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 September 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 October 29, 2021, there were 941,851,250 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.

UNITEDHEALTH GROUP

Table of Contents

			Page
Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020		1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2021 and 2020		4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)	September 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	21,085	$	16,921
Short-term investments	2,786		2,860
Accounts receivable, net	14,152		12,870
Other current receivables, net	14,080		12,534
Assets under management	4,304		4,076
Prepaid expenses and other current assets	5,203		4,457
Total current assets	61,610		53,718
Long-term investments	44,777		41,242
Property, equipment and capitalized software, net	8,730		8,626
Goodwill	75,435		71,337
Other intangible assets, net	10,436		10,856
Other assets	12,057		11,510
Total assets	$	213,045	$	197,289
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	25,918	$	21,872
Accounts payable and accrued liabilities	24,292		22,495
Short-term borrowings and current maturities of long-term debt	3,620		4,819
Unearned revenues	2,556		2,842
Other current liabilities	23,189		20,392
Total current liabilities	79,575		72,420
Long-term debt, less current maturities	43,345		38,648
Deferred income taxes	3,649		3,367
Other liabilities	11,844		12,315
Total liabilities	138,413		126,750
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,373		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; 942 and 946 issued and outstanding	10		10
Additional paid-in capital	—		—
Retained earnings	75,124		69,295
Accumulated other comprehensive loss	(4,856)		(3,814)
Nonredeemable noncontrolling interests	2,981		2,837
Total equity	73,259		68,328
Total liabilities, redeemable noncontrolling interests and equity	$	213,045	$	197,289

See Notes to the Condensed Consolidated Financial Statements

1

UnitedHealth Group

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2021		2020		2021		2020
Revenues:
Premiums	$	56,967	$	50,863	$	168,686	$	150,897
Products	8,703		8,777		25,476		25,455
Services	6,164		5,124		18,181		14,265
Investment and other income	503		351		1,511		1,057
Total revenues	72,337		65,115		213,854		191,674
Operating costs:
Medical costs	47,302		41,636		138,752		117,314
Operating costs	10,725		10,174		31,307		30,190
Cost of products sold	7,802		7,935		23,034		23,123
Depreciation and amortization	796		719		2,332		2,159
Total operating costs	66,625		60,464		195,425		172,786
Earnings from operations	5,712		4,651		18,429		18,888
Interest expense	(422)		(395)		(1,229)		(1,262)
Earnings before income taxes	5,290		4,256		17,200		17,626
Provision for income taxes	(1,099)		(1,000)		(3,659)		(4,209)
Net earnings	4,191		3,256		13,541		13,417
Earnings attributable to noncontrolling interests	(105)		(84)		(327)		(226)
Net earnings attributable to UnitedHealth Group common shareholders	$	4,086	$	3,172	$	13,214	$	13,191
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	4.33	$	3.34	$	14.00	$	13.90
Diluted	$	4.28	$	3.30	$	13.82	$	13.73
Basic weighted-average number of common shares outstanding	943		950		944		949
Dilutive effect of common share equivalents	12		12		12		12
Diluted weighted-average number of common shares outstanding	955		962		956		961
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	1		6		2		9

See Notes to the Condensed Consolidated Financial Statements

2

UnitedHealth Group

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Net earnings	$	4,191	$	3,256	$	13,541	$	13,417
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(192)		148		(705)		919
Income tax effect	59		(37)		175		(214)
Total unrealized (losses) gains, net of tax	(133)		111		(530)		705
Gross reclassification adjustment for net realized gains included in net earnings	(20)		(21)		(36)		(50)
Income tax effect	4		5		8		12
Total reclassification adjustment, net of tax	(16)		(16)		(28)		(38)
Total foreign currency translation losses	(621)		(39)		(484)		(1,583)
Other comprehensive (loss) income	(770)		56		(1,042)		(916)
Comprehensive income	3,421		3,312		12,499		12,501
Comprehensive income attributable to noncontrolling interests	(105)		(84)		(327)		(226)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	3,316	$	3,228	$	12,172	$	12,275

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 September 30, (in millions)	Shares	Amount						Net Unrealized Gains (Losses) on Investments		Foreign Currency Translation Losses
Balance at June 30, 2021	943	$	10	$	—	$	73,090	$	927	$	(5,013)	$	3,008	$	72,022
Net earnings						4,086						86		4,172
Other comprehensive loss								(149)		(621)				(770)
Issuances of common stock, and related tax effects	1	—		291										291
Share-based compensation				159										159
Common share repurchases	(2)	—		(365)		(685)								(1,050)
Cash dividends paid on common shares ($1.45 per share)						(1,367)								(1,367)
Redeemable noncontrolling interests fair value and other adjustments				(85)										(85)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(26)		(26)
Distribution to nonredeemable noncontrolling interests												(87)		(87)
Balance at September 30, 2021	942	$	10	$	—	$	75,124	$	778	$	(5,634)	$	2,981	$	73,259
Balance at June 30, 2020	950	$	10	$	388	$	67,776	$	1,161	$	(5,711)	$	2,891	$	66,515
Net earnings						3,172						62		3,234
Other comprehensive income (loss)								95		(39)				56
Issuances of common stock, and related tax effects	2	—		321										321
Share-based compensation				131										131
Common share repurchases	(3)	—		(805)		(45)								(850)
Cash dividends paid on common shares ($1.25 per share)						(1,188)								(1,188)
Redeemable noncontrolling interests fair value and other adjustments				(35)										(35)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(8)		(8)
Distribution to nonredeemable noncontrolling interests												(72)		(72)
Balance at September 30, 2020	949	$	10	$	—	$	69,715	$	1,256	$	(5,750)	$	2,873	$	68,104

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
Nine months ended September 30, (in millions)	Shares	Amount						Net Unrealized Gains (Losses) on Investments		Foreign Currency Translation Losses
Balance at January 1, 2021	946	$	10	$	—	$	69,295	$	1,336	$	(5,150)	$	2,837	$	68,328
Net earnings						13,214						254		13,468
Other comprehensive loss								(558)		(484)				(1,042)
Issuances of common stock, and related tax effects	6	—		839										839
Share-based compensation				559										559
Common share repurchases	(10)	—		(586)		(3,364)								(3,950)
Cash dividends paid on common shares ($4.15 per share)						(3,915)								(3,915)
Redeemable noncontrolling interests fair value and other adjustments				(812)		(106)								(918)
Acquisition and other adjustments of nonredeemable noncontrolling interests												125		125
Distribution to nonredeemable noncontrolling interests												(235)		(235)
Balance at September 30, 2021	942	$	10	$	—	$	75,124	$	778	$	(5,634)	$	2,981	$	73,259
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						13,191						159		13,350
Other comprehensive income (loss)								667		(1,583)				(916)
Issuances of common stock, and related tax effects	10	1		928										929
Share-based compensation				509										509
Common share repurchases	(9)	—		(1,315)		(1,226)								(2,541)
Cash dividends paid on common shares ($3.58 per share)						(3,400)								(3,400)
Redeemable noncontrolling interests fair value and other adjustments				(129)										(129)
Acquisitions and other adjustments of nonredeemable noncontrolling interests												42		42
Distribution to nonredeemable noncontrolling interests												(148)		(148)
Balance at September 30, 2020	949	$	10	$	—	$	69,715	$	1,256	$	(5,750)	$	2,873	$	68,104

See Notes to the Condensed Consolidated Financial Statements

5

UnitedHealth Group

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30,
(in millions)	2021		2020
Operating activities
Net earnings	$	13,541	$	13,417
Noncash items:
Depreciation and amortization	2,332		2,159
Deferred income taxes	373		119
Share-based compensation	591		527
Other, net	(195)		48
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(847)		(194)
Other assets	(1,435)		(2,697)
Medical costs payable	3,925		(615)
Accounts payable and other liabilities	1,171		3,441
Unearned revenues	(331)		(132)
Cash flows from operating activities	19,125		16,073
Investing activities
Purchases of investments	(12,827)		(11,570)
Sales of investments	2,569		4,887
Maturities of investments	6,556		5,297
Cash paid for acquisitions, net of cash assumed	(4,727)		(4,326)
Purchases of property, equipment and capitalized software	(1,759)		(1,477)
Other, net	(900)		(165)
Cash flows used for investing activities	(11,088)		(7,354)
Financing activities
Common share repurchases	(3,950)		(2,541)
Cash dividends paid	(3,915)		(3,400)
Proceeds from common stock issuances	1,077		1,206
Repayments of long-term debt	(1,900)		(1,500)
Repayments of short-term borrowings, net	(1,301)		(423)
Proceeds from issuance of long-term debt	6,934		4,864
Customer funds administered	1,402		249
Purchases of redeemable noncontrolling interests	(1,338)		—
Other, net	(837)		(449)
Cash flows used for financing activities	(3,828)		(1,994)
Effect of exchange rate changes on cash and cash equivalents	(45)		(160)
Increase in cash and cash equivalents	4,164		6,565
Cash and cash equivalents, beginning of period	16,921		10,985
Cash and cash equivalents, end of period	$	21,085	$	17,550

