue to influence customer and consumer behavior, both during and after the pandemic, which could impact how and where 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 be only partially offset by remaining 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.

15

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. UnitedHealthcare’s results of operations were negatively impacted by COVID-19 related care and testing, rebate requirements and other revenue impacts and broader economic impacts, partially offset by the continued deferral of care. Enrollment in our commercial products declined primarily due to employer actions in response to the pandemic, while the increase in people served through Medicaid was attributable in part to continuing action by states to ease redetermination requirements due to the COVID-19 public health emergency.

Increased consumer demand for care, potentially even higher acuity care, along with continued COVID-19 related care 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 costs as well as the deferral of care have also impacted medical cost trends in the current year and may continue in future years. Future medical cost trends may be impacted by increased consumer demand for care, potentially even higher acuity care, due to the temporary deferral of care since the onset of the pandemic. 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.

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 second quarter 2021 year-over-year operating comparisons to second quarter 2020.

•Consolidated revenues grew 15%, UnitedHealthcare revenues grew 13% and Optum revenues grew 17%.

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

•Consolidated and UnitedHealthcare earnings from operations decreased due to lower temporary deferrals of care caused by COVID-19, partially offset by an increase at Optum.

•Diluted earnings per common share were $4.46.

•Cash flows from operations for the six months ended June 30, 2021 were $11.5 billion.

•Return on equity was 25.2%.

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 June 30,						Increase/(Decrease)					Six Months Ended  June 30,						Increase/(Decrease)
	2021			2020			2021 vs. 2020					2021			2020			2021 vs. 2020
Revenues:
Premiums	$	56,233		$	49,394		$	6,839		14	%	$	111,719		$	100,034		$	11,685		12	%
Products	8,433			8,247			186			2		16,773			16,678			95			1
Services	6,099			4,156			1,943			47		12,017			9,141			2,876			31
Investment and other income	556			341			215			63		1,008			706			302			43
Total revenues	71,321			62,138			9,183			15		141,517			126,559			14,958			12
Operating costs:
Medical costs	46,546			34,678			11,868			34		91,450			75,678			15,772			21
Operating costs	10,359			10,001			358			4		20,582			20,016			566			3
Cost of products sold	7,660			7,501			159			2		15,232			15,188			44			—
Depreciation and amortization	778			717			61			9		1,536			1,440			96			7
Total operating costs	65,343			52,897			12,446			24		128,800			112,322			16,478			15
Earnings from operations	5,978			9,241			(3,263)			(35)		12,717			14,237			(1,520)			(11)
Interest expense	(410)			(430)			20			(5)		(807)			(867)			60			(7)
Earnings before income taxes	5,568			8,811			(3,243)			(37)		11,910			13,370			(1,460)			(11)
Provision for income taxes	(1,196)			(2,115)			919			(43)		(2,560)			(3,209)			649			(20)
Net earnings	4,372			6,696			(2,324)			(35)		9,350			10,161			(811)			(8)
Earnings attributable to noncontrolling interests	(106)			(59)			(47)			80		(222)			(142)			(80)			56
Net earnings attributable to UnitedHealth Group common shareholders	$	4,266		$	6,637		$	(2,371)		(36)	%	$	9,128		$	10,019		$	(891)		(9)	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	4.46		$	6.91		$	(2.45)		(35)	%	$	9.55		$	10.43		$	(0.88)		(8)	%
Medical care ratio (a)	82.8		%	70.2		%	12.6		%			81.9		%	75.7		%	6.2		%
Operating cost ratio	14.5			16.1			(1.6)					14.5			15.8			(1.3)
Operating margin	8.4			14.9			(6.5)					9.0			11.2			(2.2)
Tax rate	21.5			24.0			(2.5)					21.5			24.0			(2.5)
Net earnings margin (b)	6.0			10.7			(4.7)					6.5			7.9			(1.4)
Return on equity (c)	25.2		%	44.0		%	(18.8)		%			27.3		%	33.7		%	(6.4)		%

(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 partially offset a decrease in individuals served through our commercial business due to the continued economic impacts of COVID-19.

Medical Costs and MCR

Medical costs increased as a result of increased COVID-19 related care costs, lower temporary care deferrals, growth in people served through Medicare Advantage and Medicaid and medical cost trends, partially offset by decreased people served in our commercial business. The MCR increased due to increased COVID-19 related care costs and the decreased deferral of care over the year ago quarter and the permanent repeal of the Health Insurance Tax. For the six months ended June 30, 2021, medical costs and the MCR were also impacted by increased prior year favorable reserve development.

Operating Cost Ratio

The operating cost ratio decreased primarily due to the permanent repeal of the Health Insurance Tax, COVID-19 impacts on revenue and operating costs in the prior year 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 8 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 June 30,						Increase/(Decrease)					Six Months Ended June 30,						Increase/(Decrease)
(in millions, except percentages)	2021			2020			2021 vs. 2020					2021			2020			2021 vs. 2020
Revenues
UnitedHealthcare	$	55,474		$	49,107		$	6,367		13	%	$	110,588		$	100,175		$	10,413		10	%
OptumHealth	13,300			9,139			4,161			46		25,703			18,331			7,372			40
OptumInsight	2,957			2,632			325			12		5,809			5,126			683			13
OptumRx	22,524			21,371			1,153			5		44,128			42,928			1,200			3
Optum eliminations	(478)			(447)			(31)			7		(953)			(851)			(102)			12
Optum	38,303			32,695			5,608			17		74,687			65,534			9,153			14
Eliminations	(22,456)			(19,664)			(2,792)			14		(43,758)			(39,150)			(4,608)			12
Consolidated revenues	$	71,321		$	62,138		$	9,183		15	%	$	141,517		$	126,559		$	14,958		12	%
Earnings from operations
UnitedHealthcare	$	3,095		$	7,007		$	(3,912)		(56)	%	$	7,203		$	9,895		$	(2,692)		(27)	%
OptumHealth	1,128			841			287			34		2,090			1,553			537			35
OptumInsight	762			561			201			36		1,541			1,097			444			40
OptumRx	993			832			161			19		1,883			1,692			191			11
Optum	2,883			2,234			649			29		5,514			4,342			1,172			27
Consolidated earnings from operations	$	5,978		$	9,241		$	(3,263)		(35)	%	$	12,717		$	14,237		$	(1,520)		(11)	%
Operating margin
UnitedHealthcare	5.6		%	14.3		%	(8.7)		%			6.5		%	9.9		%	(3.4)		%
OptumHealth	8.5			9.2			(0.7)					8.1			8.5			(0.4)
OptumInsight	25.8			21.3			4.5					26.5			21.4			5.1
OptumRx	4.4			3.9			0.5					4.3			3.9			0.4
Optum	7.5			6.8			0.7					7.4			6.6			0.8
Consolidated operating margin	8.4		%	14.9		%	(6.5)		%			9.0		%	11.2		%	(2.2)		%

