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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED 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
__________________________________________________________ 
unh-20210930_g1.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware 41-1321939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
UnitedHealth Group Center 55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices) (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of 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
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 investments2,786 2,860 
Accounts receivable, net14,152 12,870 
Other current receivables, net14,080 12,534 
Assets under management4,304 4,076 
Prepaid expenses and other current assets5,203 4,457 
Total current assets61,610 53,718 
Long-term investments44,777 41,242 
Property, equipment and capitalized software, net
8,730 8,626 
Goodwill75,435 71,337 
Other intangible assets, net10,436 10,856 
Other assets12,057 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 liabilities24,292 22,495 
Short-term borrowings and current maturities of long-term debt3,620 4,819 
Unearned revenues2,556 2,842 
Other current liabilities23,189 20,392 
Total current liabilities79,575 72,420 
Long-term debt, less current maturities43,345 38,648 
Deferred income taxes3,649 3,367 
Other liabilities11,844 12,315 
Total liabilities138,413 126,750 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests1,373 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 earnings75,124 69,295 
Accumulated other comprehensive loss(4,856)(3,814)
Nonredeemable noncontrolling interests
2,981 2,837 
Total equity73,259 68,328 
Total liabilities, redeemable noncontrolling interests and equity$213,045 $197,289 
See Notes to the Condensed Consolidated Financial Statements
1

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)2021202020212020
Revenues:
Premiums$56,967 $50,863 $168,686 $150,897 
Products8,703 8,777 25,476 25,455 
Services6,164 5,124 18,181 14,265 
Investment and other income503 351 1,511 1,057 
Total revenues72,337 65,115 213,854 191,674 
Operating costs:
Medical costs47,302 41,636 138,752 117,314 
Operating costs10,725 10,174 31,307 30,190 
Cost of products sold7,802 7,935 23,034 23,123 
Depreciation and amortization796 719 2,332 2,159 
Total operating costs66,625 60,464 195,425 172,786 
Earnings from operations5,712 4,651 18,429 18,888 
Interest expense(422)(395)(1,229)(1,262)
Earnings before income taxes5,290 4,256 17,200 17,626 
Provision for income taxes(1,099)(1,000)(3,659)(4,209)
Net earnings4,191 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 outstanding943 950 944 949 
Dilutive effect of common share equivalents12 12 12 12 
Diluted weighted-average number of common shares outstanding955 962 956 961 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents1 6 2 9 
See Notes to the Condensed Consolidated Financial Statements
2

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
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 effect59 (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 effect4 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 income3,421 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
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UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended September 30,
(in millions)
SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation Losses
Balance at June 30, 2021943 $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, 2021942 $10 $ $75,124 $778 $(5,634)$2,981 $73,259 
Balance at June 30, 2020950 $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, 2020949 $10 $ $69,715 $1,256 $(5,750)$2,873 $68,104 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Nine months ended September 30,
(in millions)
SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation Losses
Balance at January 1, 2021946 $10 $ $69,295 $1,336 $(5,150)$2,837 $68,328 
Net earnings
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, 2021942 $10 $ $75,124 $778 $(5,634)$2,981 $73,259 
Balance at January 1, 2020948 $9 $7 $61,178 $589 $(4,167)$2,820 $60,436 
Adjustment to Adopt ASU 2016-13(28)(28)
Net earnings
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 interests42 42 
Distribution to nonredeemable noncontrolling interests
(148)(148)
Balance at September 30, 2020949 $10 $ $69,715 $1,256 $(5,750)$2,873 $68,104 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
(in millions)20212020
Operating activities
Net earnings$13,541 $13,417 
Noncash items:
Depreciation and amortization2,332 2,159 
Deferred income taxes373 119 
Share-based compensation591 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 payable3,925 (615)
Accounts payable and other liabilities1,171 3,441 
Unearned revenues(331)(132)
Cash flows from operating activities19,125 16,073 
Investing activities
Purchases of investments(12,827)(11,570)
Sales of investments2,569 4,887 
Maturities of investments6,556 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 issuances1,077 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 debt6,934 4,864 
Customer funds administered1,402 249 
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 equivalents4,164 6,565 
Cash and cash equivalents, beginning of period16,921 10,985 
Cash and cash equivalents, end of period$21,085 $17,550 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.    Basis of Presentation
UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a diversified health care company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary business platforms — Optum and UnitedHealthcare — are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve.
The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC (2020 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.
Use of Estimates
These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.
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2.    Investments
A summary of debt securities by major security type is as follows:
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2021
Debt securities - available-for-sale:
U.S. government and agency obligations$3,625 $70 $(23)$3,672 
State and municipal obligations7,093 341 (15)7,419 
Corporate obligations21,987 547 (84)22,450 
U.S. agency mortgage-backed securities6,281 156 (34)6,403 
Non-U.S. agency mortgage-backed securities2,763 63 (13)2,813 
Total debt securities - available-for-sale41,749 1,177 (169)42,757 
Debt securities - held-to-maturity:
U.S. government and agency obligations506 3 (1)508 
State and municipal obligations30 2  32 
Corporate obligations80   80 
Total debt securities - held-to-maturity616 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 obligations6,893 435  7,328 
Corporate obligations18,886 863 (12)19,737 
U.S. agency mortgage-backed securities6,849 245 (3)7,091 
Non-U.S. agency mortgage-backed securities2,116 95 (4)2,207 
Total debt securities - available-for-sale38,079 1,771 (22)39,828 
Debt securities - held-to-maturity:
U.S. government and agency obligations420 6  426 
State and municipal obligations31 2  33 
Corporate obligations187 1  188 
Total debt securities - held-to-maturity638 9  647 
Total debt securities$38,717 $1,780 $(22)$40,475 
The Company held $2.9 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.
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The amortized cost and fair value of debt securities as of September 30, 2021, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$2,871 $2,886 $234 $235 
Due after one year through five years13,492 13,826 333 334 
Due after five years through ten years12,062 12,406 26 27 
Due after ten years4,280 4,423 23 24 
U.S. agency mortgage-backed securities6,281 6,403 — — 
Non-U.S. agency mortgage-backed securities2,763 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 Months12 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 obligations1,226 (15)  1,226 (15)
Corporate obligations6,471 (75)326 (9)6,797 (84)
U.S. agency mortgage-backed securities2,537 (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,