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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,625	$	70	$	(23)	$	3,672
State and municipal obligations	7,093		341		(15)		7,419
Corporate obligations	21,987		547		(84)		22,450
U.S. agency mortgage-backed securities	6,281		156		(34)		6,403
Non-U.S. agency mortgage-backed securities	2,763		63		(13)		2,813
Total debt securities - available-for-sale	41,749		1,177		(169)		42,757
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		3		(1)		508
State and municipal obligations	30		2		—		32
Corporate obligations	80		—		—		80
Total debt securities - held-to-maturity	616		5		(1)		620
Total debt securities	$	42,365	$	1,182	$	(170)	$	43,377
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 $2.9 billion and $2.3 billion of equity securities as of September 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 September 30, 2021 and December 31, 2020. The allowance for credit losses on held-to-maturity securities at September 30, 2021 and December 31, 2020 was not material.

8

The amortized cost and fair value of debt securities as of September 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	$	2,871	$	2,886	$	234	$	235
Due after one year through five years	13,492		13,826		333		334
Due after five years through ten years	12,062		12,406		26		27
Due after ten years	4,280		4,423		23		24
U.S. agency mortgage-backed securities	6,281		6,403		—		—
Non-U.S. agency mortgage-backed securities	2,763		2,813		—		—
Total debt securities	$	41,749	$	42,757	$	616	$	620

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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,499	$	(16)	$	117	$	(7)	$	1,616	$	(23)
State and municipal obligations	1,226		(15)		—		—		1,226		(15)
Corporate obligations	6,471		(75)		326		(9)		6,797		(84)
U.S. agency mortgage-backed securities	2,537		(34)		—		—		2,537		(34)
Non-U.S. agency mortgage-backed securities	830		(9)		92		(4)		922		(13)
Total debt securities - available-for-sale	$	12,563	$	(149)	$	535	$	(20)	$	13,098	$	(169)
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 September 30, 2021 were generated from approximately 9,000 positions out of a total of 40,000 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 September 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 September 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
September 30, 2021
Cash and cash equivalents	$	20,944		$	141		$	—		$	21,085
Debt securities - available-for-sale:
U.S. government and agency obligations	3,446			226			—			3,672
State and municipal obligations	—			7,419			—			7,419
Corporate obligations	62			22,165			223			22,450
U.S. agency mortgage-backed securities	—			6,403			—			6,403
Non-U.S. agency mortgage-backed securities	—			2,813			—			2,813
Total debt securities - available-for-sale	3,508			39,026			223			42,757
Equity securities	1,972			22			64			2,058
Assets under management	1,930			2,271			103			4,304
Total assets at fair value	$	28,354		$	41,460		$	390		$	70,204
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 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
September 30, 2021
Debt securities - held-to-maturity	$	525	$	88	$	7	$	620	$	616
Long-term debt and other financing obligations	$	—	$	53,425	$	—	$	53,425	$	46,965
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 nine months ended September 30, 2021 or 2020.

4.    Medical Costs Payable

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

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	88		186
Reported medical costs:
Current year	140,052		118,114
Prior years	(1,300)		(800)
Total reported medical costs	138,752		117,314
Medical payments:
Payments for current year	(116,135)		(98,548)
Payments for prior years	(18,659)		(19,475)
Total medical payments	(134,794)		(118,023)
Medical costs payable, end of period	$	25,918	$	21,167

For the nine months ended September 30, 2021 and September 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 $17.6 billion and $14.8 billion at September 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
September 21	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 (DOJ), 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 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 September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	53,345	$	3,622	$	—	$	—	$	—	$	3,622	$	—	$	56,967
Products	—		8		37		8,658		—		8,703		—		8,703
Services	2,407		2,515		970		272		—		3,757		—		6,164
Total revenues - unaffiliated customers	55,752		6,145		1,007		8,930		—		16,082		—		71,834
Total revenues - affiliated customers	—		7,441		2,037		14,400		(503)		23,375		(23,375)		—
Investment and other income	175		226		95		7		—		328		—		503
Total revenues	$	55,927	$	13,812	$	3,139	$	23,337	$	(503)	$	39,785	$	(23,375)	$	72,337
Earnings from operations	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	—	$	5,712
Interest expense	—		—		—		—		—		—		(422)		(422)
Earnings before income taxes	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	(422)	$	5,290
Three Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	48,121	$	2,742	$	—	$	—	$	—	$	2,742	$	—	$	50,863
Products	—		10		34		8,733		—		8,777		—		8,777
Services	2,075		1,834		974		241		—		3,049		—		5,124
Total revenues - unaffiliated customers	50,196		4,586		1,008		8,974		—		14,568		—		64,764
Total revenues - affiliated customers	—		5,748		1,755		13,102		(424)		20,181		(20,181)		—
Investment and other income	177		165		4		5		—		174		—		351
Total revenues	$	50,373	$	10,499	$	2,767	$	22,081	$	(424)	$	34,923	$	(20,181)	$	65,115
Earnings from operations	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	—	$	4,651
Interest expense	—		—		—		—		—		—		(395)		(395)
Earnings before income taxes	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	(395)	$	4,256

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			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Nine Months Ended September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	158,761	$	9,925	$	—	$	—	$	—	$	9,925	$	—	$	168,686
Products	—		25		107		25,344		—		25,476		—		25,476
Services	7,197		7,312		2,861		811		—		10,984		—		18,181
Total revenues - unaffiliated customers	165,958		17,262		2,968		26,155		—		46,385		—		212,343
Total revenues - affiliated customers	—		21,614		5,779		41,196		(1,456)		67,133		(67,133)		—
Investment and other income	557		639		201		114		—		954		—		1,511
Total revenues	$	166,515	$	39,515	$	8,948	$	67,465	$	(1,456)	$	114,472	$	(67,133)	$	213,854
Earnings from operations	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	—	$	18,429
Interest expense	—		—		—		—		—		—		(1,229)		(1,229)
Earnings before income taxes	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	(1,229)	$	17,200
Nine Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	143,753	$	7,144	$	—	$	—	$	—	$	7,144	$	—	$	150,897
Products	—		26		90		25,339		—		25,455		—		25,455
Services	6,248		4,607		2,629		781		—		8,017		—		14,265
Total revenues - unaffiliated customers	150,001		11,777		2,719		26,120		—		40,616		—		190,617
Total revenues - affiliated customers	—		16,623		5,140		38,843		(1,275)		59,331		(59,331)		—
Investment and other income	547		430		34		46		—		510		—		1,057
Total revenues	$	150,548	$	28,830	$	7,893	$	65,009	$	(1,275)	$	100,457	$	(59,331)	$	191,674
Earnings from operations	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	—	$	18,888
Interest expense	—		—		—		—		—		—		(1,262)		(1,262)
Earnings before income taxes	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	(1,262)	$	17,626

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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. In the quarter ended September 30, 2021, overall care activity continued to increase, 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. 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. 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, as well as broader economic impacts, partially offset by the continued deferral of care. 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.

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

•Consolidated revenues grew 11%, UnitedHealthcare revenues grew 11% and Optum revenues grew 14%.

•UnitedHealthcare served 2.0 million more people domestically, driven by growth in community and senior programs.

•Earnings from operations increased at both UnitedHealthcare and Optum.

•Diluted earnings per common share were $4.28.

•Cash flows from operations for the nine months ended September 30, 2021 were $19.1 billion.

•Return on equity was 23.5%.

