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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
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
__________________________________________________________ 
UHG(R)_CMYK.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware 41-1321939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
UnitedHealth Group Center 55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices) (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of July 31, 2023, there were 926,305,139 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.



UNITEDHEALTH GROUP
Table of Contents
 
  Page




PART I
ITEM 1.    FINANCIAL STATEMENTS
UnitedHealth Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except per share data)June 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents$41,813 $23,365 
Short-term investments4,466 4,546 
Accounts receivable, net17,952 17,681 
Other current receivables, net16,131 12,769 
Assets under management3,623 4,087 
Prepaid expenses and other current assets5,884 6,621 
Total current assets89,869 69,069 
Long-term investments45,988 43,728 
Property, equipment and capitalized software, net
10,926 10,128 
Goodwill101,669 93,352 
Other intangible assets, net15,643 14,401 
Other assets16,069 15,027 
Total assets$280,164 $245,705 
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable$31,947 $29,056 
Accounts payable and accrued liabilities29,516 27,715 
Short-term borrowings and current maturities of long-term debt6,321 3,110 
Unearned revenues14,852 3,075 
Other current liabilities30,345 26,281 
Total current liabilities112,981 89,237 
Long-term debt, less current maturities59,268 54,513 
Deferred income taxes2,498 2,769 
Other liabilities13,261 12,839 
Total liabilities188,008 159,358 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests4,788 4,897 
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; 927 and 934 issued and outstanding
9 9 
Retained earnings89,994 86,156 
Accumulated other comprehensive loss(7,650)(8,393)
Nonredeemable noncontrolling interests
5,015 3,678 
Total equity87,368 81,450 
Total liabilities, redeemable noncontrolling interests and equity$280,164 $245,705 
See Notes to the Condensed Consolidated Financial Statements
1

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended June 30,Six Months Ended
June 30,
(in millions, except per share data)2023202220232022
Revenues:
Premiums$72,474 $63,896 $145,260 $127,966 
Products10,651 9,496 20,918 18,836 
Services8,663 6,645 16,743 13,017 
Investment and other income1,115 295 1,913 662 
Total revenues92,903 80,332 184,834 160,481 
Operating costs:
Medical costs60,268 52,093 120,113 104,616 
Operating costs13,809 11,709 27,434 23,110 
Cost of products sold9,748 8,596 19,153 17,083 
Depreciation and amortization1,021 802 1,991 1,590 
Total operating costs84,846 73,200 168,691 146,399 
Earnings from operations8,057 7,132 16,143 14,082 
Interest expense(828)(467)(1,582)(900)
Earnings before income taxes7,229 6,665 14,561 13,182 
Provision for income taxes(1,572)(1,466)(3,130)(2,835)
Net earnings5,657 5,199 11,431 10,347 
Earnings attributable to noncontrolling interests(183)(129)(346)(250)
Net earnings attributable to UnitedHealth Group common shareholders$5,474 $5,070 11,085 $10,097 
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic$5.89 $5.41 $11.91 $10.75 
Diluted$5.82 $5.34 $11.77 $10.61 
Basic weighted-average number of common shares outstanding930 937 931 939 
Dilutive effect of common share equivalents10 13 11 13 
Diluted weighted-average number of common shares outstanding940 950 942 952 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents7 3 6 3 
See Notes to the Condensed Consolidated Financial Statements
2

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended June 30,Six Months Ended
June 30,
(in millions)2023202220232022
Net earnings$5,657 $5,199 $11,431 $10,347 
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period(431)(1,331)209 (3,354)
Income tax effect99 304 (48)769 
Total unrealized (losses) gains, net of tax(332)(1,027)161 (2,585)
Gross reclassification adjustment for net realized gains included in net earnings(47)(1)(34)(4)
Income tax effect11  8 1 
Total reclassification adjustment, net of tax
(36)(1)(26)(3)
Total foreign currency translation gains (losses)267 (676)608 242 
Other comprehensive (loss) income(101)(1,704)743 (2,346)
Comprehensive income5,556 3,495 12,174 8,001 
Comprehensive income attributable to noncontrolling interests(183)(129)(346)(250)
Comprehensive income attributable to UnitedHealth Group common shareholders
$5,373 $3,366 $11,828 $7,751 
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
(Loss) Income
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended June 30,
(in millions)
SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at March 31, 2023932 $9 $ $88,852 $(2,275)$(5,274)$4,509 $85,821 
Net earnings
5,474 139 5,613 
Other comprehensive (loss) income(368)267 (101)
Issuances of common stock, and related tax effects
1  218 218 
Share-based compensation
232 232 
Common share repurchases(6) (442)(2,585)(3,027)
Cash dividends paid on common shares ($1.88 per share)
(1,747)(1,747)
Redeemable noncontrolling interests fair value and other adjustments
(8)(8)
Acquisition and other adjustments of nonredeemable noncontrolling interests
478 478 
Distribution to nonredeemable noncontrolling interests
(111)(111)
Balance at June 30, 2023927 $9 $ $89,994 $(2,643)$(5,007)$5,015 $87,368 
Balance at March 31, 2022939 $10 $ $78,782 $(1,137)$(4,889)$3,362 $76,128 
Net earnings
5,070 94 5,164 
Other comprehensive loss(1,028)(676)(1,704)
Issuances of common stock, and related tax effects
1  174 174 
Share-based compensation
194 194 
Common share repurchases(5) (733)(1,767)(2,500)
Cash dividends paid on common shares ($1.65 per share)
(1,545)(1,545)
Redeemable noncontrolling interests fair value and other adjustments
365 365 
Acquisition and other adjustments of nonredeemable noncontrolling interests12 12 
Distribution to nonredeemable noncontrolling interests
(83)(83)
Balance at June 30, 2022935 $10 $ $80,540 $(2,165)$(5,565)$3,385 $76,205 
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
(Loss) Income
Nonredeemable Noncontrolling InterestsTotal
Equity
Six months ended March 31,
(in millions)
SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2023934 $9 $ $86,156 $(2,778)$(5,615)$3,678 $81,450 
Net earnings
11,085 252 11,337 
Other comprehensive income135 608 743 
Issuances of common stock, and related tax effects
3  568 568 
Share-based compensation
598 598 
Common share repurchases(10) (1,075)(3,963)(5,038)
Cash dividends paid on common shares ($3.53 per share)
(3,284)(3,284)
Redeemable noncontrolling interests fair value and other adjustments
(91)(91)
Acquisition and other adjustments of nonredeemable noncontrolling interests
1,297 1,297 
Distribution to nonredeemable noncontrolling interests
(212)(212)
Balance at June 30, 2023927 $9 $ $89,994 $(2,643)$(5,007)$5,015 $87,368 
Balance at January 1, 2022941 $10 $ $77,134 $423 $(5,807)$3,285 $75,045 
Net earnings
10,097 182 10,279 
Other comprehensive (loss) income(2,588)242 (2,346)
Issuances of common stock, and related tax effects
4  507 507 
Share-based compensation
476 476 
Common share repurchases(10) (1,217)(3,783)(5,000)
Cash dividends paid on common shares ($3.10 per share)
(2,908)(2,908)
Redeemable noncontrolling interests fair value and other adjustments
234 234 
Acquisition and other adjustments of nonredeemable noncontrolling interests103 103 
Distribution to nonredeemable noncontrolling interests
(185)(185)
Balance at June 30, 2022935 $10 $ $80,540 $(2,165)$(5,565)$3,385 $76,205 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended
June 30,
(in millions)20232022
Operating activities
Net earnings$11,431 $10,347 
Noncash items:
Depreciation and amortization1,991 1,590 
Deferred income taxes(482)(15)
Share-based compensation604 504 
Other, net(91)215 
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable197 (4,204)
Other assets(2,001)(643)
Medical costs payable2,408 4,029 
Accounts payable and other liabilities1,547 807 
Unearned revenues11,755 (440)
Cash flows from operating activities27,359 12,190 
Investing activities
Purchases of investments(9,225)(8,903)
Sales of investments3,188 2,348 
Maturities of investments4,463 3,189 
Cash paid for acquisitions, net of cash assumed(8,161)(7,150)
Purchases of property, equipment and capitalized software(1,589)(1,212)
Other, net(424)(532)
Cash flows used for investing activities(11,748)(12,260)
Financing activities
Common share repurchases(5,000)(5,000)
Cash dividends paid(3,284)(2,908)
Proceeds from common stock issuances628 756 
Repayments of long-term debt(2,125)(1,100)
Proceeds from short-term borrowings, net3,426 1,340 
Proceeds from issuance of long-term debt6,394 5,922 
Customer funds administered4,069 5,786 
Other, net(1,377)(1,546)
Cash flows from financing activities2,731 3,250 
Effect of exchange rate changes on cash and cash equivalents106 57 
Increase in cash and cash equivalents18,448 3,237 
Cash and cash equivalents, beginning of period23,365 21,375 
Cash and cash equivalents, end of period$41,813 $24,612 
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 health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary business platforms — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is 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 and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC (2022 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.