UnitedHealthcare

The following table summarizes UnitedHealthcare revenues by business:

	Three Months Ended June 30,				Increase/(Decrease)				Six Months Ended June 30,				Increase/(Decrease)
(in millions, except percentages)	2021		2020		2021 vs. 2020				2021		2020		2021 vs. 2020
UnitedHealthcare Employer & Individual	$	14,942	$	12,963	$	1,979	15	%	$	29,574	$	27,243	$	2,331	9	%
UnitedHealthcare Medicare & Retirement	25,304		22,855		2,449		11		50,778		46,007		4,771		10
UnitedHealthcare Community & State	13,110		11,523		1,587		14		26,083		22,976		3,107		14
UnitedHealthcare Global	2,118		1,766		352		20		4,153		3,949		204		5
Total UnitedHealthcare revenues	$	55,474	$	49,107	$	6,367	13	%	$	110,588	$	100,175	$	10,413	10	%

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

	June 30,		Increase/(Decrease)
(in thousands, except percentages)	2021	2020	2021 vs. 2020
Commercial:
Risk-based	7,840	8,065	(225)	(3)	%
Fee-based	18,395	18,705	(310)	(2)
Total commercial	26,235	26,770	(535)	(2)
Medicare Advantage	6,385	5,605	780	14
Medicaid	7,130	6,210	920	15
Medicare Supplement (Standardized)	4,390	4,450	(60)	(1)
Total community and senior	17,905	16,265	1,640	10
Total UnitedHealthcare - domestic medical	44,140	43,035	1,105	3
Global	5,485	5,365	120	2
Total UnitedHealthcare - medical	49,625	48,400	1,225	3	%
Supplemental Data:
Medicare Part D stand-alone	3,750	4,120	(370)	(9)	%

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, the permanent repeal of the Health Insurance Tax and the impacts of COVID-19 on risk adjusted business. Earnings from operations for the three months ended June 30, 2021 decreased primarily due to the lower temporary deferral of care. For the three and six months ended June 30, 2021, earnings from operations decreased due to COVID-19 related care costs, reduction in people served through commercial benefits and the impacts of COVID-19 on risk adjusted business, partially offset by growth in people served through Medicare Advantage and Medicaid and the repeal of the Health Insurance Tax.

Optum

Total revenues and earnings from operations increased due to growth across the Optum businesses. The results by segment were as follows:

OptumHealth

Revenue at OptumHealth increased primarily due to organic growth and acquisitions in care delivery and the impact of COVID-19 at our fee-based businesses as consumers resumed elective care. Earnings from operations increased due to organic growth and acquisitions and cost management initiatives. COVID-19 related care costs and temporary care deferrals affected earnings from operations at our risk-based and fee-based businesses in offsetting manners. OptumHealth served approximately 99 million people as of June 30, 2021 compared to 97 million people as of June 30, 2020.

OptumInsight

Revenue at OptumInsight increased primarily due to growth in technology and managed services and increased activity levels in our volume-based services as a result of care activity normalizing for 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 increased due to higher script volumes, pricing trends and organic growth in pharmacy care services. Revenue for the six months ended June 30, 2021 also increased due to acquisitions. Earnings from operations also increased as a result of continued supply chain management initiatives. OptumRx fulfilled 342 million and 316 million adjusted scripts in the second quarters of 2021 and 2020, respectively. The increase was due to the continued recovery of script volumes from the second quarter of 2020 where volumes were negatively impacted by COVID-19, dispensing of COVID-19 vaccines and organic growth.

20

LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

Liquidity

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

	Six Months Ended June 30,				Increase/(Decrease)
(in millions)	2021		2020		2021 vs. 2020
Sources of cash:
Cash provided by operating activities	$	11,545	$	12,946	$	(1,401)
Issuances of short-term borrowings and long-term debt, net of repayments	4,858		5,215		(357)
Proceeds from common stock issuances	764		870		(106)
Customer funds administered	2,395		1,263		1,132
Sales and maturities of investments, net of purchases	—		573		(573)
Total sources of cash	19,562		20,867
Uses of cash:
Common stock repurchases	(2,900)		(1,691)		(1,209)
Cash paid for acquisitions, net of cash assumed	(4,642)		(3,952)		(690)
Purchases of investments, net of sales and maturities	(2,789)		—		(2,789)
Purchases of property, equipment and capitalized software	(1,130)		(920)		(210)
Cash dividends paid	(2,548)		(2,212)		(336)
Purchases of redeemable noncontrolling interests	(1,338)		—		(1,338)
Other	(1,310)		(607)		(703)
Total uses of cash	(16,657)		(9,382)
Effect of exchange rate changes on cash and cash equivalents	6		(143)		149
Net increase in cash and cash equivalents	$	2,911	$	11,342	$	(8,431)

2021 Cash Flows Compared to 2020 Cash Flows

Decreased cash flows provided by operating activities were primarily driven by decreased net earnings due to the lower temporary deferral of care, the timing of prior year federal income tax payments and changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included increased net purchases of investments, purchases of redeemable noncontrolling interests and increased share repurchases, partially offset by increased customer funds administered.

Financial Condition

As of June 30, 2021, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $64.7 billion included approximately $19.8 billion of cash and cash equivalents (of which $1.5 billion was available for general corporate use), $42.1 billion of debt securities and $2.8 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 June 30, 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 six months ended June 30, 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.

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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 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements” in our 2020 10-K.

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 June 30, 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 and Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements” in our 2020 10-K.

Credit Ratings. Our credit ratings as of June 30, 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 six months ended June 30, 2021, we repurchased approximately 8 million shares at an average price of $365.03 per share. As of June 30, 2021, we had Board authorization to purchase up to 50 million shares of our common stock.

Dividends. In June 2021, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $5.80 compared to $5.00 per share. For more information on our dividend, see Note 6 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Pending Acquisitions. The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), 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 $9 billion.

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

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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 June 30, 2021 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):

	June 30, 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 %	$	472	$	204	$	(3,200)	$	(8,864)
1	236		102		(1,615)		(4,831)
(1)	(88)		(10)		1,222		5,640
(2)	(88)		(10)		1,555		11,426

Note: Given the low absolute level of short-term market rates on our floating-rate assets and liabilities as of June 30, 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 June 30, 2021 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 June 30, 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 June 30, 2021.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 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 7 of Notes to the Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

ITEM 1A.    RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” of our 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 second quarter 2021, we repurchased approximately 3 million shares at an average price of $394.60 per share. As of June 30, 2021, we had Board authorization to purchase up to 50 million shares of our common stock.