RESULTS SUMMARY

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

(in millions, except percentages and per share data)	Three Months Ended September 30,						Increase/(Decrease)					Nine Months Ended September 30,						Increase/(Decrease)
	2021			2020			2021 vs. 2020					2021			2020			2021 vs. 2020
Revenues:
Premiums	$	56,967		$	50,863		$	6,104		12	%	$	168,686		$	150,897		$	17,789		12	%
Products	8,703			8,777			(74)			(1)		25,476			25,455			21			—
Services	6,164			5,124			1,040			20		18,181			14,265			3,916			27
Investment and other income	503			351			152			43		1,511			1,057			454			43
Total revenues	72,337			65,115			7,222			11		213,854			191,674			22,180			12
Operating costs:
Medical costs	47,302			41,636			5,666			14		138,752			117,314			21,438			18
Operating costs	10,725			10,174			551			5		31,307			30,190			1,117			4
Cost of products sold	7,802			7,935			(133)			(2)		23,034			23,123			(89)			—
Depreciation and amortization	796			719			77			11		2,332			2,159			173			8
Total operating costs	66,625			60,464			6,161			10		195,425			172,786			22,639			13
Earnings from operations	5,712			4,651			1,061			23		18,429			18,888			(459)			(2)
Interest expense	(422)			(395)			(27)			7		(1,229)			(1,262)			33			(3)
Earnings before income taxes	5,290			4,256			1,034			24		17,200			17,626			(426)			(2)
Provision for income taxes	(1,099)			(1,000)			(99)			10		(3,659)			(4,209)			550			(13)
Net earnings	4,191			3,256			935			29		13,541			13,417			124			1
Earnings attributable to noncontrolling interests	(105)			(84)			(21)			25		(327)			(226)			(101)			45
Net earnings attributable to UnitedHealth Group common shareholders	$	4,086		$	3,172		$	914		29	%	$	13,214		$	13,191		$	23		—	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	4.28		$	3.30		$	0.98		30	%	$	13.82		$	13.73		$	0.09		1	%
Medical care ratio (a)	83.0		%	81.9		%	1.1		%			82.3		%	77.7		%	4.6		%
Operating cost ratio	14.8			15.6			(0.8)					14.6			15.8			(1.2)
Operating margin	7.9			7.1			0.8					8.6			9.9			(1.3)
Tax rate	20.8			23.5			(2.7)					21.3			23.9			(2.6)
Net earnings margin (b)	5.6			4.9			0.7					6.2			6.9			(0.7)
Return on equity (c)	23.5		%	19.7		%	3.8		%			26.0		%	28.9		%	(2.9)		%

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

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

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

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2021 RESULTS OF OPERATIONS COMPARED TO 2020 RESULTS OF OPERATIONS

Consolidated Financial Results

Revenue

The increases in revenue were primarily driven by the increase in the number of individuals served through Medicare Advantage, Medicaid and commercial offerings; pricing trends; and organic and acquisition growth across the Optum business, primarily due to expansion in care delivery and managed services.

Medical Costs and MCR

Medical costs increased as a result of growth in people served through Medicare Advantage, Medicaid and commercial offerings, as well as increased COVID-19 related care costs and medical cost trends, partially offset by higher temporary care deferrals. The MCR increased due to the permanent repeal of the Health Insurance Tax and increased COVID-19 related care costs, partially offset by increased deferral of care. For the nine months ended September 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 and operating efficiency gains, partially offset by business mix. For the nine months ended September 30, 2021, the operating cost ratio also decreased due to COVID-19 impacts on revenue and operating costs in the prior year.

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 September 30,						Increase/(Decrease)					Nine Months Ended September 30,						Increase/(Decrease)
(in millions, except percentages)	2021			2020			2021 vs. 2020					2021			2020			2021 vs. 2020
Revenues
UnitedHealthcare	$	55,927		$	50,373		$	5,554		11	%	$	166,515		$	150,548		$	15,967		11	%
OptumHealth	13,812			10,499			3,313			32		39,515			28,830			10,685			37
OptumInsight	3,139			2,767			372			13		8,948			7,893			1,055			13
OptumRx	23,337			22,081			1,256			6		67,465			65,009			2,456			4
Optum eliminations	(503)			(424)			(79)			19		(1,456)			(1,275)			(181)			14
Optum	39,785			34,923			4,862			14		114,472			100,457			14,015			14
Eliminations	(23,375)			(20,181)			(3,194)			16		(67,133)			(59,331)			(7,802)			13
Consolidated revenues	$	72,337		$	65,115		$	7,222		11	%	$	213,854		$	191,674		$	22,180		12	%
Earnings from operations
UnitedHealthcare	$	2,651		$	2,068		$	583		28	%	$	9,854		$	11,963		$	(2,109)		(18)	%
OptumHealth	1,143			835			308			37		3,233			2,388			845			35
OptumInsight	906			785			121			15		2,447			1,882			565			30
OptumRx	1,012			963			49			5		2,895			2,655			240			9
Optum	3,061			2,583			478			19		8,575			6,925			1,650			24
Consolidated earnings from operations	$	5,712		$	4,651		$	1,061		23	%	$	18,429		$	18,888		$	(459)		(2)	%
Operating margin
UnitedHealthcare	4.7		%	4.1		%	0.6		%			5.9		%	7.9		%	(2.0)		%
OptumHealth	8.3			8.0			0.3					8.2			8.3			(0.1)
OptumInsight	28.9			28.4			0.5					27.3			23.8			3.5
OptumRx	4.3			4.4			(0.1)					4.3			4.1			0.2
Optum	7.7			7.4			0.3					7.5			6.9			0.6
Consolidated operating margin	7.9		%	7.1		%	0.8		%			8.6		%	9.9		%	(1.3)		%

UnitedHealthcare

The following table summarizes UnitedHealthcare revenues by business:

	Three Months Ended September 30,				Increase/(Decrease)				Nine Months Ended September 30,				Increase/(Decrease)
(in millions, except percentages)	2021		2020		2021 vs. 2020				2021		2020		2021 vs. 2020
UnitedHealthcare Employer & Individual	$	15,094	$	14,081	$	1,013	7	%	$	44,668	$	41,324	$	3,344	8	%
UnitedHealthcare Medicare & Retirement	24,931		22,606		2,325		10		75,709		68,613		7,096		10
UnitedHealthcare Community & State	13,763		11,820		1,943		16		39,846		34,796		5,050		15
UnitedHealthcare Global	2,139		1,866		273		15		6,292		5,815		477		8
Total UnitedHealthcare revenues	$	55,927	$	50,373	$	5,554	11	%	$	166,515	$	150,548	$	15,967	11	%

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

	September 30,		Increase/(Decrease)
(in thousands, except percentages)	2021	2020	2021 vs. 2020
Commercial:
Risk-based	7,960	7,950	10	—	%
Fee-based	18,595	18,400	195	1
Total commercial	26,555	26,350	205	1
Medicare Advantage	6,455	5,670	785	14
Medicaid	7,510	6,435	1,075	17
Medicare Supplement (Standardized)	4,405	4,450	(45)	(1)
Total community and senior	18,370	16,555	1,815	11
Total UnitedHealthcare - domestic medical	44,925	42,905	2,020	5
Global	5,490	5,285	205	4
Total UnitedHealthcare - medical	50,415	48,190	2,225	5	%
Supplemental Data:
Medicare Part D stand-alone	3,725	4,075	(350)	(9)	%

Commercial business increased primarily due to acquisitions in risk-based and fee-based offerings. 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, including a greater mix of people with higher acuity needs, and an increase in the number of individuals served through commercial benefits, partially offset by 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 September 30, 2021 increased primarily due to the higher temporary deferral of care and growth in people served across our domestic businesses, partially offset by COVID-19 related care costs and other economic factors. For the nine months ended September 30, 2021, earnings from operations decreased due to COVID-19 related care costs and the impacts of COVID-19 on risk adjusted business, partially offset by higher temporary deferral of care and growth in people served across our domestic businesses.

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 September 30, 2021 compared to 98 million people as of September 30, 2020.

OptumInsight

Revenue and earnings from operations at OptumInsight increased 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 also increased due to productivity gains and cost management initiatives.

OptumRx

Revenue and earnings from operations at OptumRx increased due to higher script volumes from growth in people served, increased utilization and organic growth in pharmacy care services. Revenue for the nine months ended September 30, 2021 also increased due to acquisitions. Earnings from operations also increased as a result of continued supply chain management initiatives. OptumRx fulfilled 344 million and 325 million adjusted scripts in the third quarters of 2021 and 2020, respectively. In addition to the factors contributing to revenue growth, adjusted scripts also increased due to the dispensing of COVID-19 vaccines.