Revenues - Products and Services
As of June 30, 2023 and December 31, 2022, accounts receivable related to products and services were $7.7 billion and $7.1 billion, respectively. As of June 30, 2023, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $12.2 billion, of which approximately half is expected to be recognized in the next three years.
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2.    Investments
A summary of debt securities by major security type is as follows:
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations$4,990 $ $(283)$4,707 
State and municipal obligations7,334 10 (427)6,917 
Corporate obligations23,582 11 (1,643)21,950 
U.S. agency mortgage-backed securities8,504 5 (799)7,710 
Non-U.S. agency mortgage-backed securities3,148  (304)2,844 
Total debt securities - available-for-sale47,558 26 (3,456)44,128 
Debt securities - held-to-maturity:
U.S. government and agency obligations466  (11)455 
State and municipal obligations28  (3)25 
Corporate obligations246   246 
Total debt securities - held-to-maturity740  (14)726 
Total debt securities$48,298 $26 $(3,470)$44,854 
December 31, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations$4,093 $1 $(285)$3,809 
State and municipal obligations7,702 25 (479)7,248 
Corporate obligations23,675 17 (1,798)21,894 
U.S. agency mortgage-backed securities7,379 15 (808)6,586 
Non-U.S. agency mortgage-backed securities3,077 1 (294)2,784 
Total debt securities - available-for-sale45,926 59 (3,664)42,321 
Debt securities - held-to-maturity:
U.S. government and agency obligations578  (14)564 
State and municipal obligations29  (3)26 
Corporate obligations89   89 
Total debt securities - held-to-maturity696  (17)679 
Total debt securities$46,622 $59 $(3,681)$43,000 
The Company held $4.2 billion and $3.7 billion of equity securities as of June 30, 2023 and December 31, 2022, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, venture investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.4 billion and $1.5 billion of equity method investments in operating businesses in the health care sector as of June 30, 2023 and December 31, 2022, respectively. The allowance for credit losses on held-to-maturity securities at June 30, 2023 and December 31, 2022 was not material.
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The amortized cost and fair value of debt securities as of June 30, 2023, 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$4,646 $4,613 $466 $461 
Due after one year through five years14,748 13,935 225 219 
Due after five years through ten years11,332 10,206 31 30 
Due after ten years5,180 4,820 18 16 
U.S. agency mortgage-backed securities8,504 7,710 — — 
Non-U.S. agency mortgage-backed securities3,148 2,844 — — 
Total debt securities$47,558 $44,128 $740 $726 
The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
 Less Than 12 Months12 Months or Greater Total
(in millions)Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
June 30, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations
$2,300 $(28)$1,902 $(255)$4,202 $(283)
State and municipal obligations2,769 (46)3,324 (381)6,093 (427)
Corporate obligations6,346 (122)13,974 (1,521)20,320 (1,643)
U.S. agency mortgage-backed securities3,111 (79)4,314 (720)7,425 (799)
Non-U.S. agency mortgage-backed securities
577 (15)2,239 (289)2,816 (304)
Total debt securities - available-for-sale$15,103 $(290)$25,753 $(3,166)$40,856 $(3,456)
December 31, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations
$2,007 $(96)$1,290 $(189)$3,297 $(285)
State and municipal obligations4,630 (288)1,178 (191)5,808 (479)
Corporate obligations13,003 (893)6,637 (905)19,640 (1,798)
U.S. agency mortgage-backed securities3,561 (345)2,239 (463)5,800 (808)
Non-U.S. agency mortgage-backed securities
1,698 (128)976 (166)2,674 (294)
Total debt securities - available-for-sale$24,899 $(1,750)$12,320 $(1,914)$37,219 $(3,664)
The Company’s unrealized losses from debt securities as of June 30, 2023 were generated from approximately 35,000 positions out of a total of 41,000 positions. The Company believes that it will timely collect the 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 which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of June 30, 2023, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at June 30, 2023 and December 31, 2022 was not material.
