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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO _______
Commission File Number: 1-10864
__________________________________________________________ 
unh-20210630_g1.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware 41-1321939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
UnitedHealth Group Center 55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices) (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of July 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
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 investments2,729 2,860 
Accounts receivable, net14,587 12,870 
Other current receivables, net12,630 12,534 
Assets under management4,198 4,076 
Prepaid expenses and other current assets4,940 4,457 
Total current assets58,916 53,718 
Long-term investments44,061 41,242 
Property, equipment and capitalized software, net
8,735 8,626 
Goodwill75,827 71,337 
Other intangible assets, net10,806 10,856 
Other assets11,947 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 liabilities23,013 22,495 
Short-term borrowings and current maturities of long-term debt3,868 4,819 
Unearned revenues2,365 2,842 
Other current liabilities22,180 20,392 
Total current liabilities76,557 72,420 
Long-term debt, less current maturities44,348 38,648 
Deferred income taxes3,641 3,367 
Other liabilities12,425 12,315 
Total liabilities136,971 126,750 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests1,299 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 earnings73,090 69,295 
Accumulated other comprehensive loss(4,086)(3,814)
Nonredeemable noncontrolling interests
3,008 2,837 
Total equity72,022 68,328 
Total liabilities, redeemable noncontrolling interests and equity$210,292 $197,289 
See Notes to the Condensed Consolidated Financial Statements
1

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)2021202020212020
Revenues:
Premiums$56,233 $49,394 $111,719 $100,034 
Products8,433 8,247 16,773 16,678 
Services6,099 4,156 12,017 9,141 
Investment and other income556 341 1,008 706 
Total revenues71,321 62,138 141,517 126,559 
Operating costs:
Medical costs46,546 34,678 91,450 75,678 
Operating costs10,359 10,001 20,582 20,016 
Cost of products sold7,660 7,501 15,232 15,188 
Depreciation and amortization778 717 1,536 1,440 
Total operating costs65,343 52,897 128,800 112,322 
Earnings from operations5,978 9,241 12,717 14,237 
Interest expense(410)(430)(807)(867)
Earnings before income taxes5,568 8,811 11,910 13,370 
Provision for income taxes(1,196)(2,115)(2,560)(3,209)
Net earnings4,372 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 outstanding944 949 945 949 
Dilutive effect of common share equivalents12 11 11 12 
Diluted weighted-average number of common shares outstanding956 960 956 961 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents1 11 2 11 
See Notes to the Condensed Consolidated Financial Statements
2

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Net earnings$4,372 $6,696 $9,350 $10,161 
Other comprehensive income (loss):
Gross unrealized gains (losses) on investment securities during the period251 1,120 (513)771 
Income tax effect(58)(257)116 (177)
Total unrealized gains (losses), net of tax193 863 (397)594 
Gross reclassification adjustment for net realized gains included in net earnings(9)(11)(16)(29)
Income tax effect2 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 income5,112 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
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UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended June 30,
(in millions)
SharesAmountNet Unrealized Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at March 31, 2021944 $10 $ $71,220 $741 $(5,567)$2,909 $69,313 
Net earnings
4,266 88 4,354 
Other comprehensive income186 554 740 
Issuances of common stock, and related tax effects
2  292 292 
Share-based compensation
158 158 
Common share repurchases(3) (221)(1,029)(1,250)
Cash dividends paid on common shares ($1.45 per share)
(1,367)(1,367)
Redeemable noncontrolling interests fair value and other adjustments
(229) (229)
Acquisition and other adjustments of nonredeemable noncontrolling interests
85 85 
Distribution to nonredeemable noncontrolling interests
(74)(74)
Balance at June 30, 2021943 $10 $ $73,090 $927 $(5,013)$3,008 $72,022 
Balance at March 31, 2020947 $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, 2020950 $10 $388 $67,776 $1,161 $(5,711)$2,891 $66,515 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Six months ended June 30,