20

LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

Liquidity

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

	Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	2021		2020		2021 vs. 2020
Sources of cash:
Cash provided by operating activities	$	19,125	$	16,073	$	3,052
Issuances of short-term borrowings and long-term debt, net of repayments	3,733		2,941		792
Proceeds from common stock issuances	1,077		1,206		(129)
Customer funds administered	1,402		249		1,153
Total sources of cash	25,337		20,469
Uses of cash:
Common stock repurchases	(3,950)		(2,541)		(1,409)
Cash paid for acquisitions, net of cash assumed	(4,727)		(4,326)		(401)
Purchases of investments, net of sales and maturities	(3,702)		(1,386)		(2,316)
Purchases of property, equipment and capitalized software	(1,759)		(1,477)		(282)
Cash dividends paid	(3,915)		(3,400)		(515)
Purchases of redeemable noncontrolling interests	(1,338)		—		(1,338)
Other	(1,737)		(614)		(1,123)
Total uses of cash	(21,128)		(13,744)
Effect of exchange rate changes on cash and cash equivalents	(45)		(160)		115
Net increase in cash and cash equivalents	$	4,164	$	6,565	$	(2,401)

2021 Cash Flows Compared to 2020 Cash Flows

Increased cash flows provided by operating activities were primarily driven by changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included increased net purchases of investments, increased share repurchases and purchases of redeemable noncontrolling interests, partially offset by increased customer funds administered.

Financial Condition

As of September 30, 2021, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $66.8 billion included approximately $21.1 billion of cash and cash equivalents (of which $3.7 billion was available for general corporate use), $42.8 billion of debt securities and $2.9 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 September 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 nine months ended September 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.

21

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 September 30, 2021, our debt to debt-plus-shareholders’ equity ratio, as defined and calculated under the credit facilities, was approximately 38%.

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 September 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 nine months ended September 30, 2021, we repurchased approximately 10 million shares at an average price of $376.93 per share. As of September 30, 2021, we had Board authorization to purchase up to 48 million shares of our common stock.

Dividends. In June 2021, the Company’s Board of Directors increased our 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. We have 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 September 30, 2021 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):

	September 30, 2021
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum		Interest Expense Per Annum		Fair Value of Financial Assets		Fair Value of Financial Liabilities
2 %	$	496	$	171	$	(3,245)	$	(8,646)
1	248		85		(1,639)		(4,711)
(1)	(85)		(7)		1,310		5,525
(2)	(85)		(7)		1,723		11,273

Note: Given the low absolute level of short-term market rates on our floating-rate assets and liabilities as of September 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 September 30, 2021 some of our investments had interest rates below 1% so the assumed hypothetical change in the fair value of investments does not reflect the full 100 and 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 September 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 September 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 September 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 third quarter 2021, we repurchased approximately 2 million shares at an average price of $414.23 per share. As of September 30, 2021, we had Board authorization to purchase up to 48 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:	November 3, 2021
Andrew P. Witty
/s/ JOHN F. REX	Executive Vice President and Chief Financial Officer (principal financial officer)	Dated:	November 3, 2021
John F. Rex
/s/ THOMAS E. ROOS	Senior Vice President and Chief Accounting Officer (principal accounting officer)	Dated:	November 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.

November 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.

November 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 September 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.

November 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 September 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.

November 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	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		941,851,250

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Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 21,085	$ 16,921
Short-term investments	2,786	2,860
Accounts receivable, net	14,152	12,870
Other current receivables, net	14,080	12,534
Assets under management	4,304	4,076
Prepaid expenses and other current assets	5,203	4,457
Total current assets	61,610	53,718
Long-term investments	44,777	41,242
Property, equipment and capitalized software, net	8,730	8,626
Goodwill	75,435	71,337
Other intangible assets, net	10,436	10,856
Other assets	12,057	11,510
Total assets	213,045	197,289
Current liabilities:
Medical costs payable	25,918	21,872
Accounts payable and accrued liabilities	24,292	22,495
Short-term borrowings and current maturities of long-term debt	3,620	4,819
Unearned revenues	2,556	2,842
Other current liabilities	23,189	20,392
Total current liabilities	79,575	72,420
Long-term debt, less current maturities	43,345	38,648
Deferred income taxes	3,649	3,367
Other liabilities	11,844	12,315
Total liabilities	138,413	126,750
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,373	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; 942 and 946 issued and outstanding	10	10
Additional Paid-in Capital	0	0
Retained earnings	75,124	69,295
Accumulated other comprehensive loss	(4,856)	(3,814)
Nonredeemable noncontrolling interests	2,981	2,837
Total equity	73,259	68,328
Total liabilities, redeemable noncontrolling interests and equity	$ 213,045	$ 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	942	946
Common stock, shares outstanding	942	946

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Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions	Sep. 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	942	946
Common stock, shares outstanding	942	946

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Premiums	$ 56,967	$ 50,863	$ 168,686	$ 150,897
Investment and other income	503	351	1,511	1,057
Total revenues	72,337	65,115	213,854	191,674
Operating costs:
Medical costs	47,302	41,636	138,752	117,314
Operating costs	10,725	10,174	31,307	30,190
Cost of products sold	7,802	7,935	23,034	23,123
Depreciation and amortization	796	719	2,332	2,159
Total operating costs	66,625	60,464	195,425	172,786
Earnings from operations	5,712	4,651	18,429	18,888
Interest expense	(422)	(395)	(1,229)	(1,262)
Earnings before income taxes	5,290	4,256	17,200	17,626
Provision for income taxes	(1,099)	(1,000)	(3,659)	(4,209)
Net earnings	4,191	3,256	13,541	13,417
Earnings attributable to noncontrolling interests	(105)	(84)	(327)	(226)
Net earnings attributable to UnitedHealth Group common shareholders	$ 4,086	$ 3,172	$ 13,214	$ 13,191
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$ 4.33	$ 3.34	$ 14.00	$ 13.90
Diluted	$ 4.28	$ 3.30	$ 13.82	$ 13.73
Basic weighted-average number of common shares outstanding	943	950	944	949
Dilutive effect of common share equivalents	12	12	12	12
Diluted weighted-average number of common shares outstanding	955	962	956	961
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	1	6	2	9
Products
Revenue from Products and Services	$ 8,703	$ 8,777	$ 25,476	$ 25,455
Services
Revenue from Products and Services	$ 6,164	$ 5,124	$ 18,181	$ 14,265

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net earnings	$ 4,191	$ 3,256	$ 13,541	$ 13,417
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(192)	148	(705)	919
Income tax effect	59	(37)	175	(214)
Total unrealized (losses) gains, net of tax	(133)	111	(530)	705
Gross reclassification adjustment for net realized gains included in net earnings	(20)	(21)	(36)	(50)
Income tax effect	4	5	8	12
Total reclassification adjustment, net of tax	(16)	(16)	(28)	(38)
Total foreign currency translation losses	(621)	(39)	(484)	(1,583)
Other comprehensive (loss) income	(770)	56	(1,042)	(916)
Comprehensive income	3,421	3,312	12,499	12,501
Comprehensive income attributable to noncontrolling interests	(105)	(84)	(327)	(226)
Comprehensive income attributable to UnitedHealth Group common shareholders	$ 3,316	$ 3,228	$ 12,172	$ 12,275