24

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.

25

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:	August 3, 2021
Andrew P. Witty
/s/ JOHN F. REX	Executive Vice President and Chief Financial Officer (principal financial officer)	Dated:	August 3, 2021
John F. Rex
/s/ THOMAS E. ROOS	Senior Vice President and Chief Accounting Officer (principal accounting officer)	Dated:	August 3, 2021
Thomas E. Roos

26

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.

August 3, 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.

August 3, 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 June 30, 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.

August 3, 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 June 30, 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.

August 3, 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	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		942,917,366

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Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 19,832	$ 16,921
Short-term investments	2,729	2,860
Accounts receivable, net	14,587	12,870
Other current receivables, net	12,630	12,534
Assets under management	4,198	4,076
Prepaid expenses and other current assets	4,940	4,457
Total current assets	58,916	53,718
Long-term investments	44,061	41,242
Property, equipment and capitalized software, net	8,735	8,626
Goodwill	75,827	71,337
Other intangible assets, net	10,806	10,856
Other assets	11,947	11,510
Total assets	210,292	197,289
Current liabilities:
Medical costs payable	25,131	21,872
Accounts payable and accrued liabilities	23,013	22,495
Short-term borrowings and current maturities of long-term debt	3,868	4,819
Unearned revenues	2,365	2,842
Other current liabilities	22,180	20,392
Total current liabilities	76,557	72,420
Long-term debt, less current maturities	44,348	38,648
Deferred income taxes	3,641	3,367
Other liabilities	12,425	12,315
Total liabilities	136,971	126,750
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,299	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; 943 and 946 issued and outstanding	10	10
Additional Paid-in Capital	0	0
Retained earnings	73,090	69,295
Accumulated other comprehensive loss	(4,086)	(3,814)
Nonredeemable noncontrolling interests	3,008	2,837
Total equity	72,022	68,328
Total liabilities, redeemable noncontrolling interests and equity	$ 210,292	$ 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	943	946
Common stock, shares outstanding	943	946

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Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions	Jun. 30, 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	943	946
Common stock, shares outstanding	943	946

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Premiums	$ 56,233	$ 49,394	$ 111,719	$ 100,034
Investment and other income	556	341	1,008	706
Total revenues	71,321	62,138	141,517	126,559
Operating costs:
Medical costs	46,546	34,678	91,450	75,678
Operating costs	10,359	10,001	20,582	20,016
Cost of products sold	7,660	7,501	15,232	15,188
Depreciation and amortization	778	717	1,536	1,440
Total operating costs	65,343	52,897	128,800	112,322
Earnings from operations	5,978	9,241	12,717	14,237
Interest expense	(410)	(430)	(807)	(867)
Earnings before income taxes	5,568	8,811	11,910	13,370
Provision for income taxes	(1,196)	(2,115)	(2,560)	(3,209)
Net earnings	4,372	6,696	9,350	10,161
Earnings attributable to noncontrolling interests	(106)	(59)	(222)	(142)
Net earnings attributable to UnitedHealth Group common shareholders	$ 4,266	$ 6,637	$ 9,128	$ 10,019
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$ 4.52	$ 6.99	$ 9.66	$ 10.56
Diluted	$ 4.46	$ 6.91	$ 9.55	$ 10.43
Basic weighted-average number of common shares outstanding	944	949	945	949
Dilutive effect of common share equivalents	12	11	11	12
Diluted weighted-average number of common shares outstanding	956	960	956	961
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	1	11	2	11
Products
Revenue from Products and Services	$ 8,433	$ 8,247	$ 16,773	$ 16,678
Services
Revenue from Products and Services	$ 6,099	$ 4,156	$ 12,017	$ 9,141

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net earnings	$ 4,372	$ 6,696	$ 9,350	$ 10,161
Other comprehensive income (loss):
Gross unrealized gains (losses) on investment securities during the period	251	1,120	(513)	771
Income tax effect	(58)	(257)	116	(177)
Total unrealized gains (losses), net of tax	193	863	(397)	594
Gross reclassification adjustment for net realized gains included in net earnings	(9)	(11)	(16)	(29)
Income tax effect	2	3	4	7
Total reclassification adjustment, net of tax	(7)	(8)	(12)	(22)
Total foreign currency translation gains (losses)	554	(45)	137	(1,544)
Other comprehensive income (loss)	740	810	(272)	(972)
Comprehensive income	5,112	7,506	9,078	9,189
Comprehensive income attributable to noncontrolling interests	(106)	(59)	(222)	(142)
Comprehensive income attributable to UnitedHealth Group common shareholders	$ 5,006	$ 7,447	$ 8,856	$ 9,047