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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 included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K.
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Total
Fair and Carrying
Value
June 30, 2023
Cash and cash equivalents$41,763 $50 $ $41,813 
Debt securities - available-for-sale:
U.S. government and agency obligations4,318 389  4,707 
State and municipal obligations 6,917  6,917 
Corporate obligations36 21,732 182 21,950 
U.S. agency mortgage-backed securities 7,710  7,710 
Non-U.S. agency mortgage-backed securities 2,844  2,844 
Total debt securities - available-for-sale4,354 39,592 182 44,128 
Equity securities2,270 37 70 2,377 
Assets under management 1,332 2,190 101 3,623 
Total assets at fair value$49,719 $41,869 $353 $91,941 
Percentage of total assets at fair value54 %45 %%100 %
December 31, 2022
Cash and cash equivalents$23,202 $163 $ $23,365 
Debt securities - available-for-sale:
U.S. government and agency obligations3,505 304  3,809 
State and municipal obligations 7,248  7,248 
Corporate obligations7 21,695 192 21,894 
U.S. agency mortgage-backed securities 6,586  6,586 
Non-U.S. agency mortgage-backed securities 2,784  2,784 
Total debt securities - available-for-sale3,512 38,617 192 42,321 
Equity securities2,043 35 70 2,148 
Assets under management 1,788 2,203 96 4,087 
Total assets at fair value$30,545 $41,018 $358 $71,921 
Percentage of total assets at fair value42 %57 %%100 %
There were no transfers in or out of Level 3 financial assets or liabilities during the six months ended June 30, 2023 or 2022.
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The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Total
Fair
Value
Total Carrying Value
June 30, 2023
Debt securities - held-to-maturity$651 $75 $ $726 $740 
Long-term debt and other financing obligations$ $58,644 $ $58,644 $61,217 
December 31, 2022
Debt securities - held-to-maturity$577 $102 $ $679 $696 
Long-term debt and other financing obligations$ $53,626 $ $53,626 $56,823 
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 the six months ended June 30, 2023 or 2022.
4.    Medical Costs Payable
The following table shows the components of the change in medical costs payable for the six months ended June 30:
(in millions)20232022
Medical costs payable, beginning of period$29,056 $24,483 
Acquisitions1 171 
Reported medical costs:
Current year120,773 104,936 
Prior years(660)(320)
Total reported medical costs120,113 104,616 
Medical payments:
Payments for current year
(91,621)(78,937)
Payments for prior years(25,602)(21,355)
Total medical payments(117,223)(100,292)
Medical costs payable, end of period$31,947 $28,978 
For the six months ended June 30, 2023 and 2022, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included reserves for claims incurred by insured customers but not yet reported to the Company of $22.0 billion and $20.0 billion at June 30, 2023 and December 31, 2022, respectively.
5.    Short-Term Borrowings and Long-Term Debt
In March 2023, the Company issued $6.5 billion of senior unsecured notes consisting of the following:
(in millions, except percentages)Par Value
4.250% notes due January 2029
$1,250 
4.500% notes due April 2033
1,500 
5.050% notes due April 2053
2,000 
5.200% notes due April 2063
1,750 
As of June 30, 2023, the Company had $4.4 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.1%.
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 included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K.