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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 [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	13,191			13,191
Net earnings attributable to nonredeemable noncontrolling interest							159
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	13,350
Other comprehensive income (loss)	(916)				667	(1,583)
Issuances of common stock, and related tax effects (in shares)		10
Issuances of common stock, and related tax effects	929	$ 1	928
Share-based compensation	509		509
Common share repurchases (in shares)		(9)
Common share repurchases	(2,541)	$ 0	(1,315)	(1,226)
Cash dividends paid on common shares	(3,400)			(3,400)
Redeemable noncontrolling interests fair value and other adjustments	(129)		(129)
Acquisition and other adjustments of nonredeemable noncontrolling interests	42						42
Distribution to nonredeemable noncontrolling interests	(148)						(148)
Balance at Sep. 30, 2020	68,104	$ 10	0	69,715	1,256	(5,750)	2,873
Balance (in shares) at Sep. 30, 2020		949
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
Net earnings attributable to UnitedHealth Group common shareholders	3,172			3,172
Net earnings attributable to nonredeemable noncontrolling interest							62
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	3,234
Other comprehensive income (loss)	56				95	(39)
Issuances of common stock, and related tax effects (in shares)		2
Issuances of common stock, and related tax effects	321	$ 0	321
Share-based compensation	131		131
Common share repurchases (in shares)		(3)
Common share repurchases	(850)	$ 0	(805)	(45)
Cash dividends paid on common shares	(1,188)			(1,188)
Redeemable noncontrolling interests fair value and other adjustments	(35)		(35)
Acquisition and other adjustments of nonredeemable noncontrolling interests	(8)						(8)
Distribution to nonredeemable noncontrolling interests	(72)						(72)
Balance at Sep. 30, 2020	68,104	$ 10	0	69,715	1,256	(5,750)	2,873
Balance (in shares) at Sep. 30, 2020		949
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	$ 13,214			13,214
Net earnings attributable to nonredeemable noncontrolling interest							254
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	13,468
Other comprehensive income (loss)	(1,042)				(558)	(484)
Issuances of common stock, and related tax effects (in shares)		6
Issuances of common stock, and related tax effects	839	$ 0	839
Share-based compensation	559		559
Common share repurchases (in shares)		(10)
Common share repurchases	(3,950)	$ 0	(586)	(3,364)
Cash dividends paid on common shares	(3,915)			(3,915)
Redeemable noncontrolling interests fair value and other adjustments	(918)		(812)	(106)
Acquisition and other adjustments of nonredeemable noncontrolling interests	125						125
Distribution to nonredeemable noncontrolling interests	(235)						(235)
Balance at Sep. 30, 2021	$ 73,259	$ 10	0	75,124	778	(5,634)	2,981
Balance (in shares) at Sep. 30, 2021	942	942
Balance at Jun. 30, 2021	$ 72,022	$ 10	0	73,090	927	(5,013)	3,008
Balance (in shares) at Jun. 30, 2021		943
Net earnings attributable to UnitedHealth Group common shareholders	4,086			4,086
Net earnings attributable to nonredeemable noncontrolling interest							86
Net Earnings, Including Portion Attributable to Nonredeemable Noncontrolling Interest	4,172
Other comprehensive income (loss)	(770)				(149)	(621)
Issuances of common stock, and related tax effects (in shares)		1
Issuances of common stock, and related tax effects	291	$ 0	291
Share-based compensation	159		159
Common share repurchases (in shares)		(2)
Common share repurchases	(1,050)	$ 0	(365)	(685)
Cash dividends paid on common shares	(1,367)			(1,367)
Redeemable noncontrolling interests fair value and other adjustments	(85)		(85)
Acquisition and other adjustments of nonredeemable noncontrolling interests	(26)						(26)
Distribution to nonredeemable noncontrolling interests	(87)						(87)
Balance at Sep. 30, 2021	$ 73,259	$ 10	$ 0	$ 75,124	$ 778	$ (5,634)	$ 2,981
Balance (in shares) at Sep. 30, 2021	942	942

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Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 21, 2021	Jun. 29, 2021	Mar. 23, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.45	$ 1.45	$ 1.25	$ 1.45	$ 1.25	$ 4.15	$ 3.58

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net earnings	$ 13,541	$ 13,417
Noncash items:
Depreciation and amortization	2,332	2,159
Deferred income taxes	373	119
Share-based compensation	591	527
Other, net	(195)	48
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable	(847)	(194)
Other assets	(1,435)	(2,697)
Medical costs payable	3,925	(615)
Accounts payable and other liabilities	1,171	3,441
Unearned revenues	(331)	(132)
Cash flows from operating activities	19,125	16,073
Investing activities
Purchases of investments	(12,827)	(11,570)
Sales of investments	2,569	4,887
Maturities of investments	6,556	5,297
Cash paid for acquisitions, net of cash assumed	(4,727)	(4,326)
Purchases of property, equipment and capitalized software	(1,759)	(1,477)
Other, net	(900)	(165)
Cash flows used for investing activities	(11,088)	(7,354)
Financing activities
Common share repurchases	(3,950)	(2,541)
Cash dividends paid	(3,915)	(3,400)
Proceeds from common stock issuances	1,077	1,206
Repayments of long-term debt	(1,900)	(1,500)
Repayments of short-term borrowings, net	(1,301)	(423)
Proceeds from issuance of long-term debt	6,934	4,864
Customer funds administered	1,402	249
Purchases of redeemable noncontrolling interests	(1,338)	0
Other, net	(837)	(449)
Cash flows used for financing activities	(3,828)	(1,994)
Effect of exchange rate changes on cash and cash equivalents	(45)	(160)
Increase in cash and cash equivalents	4,164	6,565
Cash and cash equivalents, beginning of period	16,921	10,985
Cash and cash equivalents, end of period	$ 21,085	$ 17,550

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Basis of Presentation (Notes)

9 Months Ended

Sep. 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)

9 Months Ended

Sep. 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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,625	$	70	$	(23)	$	3,672
State and municipal obligations	7,093		341		(15)		7,419
Corporate obligations	21,987		547		(84)		22,450
U.S. agency mortgage-backed securities	6,281		156		(34)		6,403
Non-U.S. agency mortgage-backed securities	2,763		63		(13)		2,813
Total debt securities - available-for-sale	41,749		1,177		(169)		42,757
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		3		(1)		508
State and municipal obligations	30		2		—		32
Corporate obligations	80		—		—		80
Total debt securities - held-to-maturity	616		5		(1)		620
Total debt securities	$	42,365	$	1,182	$	(170)	$	43,377
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 $2.9 billion and $2.3 billion of equity securities as of September 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 September 30, 2021 and December 31, 2020. The allowance for credit losses on held-to-maturity securities at September 30, 2021 and December 31, 2020 was not material.

The amortized cost and fair value of debt securities as of September 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	$	2,871	$	2,886	$	234	$	235
Due after one year through five years	13,492		13,826		333		334
Due after five years through ten years	12,062		12,406		26		27
Due after ten years	4,280		4,423		23		24
U.S. agency mortgage-backed securities	6,281		6,403		—		—
Non-U.S. agency mortgage-backed securities	2,763		2,813		—		—
Total debt securities	$	41,749	$	42,757	$	616	$	620

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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,499	$	(16)	$	117	$	(7)	$	1,616	$	(23)
State and municipal obligations	1,226		(15)		—		—		1,226		(15)
Corporate obligations	6,471		(75)		326		(9)		6,797		(84)
U.S. agency mortgage-backed securities	2,537		(34)		—		—		2,537		(34)
Non-U.S. agency mortgage-backed securities	830		(9)		92		(4)		922		(13)
Total debt securities - available-for-sale	$	12,563	$	(149)	$	535	$	(20)	$	13,098	$	(169)
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 September 30, 2021 were generated from approximately 9,000 positions out of a total of 40,000 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 September 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 September 30, 2021 and December 31, 2020 was not material.

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Fair Value (Notes)

9 Months Ended

Sep. 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
September 30, 2021
Cash and cash equivalents	$	20,944		$	141		$	—		$	21,085
Debt securities - available-for-sale:
U.S. government and agency obligations	3,446			226			—			3,672
State and municipal obligations	—			7,419			—			7,419
Corporate obligations	62			22,165			223			22,450
U.S. agency mortgage-backed securities	—			6,403			—			6,403
Non-U.S. agency mortgage-backed securities	—			2,813			—			2,813
Total debt securities - available-for-sale	3,508			39,026			223			42,757
Equity securities	1,972			22			64			2,058
Assets under management	1,930			2,271			103			4,304
Total assets at fair value	$	28,354		$	41,460		$	390		$	70,204
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 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
September 30, 2021
Debt securities - held-to-maturity	$	525	$	88	$	7	$	620	$	616
Long-term debt and other financing obligations	$	—	$	53,425	$	—	$	53,425	$	46,965
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 nine months ended September 30, 2021 or 2020.