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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 (Losses) Gains [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	10,019			10,019
Net earnings attributable to nonredeemable noncontrolling interest							97
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	10,116
Other comprehensive income (loss)	(972)				572	(1,544)
Issuances of common stock, and related tax effects (in shares)		8
Issuances of common stock, and related tax effects	608	$ 1	607
Share-based compensation	378		378
Common share repurchases (in shares)		(6)
Common share repurchases	(1,691)	$ 0	(510)	(1,181)
Cash dividends paid on common shares	(2,212)			(2,212)
Redeemable noncontrolling interests fair value and other adjustments	(94)		(94)
Acquisition and other adjustments of nonredeemable noncontrolling interests	50						50
Distribution to nonredeemable noncontrolling interests	(76)						(76)
Balance at Jun. 30, 2020	66,515	$ 10	388	67,776	1,161	(5,711)	2,891
Balance (in shares) at Jun. 30, 2020		950
Balance at Mar. 31, 2020	59,863	$ 10	0	62,327	306	(5,666)	2,886
Balance (in shares) at Mar. 31, 2020		947
Net earnings attributable to UnitedHealth Group common shareholders	6,637			6,637
Net earnings attributable to nonredeemable noncontrolling interest							38
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	6,675
Other comprehensive income (loss)	810				855	(45)
Issuances of common stock, and related tax effects (in shares)		3
Issuances of common stock, and related tax effects	287	$ 0	287
Share-based compensation	144		144
Common share repurchases (in shares)		0
Common share repurchases	0	$ 0	0	0
Cash dividends paid on common shares	(1,188)			(1,188)
Redeemable noncontrolling interests fair value and other adjustments	(43)		(43)
Distribution to nonredeemable noncontrolling interests	(33)						(33)
Balance at Jun. 30, 2020	66,515	$ 10	388	67,776	1,161	(5,711)	2,891
Balance (in shares) at Jun. 30, 2020		950
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	$ 9,128			9,128
Net earnings attributable to nonredeemable noncontrolling interest							168
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	9,296
Other comprehensive income (loss)	(272)				(409)	137
Issuances of common stock, and related tax effects (in shares)		5
Issuances of common stock, and related tax effects	548	$ 0	548
Share-based compensation	400		400
Common share repurchases (in shares)		(8)
Common share repurchases	(2,900)	$ 0	(221)	(2,679)
Cash dividends paid on common shares	(2,548)			(2,548)
Redeemable noncontrolling interests fair value and other adjustments	(833)		(727)	(106)
Acquisition and other adjustments of nonredeemable noncontrolling interests	151						151
Distribution to nonredeemable noncontrolling interests	(148)						(148)
Balance at Jun. 30, 2021	$ 72,022	$ 10	0	73,090	927	(5,013)	3,008
Balance (in shares) at Jun. 30, 2021	943	943
Balance at Mar. 31, 2021	$ 69,313	$ 10	0	71,220	741	(5,567)	2,909
Balance (in shares) at Mar. 31, 2021		944
Net earnings attributable to UnitedHealth Group common shareholders	4,266			4,266
Net earnings attributable to nonredeemable noncontrolling interest							88
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	4,354
Other comprehensive income (loss)	740				186	554
Issuances of common stock, and related tax effects (in shares)		2
Issuances of common stock, and related tax effects	292	$ 0	292
Share-based compensation	158		158
Common share repurchases (in shares)		(3)
Common share repurchases	(1,250)	$ 0	(221)	(1,029)
Cash dividends paid on common shares	(1,367)			(1,367)
Redeemable noncontrolling interests fair value and other adjustments	(229)		(229)	0
Acquisition and other adjustments of nonredeemable noncontrolling interests	85						85
Distribution to nonredeemable noncontrolling interests	(74)						(74)
Balance at Jun. 30, 2021	$ 72,022	$ 10	$ 0	$ 73,090	$ 927	$ (5,013)	$ 3,008
Balance (in shares) at Jun. 30, 2021	943	943

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Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares			3 Months Ended		6 Months Ended
	Jun. 29, 2021	Mar. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.45	$ 1.25	$ 1.45	$ 1.25	$ 2.70	$ 2.33

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net earnings	$ 9,350	$ 10,161
Noncash items:
Depreciation and amortization	1,536	1,440
Deferred income taxes	327	114
Share-based compensation	426	388
Other, net	(214)	124
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(1,218)	(439)
Other assets	(1,523)	(3,784)
Medical costs payable	3,086	(2,353)
Accounts payable and other liabilities	298	7,591
Unearned revenues	(523)	(296)
Cash flows from operating activities	11,545	12,946
Investing activities
Purchases of investments	(8,847)	(6,412)
Sales of investments	1,408	3,548
Maturities of investments	4,650	3,437
Cash paid for acquisitions, net of cash assumed	(4,642)	(3,952)
Purchases of property, equipment and capitalized software	(1,130)	(920)
Other, net	(648)	(186)
Cash flows used for investing activities	(9,209)	(4,485)
Financing activities
Common share repurchases	(2,900)	(1,691)
Cash dividends paid	(2,548)	(2,212)
Proceeds from common stock issuances	764	870
Repayments of long-term debt	(1,900)	0
(Repayments of) proceeds from short-term borrowings, net	(176)	351
Proceeds from issuance of long-term debt	6,934	4,864
Customer funds administered	2,395	1,263
Purchases of redeemable noncontrolling interests	(1,338)	0
Other, net	(662)	(421)
Cash flows from financing activities	569	3,024
Effect of exchange rate changes on cash and cash equivalents	6	(143)
Increase in cash and cash equivalents	2,911	11,342
Cash and cash equivalents, beginning of period	16,921	10,985
Cash and cash equivalents, end of period	$ 19,832	$ 22,327

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Basis of Presentation (Notes)

6 Months Ended

Jun. 30, 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” 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)

6 Months Ended

Jun. 30, 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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,526	$	88	$	(17)	$	3,597
State and municipal obligations	7,044		386		(7)		7,423
Corporate obligations	21,116		628		(57)		21,687
U.S. agency mortgage-backed securities	6,596		167		(30)		6,733
Non-U.S. agency mortgage-backed securities	2,623		72		(10)		2,685
Total debt securities - available-for-sale	40,905		1,341		(121)		42,125
Debt securities - held-to-maturity:
U.S. government and agency obligations	412		4		—		416
State and municipal obligations	30		2		—		32
Corporate obligations	148		—		(1)		147
Total debt securities - held-to-maturity	590		6		(1)		595
Total debt securities	$	41,495	$	1,347	$	(122)	$	42,720
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 $2.8 billion and $2.3 billion of equity securities as of June 30, 2021 and December 31, 2020, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, shares of Brazilian real denominated fixed-income funds with readily determinable fair values and other venture investments. Additionally, the Company’s investments included $1.3 billion of equity method investments in operating businesses in the health care sector as of June 30, 2021 and December 31, 2020. The allowance for credit losses on held-to-maturity securities at June 30, 2021 and December 31, 2020 was not material.

The amortized cost and fair value of debt securities as of June 30, 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	$	2,808	$	2,822	$	309	$	310
Due after one year through five years	13,088		13,460		231		233
Due after five years through ten years	11,550		12,000		28		29
Due after ten years	4,240		4,425		22		23
U.S. agency mortgage-backed securities	6,596		6,733		—		—
Non-U.S. agency mortgage-backed securities	2,623		2,685		—		—
Total debt securities	$	40,905	$	42,125	$	590	$	595

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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,201	$	(17)	$	—	$	—	$	1,201	$	(17)
State and municipal obligations	777		(7)		—		—		777		(7)
Corporate obligations	4,679		(56)		229		(1)		4,908		(57)
U.S. agency mortgage-backed securities	2,668		(30)		—		—		2,668		(30)
Non-U.S. agency mortgage-backed securities	713		(8)		42		(2)		755		(10)
Total debt securities - available-for-sale	$	10,038	$	(118)	$	271	$	(3)	$	10,309	$	(121)
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 June 30, 2021 were generated from approximately 6,500 positions out of a total of 38,000 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 June 30, 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 June 30, 2021 and December 31, 2020 was not material.