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6.    Dividends
In June 2023, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $7.52 compared to $6.60 per share, which the Company had paid since June 2022. Declaration and payment of future quarterly dividends is at the discretion of the Board of Directors and may be adjusted as business needs or market conditions change.
The following table provides details of the Company’s dividend payments during the six months ended June 30, 2023:
Payment DateAmount per ShareTotal Amount Paid
(in millions)
March 21$1.65 $1,537 
June 271.88 1,747 
7.    Commitments and Contingencies
Pending Acquisitions
As of June 30, 2023, the Company has entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated consideration required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $5 billion.
Legal Matters
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 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 Consumer Financial Protection Bureau (CFPB), 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 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, the 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 which may result from this matter given its procedural status.
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8.    Business Combinations
During the six months ended June 30, 2023, the Company completed several business combinations for total consideration of $8.2 billion.
Acquired assets (liabilities) at acquisition date were:
(in millions)
Cash and cash equivalents$104 
Accounts receivable and other current assets550 
Property, equipment and other long-term assets542 
Other intangible assets1,795 
Total identifiable assets acquired2,991 
Medical costs payable(1)
Accounts payable and other current liabilities(473)
Other long-term liabilities(617)
Total identifiable liabilities acquired(1,091)
Total net identifiable assets1,900 
Goodwill7,734 
Redeemable noncontrolling interests(113)
Nonredeemable noncontrolling interests(1,297)
Net assets acquired$8,224 
The majority of goodwill is not deductible for income tax purposes. The preliminary purchase price allocations for the various business combinations are subject to adjustment as valuation analyses, primarily related to intangible assets and contingent liabilities, are finalized.
The acquisition date fair values and weighted-average useful lives assigned to intangible assets were:
(in millions, except years)Fair ValueWeighted-Average Useful Life
Acquired finite-lived intangible assets:
Customer-related$223 12 years
Trademarks and technology171 5 years
Other38 6 years
Total acquired finite-lived intangible assets432 9 years
Total acquired indefinite-lived intangible assets - operating licenses and certificates1,363 
Total acquired intangible assets$1,795 
The results of operations and financial condition of acquired entities have been included in the Company’s consolidated results and the results of the corresponding operating segment as of the date of acquisition. Through June 30, 2023, acquired entities impact on revenues and net earnings was not material.
Unaudited pro forma revenues and net earnings for the six months ended June 30, 2023 and 2022, as if the business combinations had occurred on January 1, 2022, were immaterial for both periods.
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9.    Segment Financial Information
The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K. Total assets at Optum Health increased to $80.8 billion as of June 30, 2023 compared to $69.0 billion as of December 31, 2022, primarily due to goodwill from business combinations of $7.0 billion.
The following tables present reportable segment financial information:
  Optum  
(in millions)UnitedHealthcareOptum HealthOptum InsightOptum RxOptum EliminationsOptumCorporate and
Eliminations
Consolidated
Three Months Ended June 30, 2023
Revenues - unaffiliated customers:
Premiums$67,047 $5,427 $ $ $ $5,427 $ $72,474 
Products 51 39 10,561  10,651  10,651 
Services2,584 3,541 1,995 543  6,079  8,663 
Total revenues - unaffiliated customers
69,631 9,019 2,034 11,104  22,157  91,788 
Total revenues - affiliated customers
 14,454 2,615 17,496 (893)33,672 (33,672) 
Investment and other income
600 444 25 46  515  1,115 
Total revenues$70,231 $23,917 $4,674 $28,646 $(893)$56,344 $(33,672)$92,903 
Earnings from operations$4,358 $1,525 $968 $1,206 $ $3,699 $ $8,057 
Interest expense      (828)(828)
Earnings before income taxes
$4,358 $1,525 $968 $1,206 $ $3,699 $(828)$7,229 
Three Months Ended June 30, 2022
Revenues - unaffiliated customers:
Premiums$59,368 $4,528 $ $ $ $4,528 $ $63,896 
Products 6 58 9,432  9,496  9,496 
Services2,542 2,740 1,034 329  4,103  6,645 
Total revenues - unaffiliated customers
61,910 7,274 1,092 9,761  18,127  80,037 