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Medical Costs Payable (Notes)

9 Months Ended

Sep. 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 nine months ended September 30:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	88		186
Reported medical costs:
Current year	140,052		118,114
Prior years	(1,300)		(800)
Total reported medical costs	138,752		117,314
Medical payments:
Payments for current year	(116,135)		(98,548)
Payments for prior years	(18,659)		(19,475)
Total medical payments	(134,794)		(118,023)
Medical costs payable, end of period	$	25,918	$	21,167

For the nine months ended September 30, 2021 and September 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 $17.6 billion and $14.8 billion at September 30, 2021 and December 31, 2020, respectively.

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

9 Months Ended

Sep. 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)

9 Months Ended

Sep. 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
September 21	1.45		1,367

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Commitments and Contingencies (Notes)

9 Months Ended

Sep. 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 (DOJ), 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 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)

9 Months Ended

Sep. 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 September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	53,345	$	3,622	$	—	$	—	$	—	$	3,622	$	—	$	56,967
Products	—		8		37		8,658		—		8,703		—		8,703
Services	2,407		2,515		970		272		—		3,757		—		6,164
Total revenues - unaffiliated customers	55,752		6,145		1,007		8,930		—		16,082		—		71,834
Total revenues - affiliated customers	—		7,441		2,037		14,400		(503)		23,375		(23,375)		—
Investment and other income	175		226		95		7		—		328		—		503
Total revenues	$	55,927	$	13,812	$	3,139	$	23,337	$	(503)	$	39,785	$	(23,375)	$	72,337
Earnings from operations	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	—	$	5,712
Interest expense	—		—		—		—		—		—		(422)		(422)
Earnings before income taxes	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	(422)	$	5,290
Three Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	48,121	$	2,742	$	—	$	—	$	—	$	2,742	$	—	$	50,863
Products	—		10		34		8,733		—		8,777		—		8,777
Services	2,075		1,834		974		241		—		3,049		—		5,124
Total revenues - unaffiliated customers	50,196		4,586		1,008		8,974		—		14,568		—		64,764
Total revenues - affiliated customers	—		5,748		1,755		13,102		(424)		20,181		(20,181)		—
Investment and other income	177		165		4		5		—		174		—		351
Total revenues	$	50,373	$	10,499	$	2,767	$	22,081	$	(424)	$	34,923	$	(20,181)	$	65,115
Earnings from operations	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	—	$	4,651
Interest expense	—		—		—		—		—		—		(395)		(395)
Earnings before income taxes	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	(395)	$	4,256

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Nine Months Ended September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	158,761	$	9,925	$	—	$	—	$	—	$	9,925	$	—	$	168,686
Products	—		25		107		25,344		—		25,476		—		25,476
Services	7,197		7,312		2,861		811		—		10,984		—		18,181
Total revenues - unaffiliated customers	165,958		17,262		2,968		26,155		—		46,385		—		212,343
Total revenues - affiliated customers	—		21,614		5,779		41,196		(1,456)		67,133		(67,133)		—
Investment and other income	557		639		201		114		—		954		—		1,511
Total revenues	$	166,515	$	39,515	$	8,948	$	67,465	$	(1,456)	$	114,472	$	(67,133)	$	213,854
Earnings from operations	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	—	$	18,429
Interest expense	—		—		—		—		—		—		(1,229)		(1,229)
Earnings before income taxes	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	(1,229)	$	17,200
Nine Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	143,753	$	7,144	$	—	$	—	$	—	$	7,144	$	—	$	150,897
Products	—		26		90		25,339		—		25,455		—		25,455
Services	6,248		4,607		2,629		781		—		8,017		—		14,265
Total revenues - unaffiliated customers	150,001		11,777		2,719		26,120		—		40,616		—		190,617
Total revenues - affiliated customers	—		16,623		5,140		38,843		(1,275)		59,331		(59,331)		—
Investment and other income	547		430		34		46		—		510		—		1,057
Total revenues	$	150,548	$	28,830	$	7,893	$	65,009	$	(1,275)	$	100,457	$	(59,331)	$	191,674
Earnings from operations	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	—	$	18,888
Interest expense	—		—		—		—		—		—		(1,262)		(1,262)
Earnings before income taxes	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	(1,262)	$	17,626

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Basis of Presentation (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 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)

9 Months Ended

Sep. 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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,625	$	70	$	(23)	$	3,672
State and municipal obligations	7,093		341		(15)		7,419
Corporate obligations	21,987		547		(84)		22,450
U.S. agency mortgage-backed securities	6,281		156		(34)		6,403
Non-U.S. agency mortgage-backed securities	2,763		63		(13)		2,813
Total debt securities - available-for-sale	41,749		1,177		(169)		42,757
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		3		(1)		508
State and municipal obligations	30		2		—		32
Corporate obligations	80		—		—		80
Total debt securities - held-to-maturity	616		5		(1)		620
Total debt securities	$	42,365	$	1,182	$	(170)	$	43,377
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 September 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	$	2,871	$	2,886	$	234	$	235
Due after one year through five years	13,492		13,826		333		334
Due after five years through ten years	12,062		12,406		26		27
Due after ten years	4,280		4,423		23		24
U.S. agency mortgage-backed securities	6,281		6,403		—		—
Non-U.S. agency mortgage-backed securities	2,763		2,813		—		—
Total debt securities	$	41,749	$	42,757	$	616	$	620

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,499	$	(16)	$	117	$	(7)	$	1,616	$	(23)
State and municipal obligations	1,226		(15)		—		—		1,226		(15)
Corporate obligations	6,471		(75)		326		(9)		6,797		(84)
U.S. agency mortgage-backed securities	2,537		(34)		—		—		2,537		(34)
Non-U.S. agency mortgage-backed securities	830		(9)		92		(4)		922		(13)
Total debt securities - available-for-sale	$	12,563	$	(149)	$	535	$	(20)	$	13,098	$	(169)
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)

9 Months Ended

Sep. 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
September 30, 2021
Cash and cash equivalents	$	20,944		$	141		$	—		$	21,085
Debt securities - available-for-sale:
U.S. government and agency obligations	3,446			226			—			3,672
State and municipal obligations	—			7,419			—			7,419
Corporate obligations	62			22,165			223			22,450
U.S. agency mortgage-backed securities	—			6,403			—			6,403
Non-U.S. agency mortgage-backed securities	—			2,813			—			2,813
Total debt securities - available-for-sale	3,508			39,026			223			42,757
Equity securities	1,972			22			64			2,058
Assets under management	1,930			2,271			103			4,304
Total assets at fair value	$	28,354		$	41,460		$	390		$	70,204
Percentage of total assets at fair value	40		%	59		%	1		%	100		%
December 31, 2020
Cash and cash equivalents	$	16,841		$	80		$	—		$	16,921
Debt securities - available-for-sale:
U.S. government and agency obligations	3,241			224			—			3,465
State and municipal obligations	—			7,328			—			7,328
Corporate obligations	25			19,424			288			19,737
U.S. agency mortgage-backed securities	—			7,091			—			7,091
Non-U.S. agency mortgage-backed securities	—			2,207			—			2,207
Total debt securities - available-for-sale	3,266			36,274			288			39,828
Equity securities	1,795			33			—			1,828
Assets under management	1,774			2,250			52			4,076
Total assets at fair value	$	23,676		$	38,637		$	340		$	62,653
Percentage of total assets at fair value	38		%	61		%	1		%	100		%

Fair Value Measurements, Nonrecurring [Table Text Block]

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

(in millions)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Fair Value		Total Carrying Value
September 30, 2021
Debt securities - held-to-maturity	$	525	$	88	$	7	$	620	$	616
Long-term debt and other financing obligations	$	—	$	53,425	$	—	$	53,425	$	46,965
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)

9 Months Ended

Sep. 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 nine months ended September 30:

(in millions)	2021		2020
Medical costs payable, beginning of period	$	21,872	$	21,690
Acquisitions	88		186
Reported medical costs:
Current year	140,052		118,114
Prior years	(1,300)		(800)
Total reported medical costs	138,752		117,314
Medical payments:
Payments for current year	(116,135)		(98,548)
Payments for prior years	(18,659)		(19,475)
Total medical payments	(134,794)		(118,023)
Medical costs payable, end of period	$	25,918	$	21,167

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

9 Months Ended

Sep. 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)

9 Months Ended

Sep. 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
September 21	1.45		1,367

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Segment Financial Information (Tables)

