Schedule I

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Balance Sheets



(in millions, except per share data)	December 31, 2013			December 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	822		$	1,025
Short-term notes receivable from subsidiaries	11			2,889
Deferred income taxes and other current assets	214			225
Total current assets	1,047			4,139
Equity in net assets of subsidiaries	44,301			43,724
Long-term notes receivable from subsidiaries	4,215			—
Other assets	144			106
Total assets	$	49,707		$	47,969

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	335		$	356
Note payable to subsidiary	215			175
Commercial paper and current maturities of long-term debt	1,935			2,541
Total current liabilities	2,485			3,072
Long-term debt, less current maturities	14,804			13,602
Deferred income taxes and other liabilities	269			117
Total liabilities	17,558			16,791
Commitments and contingencies (Note 4)
Shareholders’ 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; 988 and 1,019 issued and outstanding	10			10
Additional paid-in capital	—			66
Retained earnings	33,047			30,664
Accumulated other comprehensive (loss) income	(908		)	438
Total UnitedHealth Group shareholders’ equity	32,149			31,178
Total liabilities and shareholders’ equity	$	49,707		$	47,969

See Notes to the Condensed Financial Statements of Registrant

Schedule I

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Statements of Comprehensive Income



	For the Years Ended December 31,
(in millions)	2013			2012			2011
Revenues:
Investment and other income	$	252		$	28		$	3
Total revenues	252			28			3
Operating costs:
Operating costs	(9		)	(2		)	25
Interest expense	618			566			451
Total operating costs	609			564			476
Loss before income taxes	(357		)	(536		)	(473		)
Benefit for income taxes	130			192			167
Loss of parent company	(227		)	(344		)	(306		)
Equity in undistributed income of subsidiaries	5,852			5,870			5,448
Net earnings	5,625			5,526			5,142
Other comprehensive (loss) income	(1,346		)	(23		)	209
Comprehensive income	$	4,279		$	5,503		$	5,351

See Notes to the Condensed Financial Statements of Registrant

Schedule I

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Statements of Cash Flows



	For the Years Ended December 31,
(in millions)	2013			2012			2011
Operating activities
Cash flows from operating activities	$	5,099		$	6,116		$	5,560
Investing activities
Issuance of notes to subsidiaries	(1,517		)	(4,149		)	—
Repayments of notes receivable from subsidiaries	275			—			—
Cash paid for acquisitions	(274		)	(3,737		)	(2,081		)
Capital contributions to subsidiaries	(942		)	(99		)	(171		)
Cash flows used for investing activities	(2,458		)	(7,985		)	(2,252		)
Financing activities
Common stock repurchases	(3,170		)	(3,084		)	(2,994		)
Proceeds from common stock issuances	598			1,078			381
Cash dividends paid	(1,056		)	(820		)	(651		)
(Repayments of) proceeds from commercial paper, net	(474		)	1,587			(933		)
Proceeds from issuance of long term debt	2,235			3,966			2,234
Repayments of long-term debt	(943		)	(986		)	(955		)
Interest rate swap termination	—			—			132
Proceeds of note from subsidiary	40			30			15
Other	(74		)	(383		)	53
Cash flows used for financing activities	(2,844		)	1,388			(2,718		)
(Decrease) increase in cash and cash equivalents	(203		)	(481		)	590
Cash and cash equivalents, beginning of period	1,025			1,506			916
Cash and cash equivalents, end of period	$	822		$	1,025		$	1,506

Supplemental cash flow disclosures
Cash paid for interest	$	618		$	547		$	418
Cash paid for income taxes	2,765			2,666			2,739

See Notes to the Condensed Financial Statements of Registrant

Schedule I

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Notes to Condensed Financial Statements

1. Basis of Presentation

UnitedHealth Group’s parent company financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this Form 10-K. The accounting policies for the registrant are the same as those described in Note 2 of Notes to the Consolidated Financial Statements.

2. Subsidiary Transactions

Investment in Subsidiaries. UnitedHealth Group’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries.

Transactions with Subsidiaries. During 2013, the parent company issued intercompany notes of $1.5 billion that were used primarily to fund the purchase of Amil’s remaining public shares. Additionally in 2013, the $2.6 billion term note issued in 2012 was reclassified to long-term. During 2012, the parent company completed a non-cash exchange of a $3.9 billion intercompany note to a subsidiary for a new term note of $2.6 billion and an equity interest of $1.3 billion.

Dividends. Cash dividends received from subsidiaries and included in Cash Flows from Operating Activities in the Condensed Statements of Cash Flows were $5.3 billion, $7.8 billion and $5.6 billion in 2013, 2012 and 2011, respectively.

3. Commercial Paper and Long-Term Debt

Discussion of commercial paper and long-term debt can be found in Note 8 of Notes to the Consolidated Financial Statements. Long-term debt obligations of the parent company do not include the other financing obligations at a subsidiary that totaled $121 million at December 31, 2013 or the Brazilian real denominated debt of a subsidiary with a total par value of $588 million at December 31, 2012 disclosed therein.

Maturities of commercial paper and long-term debt for the years ending December 31 are as follows:



(in millions)
2014	$	1,935
2015	1,055
2016	1,134
2017	1,260
2018	1,116
Thereafter	10,239

4. Commitments and Contingencies

For a summary of commitments and contingencies, see Note 12 of Notes to the Consolidated Financial Statements included in Item 8, “Financial Statements.”