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Fair Value (Notes)

6 Months Ended

Jun. 30, 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” 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
June 30, 2021
Cash and cash equivalents	$	19,703		$	129		$	—		$	19,832
Debt securities - available-for-sale:
U.S. government and agency obligations	3,379			218			—			3,597
State and municipal obligations	—			7,423			—			7,423
Corporate obligations	40			21,416			231			21,687
U.S. agency mortgage-backed securities	—			6,733			—			6,733
Non-U.S. agency mortgage-backed securities	—			2,685			—			2,685
Total debt securities - available-for-sale	3,419			38,475			231			42,125
Equity securities	1,917			20			—			1,937
Assets under management	1,803			2,292			103			4,198
Total assets at fair value	$	26,842		$	40,916		$	334		$	68,092
Percentage of total assets at fair value	39		%	60		%	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 six months ended June 30, 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
June 30, 2021
Debt securities - held-to-maturity	$	494	$	93	$	8	$	595	$	590
Long-term debt and other financing obligations	$	—	$	54,023	$	—	$	54,023	$	47,091
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 six months ended June 30, 2021 or 2020.

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Medical Costs Payable (Notes)

6 Months Ended

Jun. 30, 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 six months ended June 30:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	46		41
Reported medical costs:
Current year	92,570		76,338
Prior years	(1,120)		(660)
Total reported medical costs	91,450		75,678
Medical payments:
Payments for current year	(69,808)		(59,482)
Payments for prior years	(18,429)		(18,727)
Total medical payments	(88,237)		(78,209)
Medical costs payable, end of period	$	25,131	$	19,200

For the six months ended June 30, 2021 and June 30, 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 $16.9 billion and $14.8 billion at June 30, 2021 and December 31, 2020, respectively.

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

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Disclosure

Short-Term Borrowings and Long-Term Debt

In May 2021, the Company issued $7.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages)	Par Value
0.550% notes due May 2024	$	1,000
1.150% notes due May 2026	1,000
2.300% notes due May 2031	1,500
3.050% notes due May 2041	1,500
3.250% notes due May 2051	2,000

For more information on the Company’s short-term borrowings, debt covenants and long-term debt see Note 8 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2020 10-K.

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Dividends (Notes)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity Note Disclosure

Dividends

In June 2021, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $5.80 compared to $5.00 per share, which the Company had paid since June 2020. Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s 2021 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 23	$	1.25	$	1,181
June 29	$	1.45	$	1,367

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Commitments and Contingencies (Notes)

6 Months Ended

Jun. 30, 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), 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 $9 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)

6 Months Ended

Jun. 30, 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” 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 June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	52,858	$	3,375	$	—	$	—	$	—	$	3,375	$	—	$	56,233
Products	—		9		33		8,391		—		8,433		—		8,433
Services	2,440		2,461		930		268		—		3,659		—		6,099
Total revenues - unaffiliated customers	55,298		5,845		963		8,659		—		15,467		—		70,765
Total revenues - affiliated customers	—		7,221		1,921		13,792		(478)		22,456		(22,456)		—
Investment and other income	176		234		73		73		—		380		—		556
Total revenues	$	55,474	$	13,300	$	2,957	$	22,524	$	(478)	$	38,303	$	(22,456)	$	71,321
Earnings from operations	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	—	$	5,978
Interest expense	—		—		—		—		—		—		(410)		(410)
Earnings before income taxes	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	(410)	$	5,568
Three Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	47,039	$	2,355	$	—	$	—	$	—	$	2,355	$	—	$	49,394
Products	—		7		27		8,213		—		8,247		—		8,247
Services	1,895		1,225		764		272		—		2,261		—		4,156
Total revenues - unaffiliated customers	48,934		3,587		791		8,485		—		12,863		—		61,797
Total revenues - affiliated customers	—		5,423		1,823		12,865		(447)		19,664		(19,664)		—
Investment and other income	173		129		18		21		—		168		—		341
Total revenues	$	49,107	$	9,139	$	2,632	$	21,371	$	(447)	$	32,695	$	(19,664)	$	62,138
Earnings from operations	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	—	$	9,241
Interest expense	—		—		—		—		—		—		(430)		(430)
Earnings before income taxes	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	(430)	$	8,811

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Six Months Ended June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	105,416	$	6,303	$	—	$	—	$	—	$	6,303	$	—	$	111,719
Products	—		17		70		16,686		—		16,773		—		16,773
Services	4,790		4,797		1,891		539		—		7,227		—		12,017
Total revenues - unaffiliated customers	110,206		11,117		1,961		17,225		—		30,303		—		140,509
Total revenues - affiliated customers	—		14,173		3,742		26,796		(953)		43,758		(43,758)		—
Investment and other income	382		413		106		107		—		626		—		1,008
Total revenues	$	110,588	$	25,703	$	5,809	$	44,128	$	(953)	$	74,687	$	(43,758)	$	141,517
Earnings from operations	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	—	$	12,717
Interest expense	—		—		—		—		—		—		(807)		(807)
Earnings before income taxes	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	(807)	$	11,910
Six Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	95,632	$	4,402	$	—	$	—	$	—	$	4,402	$	—	$	100,034
Products	—		16		56		16,606		—		16,678		—		16,678
Services	4,173		2,773		1,655		540		—		4,968		—		9,141
Total revenues - unaffiliated customers	99,805		7,191		1,711		17,146		—		26,048		—		125,853
Total revenues - affiliated customers	—		10,875		3,385		25,741		(851)		39,150		(39,150)		—
Investment and other income	370		265		30		41		—		336		—		706
Total revenues	$	100,175	$	18,331	$	5,126	$	42,928	$	(851)	$	65,534	$	(39,150)	$	126,559
Earnings from operations	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	—	$	14,237
Interest expense	—		—		—		—		—		—		(867)		(867)
Earnings before income taxes	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	(867)	$	13,370

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Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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” 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)	6 Months Ended
	Jun. 30, 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 June 30, 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)

6 Months Ended

Jun. 30, 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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,526	$	88	$	(17)	$	3,597
State and municipal obligations	7,044		386		(7)		7,423
Corporate obligations	21,116		628		(57)		21,687
U.S. agency mortgage-backed securities	6,596		167		(30)		6,733
Non-U.S. agency mortgage-backed securities	2,623		72		(10)		2,685
Total debt securities - available-for-sale	40,905		1,341		(121)		42,125
Debt securities - held-to-maturity:
U.S. government and agency obligations	412		4		—		416
State and municipal obligations	30		2		—		32
Corporate obligations	148		—		(1)		147
Total debt securities - held-to-maturity	590		6		(1)		595
Total debt securities	$	41,495	$	1,347	$	(122)	$	42,720
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 June 30, 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	$	2,808	$	2,822	$	309	$	310
Due after one year through five years	13,088		13,460		231		233
Due after five years through ten years	11,550		12,000		28		29
Due after ten years	4,240		4,425		22		23
U.S. agency mortgage-backed securities	6,596		6,733		—		—
Non-U.S. agency mortgage-backed securities	2,623		2,685		—		—
Total debt securities	$	40,905	$	42,125	$	590	$	595