9 Months Ended

Sep. 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 September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	53,345	$	3,622	$	—	$	—	$	—	$	3,622	$	—	$	56,967
Products	—		8		37		8,658		—		8,703		—		8,703
Services	2,407		2,515		970		272		—		3,757		—		6,164
Total revenues - unaffiliated customers	55,752		6,145		1,007		8,930		—		16,082		—		71,834
Total revenues - affiliated customers	—		7,441		2,037		14,400		(503)		23,375		(23,375)		—
Investment and other income	175		226		95		7		—		328		—		503
Total revenues	$	55,927	$	13,812	$	3,139	$	23,337	$	(503)	$	39,785	$	(23,375)	$	72,337
Earnings from operations	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	—	$	5,712
Interest expense	—		—		—		—		—		—		(422)		(422)
Earnings before income taxes	$	2,651	$	1,143	$	906	$	1,012	$	—	$	3,061	$	(422)	$	5,290
Three Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	48,121	$	2,742	$	—	$	—	$	—	$	2,742	$	—	$	50,863
Products	—		10		34		8,733		—		8,777		—		8,777
Services	2,075		1,834		974		241		—		3,049		—		5,124
Total revenues - unaffiliated customers	50,196		4,586		1,008		8,974		—		14,568		—		64,764
Total revenues - affiliated customers	—		5,748		1,755		13,102		(424)		20,181		(20,181)		—
Investment and other income	177		165		4		5		—		174		—		351
Total revenues	$	50,373	$	10,499	$	2,767	$	22,081	$	(424)	$	34,923	$	(20,181)	$	65,115
Earnings from operations	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	—	$	4,651
Interest expense	—		—		—		—		—		—		(395)		(395)
Earnings before income taxes	$	2,068	$	835	$	785	$	963	$	—	$	2,583	$	(395)	$	4,256

			Optum
(in millions)	UnitedHealthcare		OptumHealth		OptumInsight		OptumRx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Nine Months Ended September 30, 2021
Revenues - unaffiliated customers:
Premiums	$	158,761	$	9,925	$	—	$	—	$	—	$	9,925	$	—	$	168,686
Products	—		25		107		25,344		—		25,476		—		25,476
Services	7,197		7,312		2,861		811		—		10,984		—		18,181
Total revenues - unaffiliated customers	165,958		17,262		2,968		26,155		—		46,385		—		212,343
Total revenues - affiliated customers	—		21,614		5,779		41,196		(1,456)		67,133		(67,133)		—
Investment and other income	557		639		201		114		—		954		—		1,511
Total revenues	$	166,515	$	39,515	$	8,948	$	67,465	$	(1,456)	$	114,472	$	(67,133)	$	213,854
Earnings from operations	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	—	$	18,429
Interest expense	—		—		—		—		—		—		(1,229)		(1,229)
Earnings before income taxes	$	9,854	$	3,233	$	2,447	$	2,895	$	—	$	8,575	$	(1,229)	$	17,200
Nine Months Ended September 30, 2020
Revenues - unaffiliated customers:
Premiums	$	143,753	$	7,144	$	—	$	—	$	—	$	7,144	$	—	$	150,897
Products	—		26		90		25,339		—		25,455		—		25,455
Services	6,248		4,607		2,629		781		—		8,017		—		14,265
Total revenues - unaffiliated customers	150,001		11,777		2,719		26,120		—		40,616		—		190,617
Total revenues - affiliated customers	—		16,623		5,140		38,843		(1,275)		59,331		(59,331)		—
Investment and other income	547		430		34		46		—		510		—		1,057
Total revenues	$	150,548	$	28,830	$	7,893	$	65,009	$	(1,275)	$	100,457	$	(59,331)	$	191,674
Earnings from operations	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	—	$	18,888
Interest expense	—		—		—		—		—		—		(1,262)		(1,262)
Earnings before income taxes	$	11,963	$	2,388	$	1,882	$	2,655	$	—	$	6,925	$	(1,262)	$	17,626

XML

Basis of Presentation (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments [Abstract]
Equity Securities, FV-NI and without Readily Determinable Fair Value	$ 2,900	$ 2,300
Equity Method Investments	$ 1,300	$ 1,300
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	9,000
Total number of security positions	40,000

XML

Investments (Short-Term and Long-Term Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 41,749	$ 38,079
Securities, Available for sale Debt Securities, Gross Unrealized Gains	1,177	1,771
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(169)	(22)
Debt Securities, Available-for-sale	42,757	39,828
Held-to-maturity securities, Amortized Cost	616	638
Securities, Held to maturity, Unrecognized Holding Gain	5	9
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(1)	0
Debt Securities, Held-to-maturity, Fair Value	620	647
Total debt securities, Amortized Cost	42,365	38,717
Total debt securities, Gross Unrealized Gains	1,182	1,780
Total debt securities, Gross Unrealized Losses	(170)	(22)
Debt securities, Fair Value Disclosure	43,377	40,475
Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale	42,757	39,828
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	3,625	3,335
Securities, Available for sale Debt Securities, Gross Unrealized Gains	70	133
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(23)	(3)
Debt Securities, Available-for-sale	3,672	3,465
Held-to-maturity securities, Amortized Cost	506	420
Securities, Held to maturity, Unrecognized Holding Gain	3	6
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	(1)	0
Debt Securities, Held-to-maturity, Fair Value	508	426
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	7,093	6,893
Securities, Available for sale Debt Securities, Gross Unrealized Gains	341	435
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(15)	0
Debt Securities, Available-for-sale	7,419	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	21,987	18,886
Securities, Available for sale Debt Securities, Gross Unrealized Gains	547	863
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(84)	(12)
Debt Securities, Available-for-sale	22,450	19,737
Held-to-maturity securities, Amortized Cost	80	187
Securities, Held to maturity, Unrecognized Holding Gain	0	1
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	0	0
Debt Securities, Held-to-maturity, Fair Value	80	188
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	6,281	6,849
Securities, Available for sale Debt Securities, Gross Unrealized Gains	156	245
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(34)	(3)
Debt Securities, Available-for-sale	6,403	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,763	2,116
Securities, Available for sale Debt Securities, Gross Unrealized Gains	63	95
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(13)	(4)
Debt Securities, Available-for-sale	$ 2,813	$ 2,207

XML

Investments (Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Due in one year or less, Amortized Cost	$ 2,871
Due after one year through five years, Amortized Cost	13,492
Due after five years through ten years, Amortized Cost	12,062
Due after ten years, Amortized Cost	4,280
Total debt securities - available-for-sale, Amortized Cost	41,749	$ 38,079
Due in one year or less, Fair Value	2,886
Due after one year through five years, Fair Value	13,826
Due after five years through ten years, Fair Value	12,406
Due after ten years, Fair Value	4,423
Debt Securities, Available-for-sale	42,757	39,828
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	234
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	333
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	26
Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	23
Debt Securities, Held-to-maturity	616	638
Held-to-maturity Securities, Debt Maturities, within One Year, Fair Value	235
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	334
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	27
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	24
Debt Securities, Held-to-maturity, Fair Value	620	647
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	6,281
Total debt securities - available-for-sale, Amortized Cost	6,281	6,849
Mortgage-backed securities, Fair Value	6,403
Debt Securities, Available-for-sale	6,403	7,091
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Mortgage-backed securities, Amortized Cost	2,763
Total debt securities - available-for-sale, Amortized Cost	2,763	2,116
Mortgage-backed securities, Fair Value	2,813
Debt Securities, Available-for-sale	$ 2,813	$ 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	Sep. 30, 2021	Dec. 31, 2020
Debt Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	$ 12,563	$ 2,415
Less Than 12 Months, Gross Unrealized Losses	(149)	(16)
Greater Than 12 Months, Fair Value	535	549
Greater Than 12 Months, Gross Unrealized Losses	(20)	(6)
Total, Fair Value	13,098	2,964
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(169)	(22)
U.S. Government and Agency Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	1,499	346
Less Than 12 Months, Gross Unrealized Losses	(16)	(3)
Greater Than 12 Months, Fair Value	117	0
Greater Than 12 Months, Gross Unrealized Losses	(7)	0
Total, Fair Value	1,616	346
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(23)	(3)
State and Municipal Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	1,226
Less Than 12 Months, Gross Unrealized Losses	(15)
Greater Than 12 Months, Fair Value	0
Greater Than 12 Months, Gross Unrealized Losses	0
Total, Fair Value	1,226
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(15)
Corporate Obligations [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	6,471	1,273
Less Than 12 Months, Gross Unrealized Losses	(75)	(9)
Greater Than 12 Months, Fair Value	326	456
Greater Than 12 Months, Gross Unrealized Losses	(9)	(3)
Total, Fair Value	6,797	1,729
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(84)	(12)
U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	2,537	601
Less Than 12 Months, Gross Unrealized Losses	(34)	(3)
Greater Than 12 Months, Fair Value	0	0
Greater Than 12 Months, Gross Unrealized Losses	0	0
Total, Fair Value	2,537	601
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	(34)	(3)
Non-U.S. Agency Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Less Than 12 Months, Fair Value	830	195
Less Than 12 Months, Gross Unrealized Losses	(9)	(1)
Greater Than 12 Months, Fair Value	92	93
Greater Than 12 Months, Gross Unrealized Losses	(4)	(3)
Total, Fair Value	922	288
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (13)	$ (4)