Total revenues - affiliated customers
 10,224 2,181 15,038 (588)26,855 (26,855) 
Investment and other income
195 85 9 6  100  295 
Total revenues$62,105 $17,583 $3,282 $24,805 $(588)$45,082 $(26,855)$80,332 
Earnings from operations$3,850 $1,399 $839 $1,044 $ $3,282 $ $7,132 
Interest expense      (467)(467)
Earnings before income taxes
$3,850 $1,399 $839 $1,044 $ $3,282 $(467)$6,665 










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  Optum  
(in millions)UnitedHealthcareOptum HealthOptum InsightOptum RxOptum EliminationsOptumCorporate and
Eliminations
Consolidated
Six Months Ended June 30, 2023
Revenues - unaffiliated customers:
Premiums$134,505 $10,755 $ $ $ $10,755 $ $145,260 
Products 95 79 20,744  20,918  20,918 
Services5,139 6,630 3,921 1,053  11,604  16,743 
Total revenues - unaffiliated customers
139,644 17,480 4,000 21,797  43,277  182,921 
Total revenues - affiliated customers
 28,720 5,125 34,175 (1,752)66,268 (66,268) 
Investment and other income
1,055 721 45 92  858  1,913 
Total revenues$140,699 $46,921 $9,170 $56,064 $(1,752)$110,403 $(66,268)$184,834 
Earnings from operations$8,701 $3,301 $1,875 $2,266 $ $7,442 $ $16,143 
Interest expense      (1,582)(1,582)
Earnings before income taxes
$8,701 $3,301 $1,875 $2,266 $ $7,442 $(1,582)$14,561 
Six Months Ended June 30, 2022
Revenues - unaffiliated customers:
Premiums$119,305 $8,661 $ $ $ $8,661 $ $127,966 
Products 12 98 18,726  18,836  18,836 
Services5,057 5,298 2,008 654  7,960  13,017 
Total revenues - unaffiliated customers
124,362 13,971 2,106 19,380  35,457  159,819 
Total revenues - affiliated customers
 20,053 4,319 29,329 (1,141)52,560 (52,560) 
Investment and other income
338 241 76 7  324  662 
Total revenues$124,700 $34,265 $6,501 $48,716 $(1,141)$88,341 $(52,560)$160,481 
Earnings from operations$7,648 $2,765 $1,686 $1,983 $ $6,434 $ $14,082 
Interest expense      (900)(900)
Earnings before income taxes
$7,648 $2,765 $1,686 $1,983 $ $6,434 $(900)$13,182 
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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 2022 10-K, including the Consolidated Financial Statements and Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in that report. Unless the context indicates otherwise, references to the terms “UnitedHealth Group,” the “Company,” “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 2022 10-K and in the discussion below.
EXECUTIVE OVERVIEW
General
UnitedHealth Group is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary business platforms — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve.
We have four reportable segments:
Optum Health;
Optum Insight;
Optum Rx; and
UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State.
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 2022 10-K and additional information on our segments can be found in this Item 2 and in Note 9 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.
Business Trends
Our businesses participate in the United States, South America and certain other international health markets. We expect overall spending on health care to continue to grow in the future due to inflation, 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 macroeconomic conditions 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 benefits, products and services, we start with our view of expected future costs, including medical cost trends, inflation and labor market dynamics. 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 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 the small group, large group and individual segments. We expect broad-based competition to continue as the industry adapts to individual and employer needs.
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.

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Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. During the second quarter, we observed increased care patterns, primarily related to outpatient procedures for seniors, which may continue in future periods. 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 quality, affordable care.
Regulatory Trends and Uncertainties
Medicare Advantage Rates. Medicare Advantage rate notices over the years have at times resulted in industry base rates well below industry forward medical trend. For example, the Final Notice for 2024 rates resulted in an industry base rate decrease, well short of what is an increasing industry forward medical cost trend, creating continued pressure in the Medicare Advantage program. Further, substantial revisions to the risk adjustment model, which serves to adjust rates to reflect a patient’s health status and care resource needs, will result in reduced funding and potentially benefits for people, especially those with some of the greatest health and social challenges.