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
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,201	$	(17)	$	—	$	—	$	1,201	$	(17)
State and municipal obligations	777		(7)		—		—		777		(7)
Corporate obligations	4,679		(56)		229		(1)		4,908		(57)
U.S. agency mortgage-backed securities	2,668		(30)		—		—		2,668		(30)
Non-U.S. agency mortgage-backed securities	713		(8)		42		(2)		755		(10)
Total debt securities - available-for-sale	$	10,038	$	(118)	$	271	$	(3)	$	10,309	$	(121)
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)

6 Months Ended

Jun. 30, 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
June 30, 2021
Cash and cash equivalents	$	19,703		$	129		$	—		$	19,832
Debt securities - available-for-sale:
U.S. government and agency obligations	3,379			218			—			3,597
State and municipal obligations	—			7,423			—			7,423
Corporate obligations	40			21,416			231			21,687
U.S. agency mortgage-backed securities	—			6,733			—			6,733
Non-U.S. agency mortgage-backed securities	—			2,685			—			2,685
Total debt securities - available-for-sale	3,419			38,475			231			42,125
Equity securities	1,917			20			—			1,937
Assets under management	1,803			2,292			103			4,198
Total assets at fair value	$	26,842		$	40,916		$	334		$	68,092
Percentage of total assets at fair value	39		%	60		%	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
June 30, 2021
Debt securities - held-to-maturity	$	494	$	93	$	8	$	595	$	590
Long-term debt and other financing obligations	$	—	$	54,023	$	—	$	54,023	$	47,091
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)

6 Months Ended

Jun. 30, 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 six months ended June 30:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	46		41
Reported medical costs:
Current year	92,570		76,338
Prior years	(1,120)		(660)
Total reported medical costs	91,450		75,678
Medical payments:
Payments for current year	(69,808)		(59,482)
Payments for prior years	(18,429)		(18,727)
Total medical payments	(88,237)		(78,209)
Medical costs payable, end of period	$	25,131	$	19,200

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

6 Months Ended

Jun. 30, 2021

Debt Instrument [Line Items]

Long-Term Debt [Table Text Block]

In May 2021, the Company issued $7.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages)	Par Value
0.550% notes due May 2024	$	1,000
1.150% notes due May 2026	1,000
2.300% notes due May 2031	1,500
3.050% notes due May 2041	1,500
3.250% notes due May 2051	2,000

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Dividends (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Dividends Declared

The following table provides details of the Company’s 2021 dividend payments:

Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 23	$	1.25	$	1,181
June 29	$	1.45	$	1,367

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Segment Financial Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	52,858	$	3,375	$	—	$	—	$	—	$	3,375	$	—	$	56,233
Products	—		9		33		8,391		—		8,433		—		8,433
Services	2,440		2,461		930		268		—		3,659		—		6,099
Total revenues - unaffiliated customers	55,298		5,845		963		8,659		—		15,467		—		70,765
Total revenues - affiliated customers	—		7,221		1,921		13,792		(478)		22,456		(22,456)		—
Investment and other income	176		234		73		73		—		380		—		556
Total revenues	$	55,474	$	13,300	$	2,957	$	22,524	$	(478)	$	38,303	$	(22,456)	$	71,321
Earnings from operations	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	—	$	5,978
Interest expense	—		—		—		—		—		—		(410)		(410)
Earnings before income taxes	$	3,095	$	1,128	$	762	$	993	$	—	$	2,883	$	(410)	$	5,568
Three Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	47,039	$	2,355	$	—	$	—	$	—	$	2,355	$	—	$	49,394
Products	—		7		27		8,213		—		8,247		—		8,247
Services	1,895		1,225		764		272		—		2,261		—		4,156
Total revenues - unaffiliated customers	48,934		3,587		791		8,485		—		12,863		—		61,797
Total revenues - affiliated customers	—		5,423		1,823		12,865		(447)		19,664		(19,664)		—
Investment and other income	173		129		18		21		—		168		—		341
Total revenues	$	49,107	$	9,139	$	2,632	$	21,371	$	(447)	$	32,695	$	(19,664)	$	62,138
Earnings from operations	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	—	$	9,241
Interest expense	—		—		—		—		—		—		(430)		(430)
Earnings before income taxes	$	7,007	$	841	$	561	$	832	$	—	$	2,234	$	(430)	$	8,811

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Six Months Ended June 30, 2021
Revenues - unaffiliated customers:
Premiums	$	105,416	$	6,303	$	—	$	—	$	—	$	6,303	$	—	$	111,719
Products	—		17		70		16,686		—		16,773		—		16,773
Services	4,790		4,797		1,891		539		—		7,227		—		12,017
Total revenues - unaffiliated customers	110,206		11,117		1,961		17,225		—		30,303		—		140,509
Total revenues - affiliated customers	—		14,173		3,742		26,796		(953)		43,758		(43,758)		—
Investment and other income	382		413		106		107		—		626		—		1,008
Total revenues	$	110,588	$	25,703	$	5,809	$	44,128	$	(953)	$	74,687	$	(43,758)	$	141,517
Earnings from operations	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	—	$	12,717
Interest expense	—		—		—		—		—		—		(807)		(807)
Earnings before income taxes	$	7,203	$	2,090	$	1,541	$	1,883	$	—	$	5,514	$	(807)	$	11,910
Six Months Ended June 30, 2020
Revenues - unaffiliated customers:
Premiums	$	95,632	$	4,402	$	—	$	—	$	—	$	4,402	$	—	$	100,034
Products	—		16		56		16,606		—		16,678		—		16,678
Services	4,173		2,773		1,655		540		—		4,968		—		9,141
Total revenues - unaffiliated customers	99,805		7,191		1,711		17,146		—		26,048		—		125,853
Total revenues - affiliated customers	—		10,875		3,385		25,741		(851)		39,150		(39,150)		—
Investment and other income	370		265		30		41		—		336		—		706
Total revenues	$	100,175	$	18,331	$	5,126	$	42,928	$	(851)	$	65,534	$	(39,150)	$	126,559
Earnings from operations	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	—	$	14,237
Interest expense	—		—		—		—		—		—		(867)		(867)
Earnings before income taxes	$	9,895	$	1,553	$	1,097	$	1,692	$	—	$	4,342	$	(867)	$	13,370

XML

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 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.