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Fair Value (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 21,085	$ 16,921
Debt Securities, Available-for-sale	42,757	39,828
Equity Securities, FV-NI	2,058	1,828
Assets under management	4,304	4,076
Assets, Fair Value Disclosure	70,204	62,653
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	42,757	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	3,672	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	7,419	7,328
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	22,450	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	6,403	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	2,813	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	20,944	16,841
Equity Securities, FV-NI	1,972	1,795
Assets under management	1,930	1,774
Assets, Fair Value Disclosure	28,354	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	3,508	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	3,446	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	62	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	141	80
Equity Securities, FV-NI	22	33
Assets under management	2,271	2,250
Assets, Fair Value Disclosure	41,460	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	39,026	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	226	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	7,419	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	22,165	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	6,403	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	2,813	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, FV-NI	64	0
Assets under management	103	52
Assets, Fair Value Disclosure	390	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	223	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	223	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	Sep. 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	$ 620	$ 647
Debt Securities, Held-to-maturity	616	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	620	647
Debt and other financing obligations	53,425	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	525	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	88	108
Debt and other financing obligations	53,425	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	7	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	$ 46,965	$ 42,171

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Medical Costs Payable (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2021	Dec. 31, 2020
Insurance [Abstract]
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	$ 17.6	$ 14.8

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Medical Costs Payable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 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	88	186
Reported medical costs:
Current year	140,052	118,114
Prior year	(1,300)	(800)
Total reported medical costs	138,752	117,314
Medical payments:
Payments for current year	(116,135)	(98,548)
Payments for prior years	(18,659)	(19,475)
Total medical payments	(134,794)	(118,023)
Medical costs payable, end of period	$ 25,918	$ 21,167

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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		9 Months Ended
	Sep. 21, 2021	Jun. 29, 2021	Mar. 23, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.45	$ 1.45	$ 1.25	$ 1.45	$ 1.25	$ 4.15	$ 3.58
Payments of Ordinary Dividends, Common Stock	$ 1,367	$ 1,367	$ 1,181			$ 3,915	$ 3,400

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Commitments and Contingencies Narrative (Details) $ in Billions	9 Months Ended
	Sep. 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

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Segment Financial Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021 reportableSegments
Statement [Line Items]
Number of Reportable Segments	4

XML

Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement [Line Items]
Premiums, revenues - unaffiliated customers	$ 56,967	$ 50,863	$ 168,686	$ 150,897
Investment and other income	503	351	1,511	1,057
Total revenues	72,337	65,115	213,854	191,674
Earnings from operations	5,712	4,651	18,429	18,888
Interest expense	(422)	(395)	(1,229)	(1,262)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	5,290	4,256	17,200	17,626
Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,703	8,777	25,476	25,455
Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	6,164	5,124	18,181	14,265
Optum
Statement [Line Items]
Investment and other income	328	174	954	510
Total revenues	39,785	34,923	114,472	100,457
Earnings from operations	3,061	2,583	8,575	6,925
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	3,061	2,583	8,575	6,925
Unaffiliated Customers
Statement [Line Items]
Premiums, revenues - unaffiliated customers	56,967	50,863	168,686	150,897
Total revenues	71,834	64,764	212,343	190,617
Unaffiliated Customers | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,703	8,777	25,476	25,455
Unaffiliated Customers | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	6,164	5,124	18,181	14,265
Unaffiliated Customers | Optum
Statement [Line Items]
Premiums, revenues - unaffiliated customers	3,622	2,742	9,925	7,144
Total revenues	16,082	14,568	46,385	40,616
Unaffiliated Customers | Optum | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,703	8,777	25,476	25,455
Unaffiliated Customers | Optum | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	3,757	3,049	10,984	8,017
Affiliated Customers
Statement [Line Items]
Total revenues	0	0	0	0
Affiliated Customers | Optum
Statement [Line Items]
Total revenues	23,375	20,181	67,133	59,331
Operating Segments | UnitedHealthcare
Statement [Line Items]
Investment and other income	175	177	557	547
Total revenues	55,927	50,373	166,515	150,548
Earnings from operations	2,651	2,068	9,854	11,963
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	2,651	2,068	9,854	11,963
Operating Segments | OptumHealth
Statement [Line Items]
Investment and other income	226	165	639	430
Total revenues	13,812	10,499	39,515	28,830
Earnings from operations	1,143	835	3,233	2,388
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	1,143	835	3,233	2,388
Operating Segments | OptumInsight
Statement [Line Items]
Investment and other income	95	4	201	34
Total revenues	3,139	2,767	8,948	7,893
Earnings from operations	906	785	2,447	1,882
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	906	785	2,447	1,882
Operating Segments | OptumRx
Statement [Line Items]
Investment and other income	7	5	114	46
Total revenues	23,337	22,081	67,465	65,009
Earnings from operations	1,012	963	2,895	2,655
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	1,012	963	2,895	2,655
Operating Segments | Unaffiliated Customers | UnitedHealthcare
Statement [Line Items]
Premiums, revenues - unaffiliated customers	53,345	48,121	158,761	143,753
Total revenues	55,752	50,196	165,958	150,001
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	2,407	2,075	7,197	6,248
Operating Segments | Unaffiliated Customers | OptumHealth
Statement [Line Items]
Premiums, revenues - unaffiliated customers	3,622	2,742	9,925	7,144
Total revenues	6,145	4,586	17,262	11,777
Operating Segments | Unaffiliated Customers | OptumHealth | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8	10	25	26
Operating Segments | Unaffiliated Customers | OptumHealth | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	2,515	1,834	7,312	4,607
Operating Segments | Unaffiliated Customers | OptumInsight
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	1,007	1,008	2,968	2,719
Operating Segments | Unaffiliated Customers | OptumInsight | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	37	34	107	90
Operating Segments | Unaffiliated Customers | OptumInsight | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	970	974	2,861	2,629
Operating Segments | Unaffiliated Customers | OptumRx
Statement [Line Items]
Premiums, revenues - unaffiliated customers	0	0	0	0
Total revenues	8,930	8,974	26,155	26,120
Operating Segments | Unaffiliated Customers | OptumRx | Products
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	8,658	8,733	25,344	25,339
Operating Segments | Unaffiliated Customers | OptumRx | Services
Statement [Line Items]
Revenue from Products and Services - unaffiliated customers	272	241	811	781
Operating Segments | Affiliated Customers | UnitedHealthcare
Statement [Line Items]
Total revenues	0	0	0	0
Operating Segments | Affiliated Customers | OptumHealth
Statement [Line Items]
Total revenues	7,441	5,748	21,614	16,623
Operating Segments | Affiliated Customers | OptumInsight
Statement [Line Items]
Total revenues	2,037	1,755	5,779	5,140
Operating Segments | Affiliated Customers | OptumRx
Statement [Line Items]
Total revenues	14,400	13,102	41,196	38,843
Optum Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(503)	(424)	(1,456)	(1,275)
Earnings from operations	0	0	0	0
Interest expense	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	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	(503)	(424)	(1,456)	(1,275)
Corporate and Eliminations
Statement [Line Items]
Investment and other income	0	0	0	0
Total revenues	(23,375)	(20,181)	(67,133)	(59,331)
Earnings from operations	0	0	0	0
Interest expense	(422)	(395)	(1,229)	(1,262)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(422)	(395)	(1,229)	(1,262)
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	$ (23,375)	$ (20,181)	$ (67,133)	$ (59,331)