(in millions)
SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2021946 $10 $ $69,295 $1,336 $(5,150)$2,837 $68,328 
Net earnings
9,128 168 9,296 
Other comprehensive (loss) income(409)137 (272)
Issuances of common stock, and related tax effects
5  548 548 
Share-based compensation
400 400 
Common share repurchases(8) (221)(2,679)(2,900)
Cash dividends paid on common shares ($2.70 per share)
(2,548)(2,548)
Redeemable noncontrolling interests fair value and other adjustments
(727)(106)(833)
Acquisition and other adjustments of nonredeemable noncontrolling interests
151 151 
Distribution to nonredeemable noncontrolling interests
(148)(148)
Balance at June 30, 2021943 $10 $ $73,090 $927 $(5,013)$3,008 $72,022 
Balance at January 1, 2020948 $9 $7 $61,178 $589 $(4,167)$2,820 $60,436 
Adjustment to Adopt ASU 2016-13(28)(28)
Net earnings
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 interests50 50 
Distribution to nonredeemable noncontrolling interests
(76)(76)
Balance at June 30, 2020950 $10 $388 $67,776 $1,161 $(5,711)$2,891 $66,515 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended
June 30,
(in millions)20212020
Operating activities
Net earnings$9,350 $10,161 
Noncash items:
Depreciation and amortization1,536 1,440 
Deferred income taxes327 114 
Share-based compensation426 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 payable3,086 (2,353)
Accounts payable and other liabilities298 7,591 
Unearned revenues(523)(296)
Cash flows from operating activities11,545 12,946 
Investing activities
Purchases of investments(8,847)(6,412)
Sales of investments1,408 3,548 
Maturities of investments4,650 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 issuances764 870 
Repayments of long-term debt(1,900) 
(Repayments of) proceeds from short-term borrowings, net(176)351 
Proceeds from issuance of long-term debt6,934 4,864 
Customer funds administered2,395 1,263 
Purchases of redeemable noncontrolling interests(1,338) 
Other, net(662)(421)
Cash flows from financing activities569 3,024 
Effect of exchange rate changes on cash and cash equivalents6 (143)
Increase in cash and cash equivalents2,911 11,342 
Cash and cash equivalents, beginning of period16,921 10,985 
Cash and cash equivalents, end of period$19,832 $22,327 
See Notes to the Condensed Consolidated Financial Statements
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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.
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2.    Investments
A summary of debt securities by major security type is as follows:
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations$3,526 $88 $(17)$3,597 
State and municipal obligations7,044 386 (7)7,423 
Corporate obligations21,116 628 (57)21,687 
U.S. agency mortgage-backed securities6,596 167 (30)6,733 
Non-U.S. agency mortgage-backed securities2,623 72 (10)2,685 
Total debt securities - available-for-sale40,905 1,341 (121)42,125 
Debt securities - held-to-maturity:
U.S. government and agency obligations412 4  416 
State and municipal obligations30 2  32 
Corporate obligations148  (1)147 
Total debt securities - held-to-maturity590 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 obligations6,893 435  7,328 
Corporate obligations18,886 863 (12)19,737 
U.S. agency mortgage-backed securities6,849 245 (3)7,091 
Non-U.S. agency mortgage-backed securities2,116 95 (4)2,207 
Total debt securities - available-for-sale38,079 1,771 (22)39,828 
Debt securities - held-to-maturity:
U.S. government and agency obligations420 6  426 
State and municipal obligations31 2  33 
Corporate obligations187 1  188 
Total debt securities - held-to-maturity638 9  647 
Total debt securities$38,717 $1,780 $(22)$40,475 
The Company held $2.8 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.
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The amortized cost and fair value of debt securities as of June 30, 2021, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$2,808 $2,822 $309 $310 
Due after one year through five years13,088 13,460 231 233 
Due after five years through ten years11,550 12,000 28 29 
Due after ten years4,240 4,425 22 23 
U.S. agency mortgage-backed securities6,596 6,733 — — 
Non-U.S. agency mortgage-backed securities2,623 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 Months12 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 obligations777 (7)  777 (7)
Corporate obligations4,679 (56)229 (1)4,908 (57)
U.S. agency mortgage-backed securities2,668 (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