XML

Investments (Narrative) (Details) $ in Millions	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments [Abstract]
Equity Securities, FV-NI	$ 2,800	$ 2,300
Equity Method Investments	$ 1,300	$ 1,300
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	6,500
Total number of security positions	38,000

XML

Investments (Short-Term and Long-Term Investments) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 40,905	$ 38,079
Securities, Available for sale Debt Securities, Gross Unrealized Gains	1,341	1,771
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(121)	(22)
Debt Securities, Available-for-sale	42,125	39,828
Held-to-maturity securities, Amortized Cost	590	638
Securities, Held to maturity, Unrecognized Holding Gain	6	9
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(1)	0
Debt Securities, Held-to-maturity, Fair Value	595	647
Total debt securities, Amortized Cost	41,495	38,717
Total debt securities, Gross Unrealized Gains	1,347	1,780
Total debt securities, Gross Unrealized Losses	(122)	(22)
Debt securities, Fair Value Disclosure	42,720	40,475
Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale	42,125	39,828
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	3,526	3,335
Securities, Available for sale Debt Securities, Gross Unrealized Gains	88	133
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(17)	(3)
Debt Securities, Available-for-sale	3,597	3,465
Held-to-maturity securities, Amortized Cost	412	420
Securities, Held to maturity, Unrecognized Holding Gain	4	6
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	416	426
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	7,044	6,893
Securities, Available for sale Debt Securities, Gross Unrealized Gains	386	435
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(7)	0
Debt Securities, Available-for-sale	7,423	7,328
Held-to-maturity securities, Amortized Cost	30	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	32	33
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	21,116	18,886
Securities, Available for sale Debt Securities, Gross Unrealized Gains	628	863
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(57)	(12)
Debt Securities, Available-for-sale	21,687	19,737
Held-to-maturity securities, Amortized Cost	148	187
Securities, Held to maturity, Unrecognized Holding Gain	0	1
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(1)	0
Debt Securities, Held-to-maturity, Fair Value	147	188
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	6,596	6,849
Securities, Available for sale Debt Securities, Gross Unrealized Gains	167	245
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(30)	(3)
Debt Securities, Available-for-sale	6,733	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,623	2,116
Securities, Available for sale Debt Securities, Gross Unrealized Gains	72	95
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(10)	(4)
Debt Securities, Available-for-sale	$ 2,685	$ 2,207

XML

Investments (Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Due in one year or less, Amortized Cost	$ 2,808
Due after one year through five years, Amortized Cost	13,088
Due after five years through ten years, Amortized Cost	11,550
Due after ten years, Amortized Cost	4,240
Total debt securities - available-for-sale, Amortized Cost	40,905	$ 38,079
Due in one year or less, Fair Value	2,822
Due after one year through five years, Fair Value	13,460
Due after five years through ten years, Fair Value	12,000
Due after ten years, Fair Value	4,425
Debt Securities, Available-for-sale	42,125	39,828
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	309
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	231
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	28
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	22
Debt Securities, Held-to-maturity	590	638
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value	310
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	233
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	29
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	23
Debt Securities, Held-to-maturity, Fair Value	595	647
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	6,596
Total debt securities - available-for-sale, Amortized Cost	6,596	6,849
Mortgage-backed securities, Fair Value	6,733
Debt Securities, Available-for-sale	6,733	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	2,623
Total debt securities - available-for-sale, Amortized Cost	2,623	2,116
Mortgage-backed securities, Fair Value	2,685
Debt Securities, Available-for-sale	$ 2,685	$ 2,207

XML

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	Jun. 30, 2021	Dec. 31, 2020
Debt Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	$ 10,038	$ 2,415
Less Than 12 Months, Gross Unrealized Losses	(118)	(16)
Greater Than 12 Months, Fair Value	271	549
Greater Than 12 Months, Gross Unrealized Losses	(3)	(6)
Total, Fair Value	10,309	2,964
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(121)	(22)
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	1,201	346
Less Than 12 Months, Gross Unrealized Losses	(17)	(3)
Greater Than 12 Months, Fair Value	0	0
Greater Than 12 Months, Gross Unrealized Losses	0	0
Total, Fair Value	1,201	346
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(17)	(3)
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	777
Less Than 12 Months, Gross Unrealized Losses	(7)
Greater Than 12 Months, Fair Value	0
Greater Than 12 Months, Gross Unrealized Losses	0
Total, Fair Value	777
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(7)
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	4,679	1,273
Less Than 12 Months, Gross Unrealized Losses	(56)	(9)
Greater Than 12 Months, Fair Value	229	456
Greater Than 12 Months, Gross Unrealized Losses	(1)	(3)
Total, Fair Value	4,908	1,729
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(57)	(12)
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	2,668	601
Less Than 12 Months, Gross Unrealized Losses	(30)	(3)
Greater Than 12 Months, Fair Value	0	0
Greater Than 12 Months, Gross Unrealized Losses	0	0
Total, Fair Value	2,668	601
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(30)	(3)
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	713	195
Less Than 12 Months, Gross Unrealized Losses	(8)	(1)
Greater Than 12 Months, Fair Value	42	93
Greater Than 12 Months, Gross Unrealized Losses	(2)	(3)
Total, Fair Value	755	288
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (10)	$ (4)

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Fair Value (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 19,832	$ 16,921
Debt Securities, Available-for-sale	42,125	39,828
Equity Securities, Fair Value	1,937	1,828
Assets under management	4,198	4,076
Assets, Fair Value Disclosure	68,092	62,653
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	42,125	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	3,597	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	7,423	7,328
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	21,687	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	6,733	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	2,685	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	19,703	16,841
Equity Securities, Fair Value	1,917	1,795
Assets under management	1,803	1,774
Assets, Fair Value Disclosure	26,842	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	3,419	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	3,379	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	40	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	129	80
Equity Securities, Fair Value	20	33
Assets under management	2,292	2,250
Assets, Fair Value Disclosure	40,916	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	38,475	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	218	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	7,423	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	21,416	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	6,733	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	2,685	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	103	52
Assets, Fair Value Disclosure	334	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	231	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	231	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	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	$ 595	$ 647
Debt Securities, Held-to-maturity	590	638
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Held-to-maturity, Fair Value	595	647
Debt and other financing obligations	54,023	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	494	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	93	108
Debt and other financing obligations	54,023	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	8	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	$ 47,091	$ 42,171

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Medical Costs Payable (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2021	Dec. 31, 2020
Insurance [Abstract]
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	$ 16.9	$ 14.8

XML

Medical Costs Payable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	46	41
Reported medical costs:
Current year	92,570	76,338
Prior year	(1,120)	(660)
Total reported medical costs	91,450	75,678
Medical payments:
Payments for current year	(69,808)	(59,482)
Payments for prior years	(18,429)	(18,727)
Total medical payments	(88,237)	(78,209)
Medical costs payable, end of period	$ 25,131	$ 19,200

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Short-Term Borrowings and Long-Term Debt (Details) $ in Millions	May 31, 2021 USD ($)
Senior Notes
Debt Instrument [Line Items]
Par Value	$ 7,000
0.550% notes due May 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.55%
Par Value	$ 1,000
1.150% notes due May 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.15%
Par Value	$ 1,000
2.300% notes due May 2031
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.30%
Par Value	$ 1,500
3.050% notes due May 2041
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.05%
Par Value	$ 1,500
3.250% notes due May 2051
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Par Value	$ 2,000

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Dividends (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jun. 29, 2021	Mar. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.45	$ 1.25	$ 1.45	$ 1.25	$ 2.70	$ 2.33
Payments of Ordinary Dividends, Common Stock	$ 1,367	$ 1,181			$ 2,548	$ 2,212

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Commitments and Contingencies Narrative (Details) $ in Billions	6 Months Ended
	Jun. 30, 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), subject to regulatory approvals and other customary closing conditions.
Payments To Be Made To Acquire Businesses	$ 9

XML

Segment Financial Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021 reportableSegments
Statement [Line Items]
Number of Reportable Segments	4

XML

Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement [Line Items]
Premiums, revenues - unaffiliated customers	$ 56,233	$ 49,394	$ 111,719	$ 100,034
Investment and other income	556	341	1,008	706
Total revenues	71,321	62,138	141,517	126,559
Earnings from operations	5,978	9,241	12,717	14,237
Interest expense	(410)	(430)	(807)	(867)
Earnings before income taxes	5,568	8,811	11,910	13,370
Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,433	8,247	16,773	16,678
Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	6,099	4,156	12,017	9,141
Optum
Statement [Line Items]
Investment and other income	380	168	626	336
Total revenues	38,303	32,695	74,687	65,534
Earnings from operations	2,883	2,234	5,514	4,342
Interest expense	0	0	0	0
Earnings before income taxes	2,883	2,234	5,514	4,342
Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	56,233	49,394	111,719	100,034
Total revenues	70,765	61,797	140,509	125,853
Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,433	8,247	16,773	16,678
Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	6,099	4,156	12,017	9,141
Unaffiliated Customers | Optum
Statement [Line Items]
Premiums, revenues - unaffiliated customers	3,375	2,355	6,303	4,402
Total revenues	15,467	12,863	30,303	26,048
Unaffiliated Customers | Optum | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,433	8,247	16,773	16,678
Unaffiliated Customers | Optum | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	3,659	2,261	7,227	4,968
Affiliated Customers
Statement [Line Items]
Total revenues	0	0	0	0
Affiliated Customers | Optum
Statement [Line Items]
Total revenues	22,456	19,664	43,758	39,150
Operating Segments | UnitedHealthcare
Statement [Line Items]
Investment and other income	176	173	382	370
Total revenues	55,474	49,107	110,588	100,175
Earnings from operations	3,095	7,007	7,203	9,895
Interest expense	0	0	0	0
Earnings before income taxes	3,095	7,007	7,203	9,895
Operating Segments | OptumHealth
Statement [Line Items]
Investment and other income	234	129	413	265
Total revenues	13,300	9,139	25,703	18,331
Earnings from operations	1,128	841	2,090	1,553
Interest expense	0	0	0	0
Earnings before income taxes	1,128	841	2,090	1,553
Operating Segments | OptumInsight
Statement [Line Items]
Investment and other income	73	18	106	30
Total revenues	2,957	2,632	5,809	5,126
Earnings from operations	762	561	1,541	1,097
Interest expense	0	0	0	0
Earnings before income taxes	762	561	1,541	1,097
Operating Segments | OptumRx
Statement [Line Items]
Investment and other income	73	21	107	41
Total revenues	22,524	21,371	44,128	42,928
Earnings from operations	993	832	1,883	1,692
Interest expense	0	0	0	0
Earnings before income taxes	993	832	1,883	1,692
Operating Segments | Unaffiliated Customers | UnitedHealthcare
Statement [Line Items]
Premiums, revenues - unaffiliated customers	52,858	47,039	105,416	95,632
Total revenues	55,298	48,934	110,206	99,805
Operating Segments | Unaffiliated Customers | UnitedHealthcare | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0	0	0
Operating Segments | Unaffiliated Customers | UnitedHealthcare | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	2,440	1,895	4,790	4,173
Operating Segments | Unaffiliated Customers | OptumHealth
Statement [Line Items]
Premiums, revenues - unaffiliated customers	3,375	2,355	6,303	4,402
Total revenues	5,845	3,587	11,117	7,191
Operating Segments | Unaffiliated Customers | OptumHealth | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	9	7	17	16
Operating Segments | Unaffiliated Customers | OptumHealth | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	2,461	1,225	4,797	2,773
Operating Segments | Unaffiliated Customers | OptumInsight
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	963	791	1,961	1,711
Operating Segments | Unaffiliated Customers | OptumInsight | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	33	27	70	56
Operating Segments | Unaffiliated Customers | OptumInsight | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	930	764	1,891	1,655
Operating Segments | Unaffiliated Customers | OptumRx
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	8,659	8,485	17,225	17,146
Operating Segments | Unaffiliated Customers | OptumRx | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,391	8,213	16,686	16,606
Operating Segments | Unaffiliated Customers | OptumRx | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	268	272	539	540
Operating Segments | Affiliated Customers | UnitedHealthcare
Statement [Line Items]
Total revenues	0	0	0	0
Operating Segments | Affiliated Customers | OptumHealth
Statement [Line Items]
Total revenues	7,221	5,423	14,173	10,875
Operating Segments | Affiliated Customers | OptumInsight
Statement [Line Items]
Total revenues	1,921	1,823	3,742	3,385
Operating Segments | Affiliated Customers | OptumRx
Statement [Line Items]
Total revenues	13,792	12,865	26,796	25,741
Optum Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(478)	(447)	(953)	(851)
Earnings from operations	0	0	0	0
Interest expense	0	0	0	0
Earnings before income taxes	0	0	0	0
Optum Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	0	0	0	0
Optum Eliminations | Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0	0	0
Optum Eliminations | Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0	0	0
Optum Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	(478)	(447)	(953)	(851)
Corporate and Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(22,456)	(19,664)	(43,758)	(39,150)
Earnings from operations	0	0	0	0
Interest expense	(410)	(430)	(807)	(867)
Earnings before income taxes	(410)	(430)	(807)	(867)
Corporate and Eliminations | Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	0	0	0	0
Corporate and Eliminations | Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0	0	0
Corporate and Eliminations | Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	0	0	0	0
Corporate and Eliminations | Affiliated Customers
Statement [Line Items]
Total revenues	$ (22,456)	$ (19,664)	$ (43,758)	$ (39,150)