As a result of ongoing Medicare funding pressures, there are adjustments we can make to partially offset these rate pressures and reductions for a particular period. For example, we can seek to intensify our medical and operating cost management, make changes to the size and composition of our care provider networks, adjust member benefits and implement or increase the member premiums supplementing the monthly payments we receive from the government. Additionally, we decide annually on a county-by-county basis where we will offer Medicare Advantage plans.
SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS
The following summarizes select second quarter 2023 year-over-year operating comparisons to second quarter 2022 and other financial results.
Consolidated revenues grew 16%, UnitedHealthcare revenues grew 13% and Optum revenues grew 25%.
UnitedHealthcare served 1.6 million more people, driven by growth across our U.S. businesses.
Consolidated earnings from operations of $8.1 billion compared to $7.1 billion last year, included growth of 13% at both UnitedHealthcare and Optum.
Diluted earnings per common share were $5.82.
Cash flows from operations for the six months ended June 30, 2023 were $27.4 billion.
Return on equity was 26.8%.
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RESULTS SUMMARY
The following table summarizes our consolidated results of operations and other financial information:
(in millions, except percentages and per share data)Three Months Ended
June 30,
Increase/(Decrease)Six Months Ended
June 30,
Increase/(Decrease)
202320222023 vs. 2022202320222023 vs. 2022
Revenues:
Premiums$72,474 $63,896 $8,578 13 %$145,260 $127,966 $17,294 14 %
Products10,651 9,496 1,155 12 20,918 18,836 2,082 11 
Services8,663 6,645 2,018 30 16,743 13,017 3,726 29 
Investment and other income1,115 295 820 278 1,913 662 1,251 189 
Total revenues92,903 80,332 12,571 16 184,834 160,481 24,353 15 
Operating costs:
Medical costs60,268 52,093 8,175 16 120,113 104,616 15,497 15 
Operating costs13,809 11,709 2,100 18 27,434 23,110 4,324 19 
Cost of products sold9,748 8,596 1,152 13 19,153 17,083 2,070 12 
Depreciation and amortization1,021 802 219 27 1,991 1,590 401 25 
Total operating costs84,846 73,200 11,646 16 168,691 146,399 22,292 15 
Earnings from operations8,057 7,132 925 13 16,143 14,082 2,061 15 
Interest expense(828)(467)(361)77 (1,582)(900)(682)76 
Earnings before income taxes7,229 6,665 564 14,561 13,182 1,379 10 
Provision for income taxes(1,572)(1,466)(106)(3,130)(2,835)(295)10 
Net earnings5,657 5,199 458 11,431 10,347 1,084 10 
Earnings attributable to noncontrolling interests(183)(129)(54)42 (346)(250)(96)38 
Net earnings attributable to UnitedHealth Group common shareholders$5,474 $5,070 $404 %$11,085 $10,097 $988 10 %
Diluted earnings per share attributable to UnitedHealth Group common shareholders $5.82 $5.34 $0.48 $11.77 $10.61 $1.16 
Medical care ratio (a)83.2 %81.5 %1.7 %82.7 %81.8 %0.9 %
Operating cost ratio14.9 14.6 0.3 14.8 14.4 0.4 
Operating margin8.7 8.9 (0.2)8.7 8.8 (0.1)
Tax rate21.7 22.0 (0.3)21.5 21.5 — 
Net earnings margin (b)5.9 6.3 (0.4)6.0 6.3 (0.3)
Return on equity (c)26.8 %27.9 %(1.1)%27.5 %27.9 %(0.4)%
(a)Medical care ratio (MCR) 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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2023 RESULTS OF OPERATIONS COMPARED TO 2022 RESULTS OF OPERATIONS
Consolidated Financial Results
Revenues
The increases in revenues were primarily driven by growth in the number of people served through Medicare Advantage and Medicaid, pricing trends and growth across the Optum businesses. Revenues also increased due to increased investment income, primarily driven by increased interest rates.
Medical Costs and MCR
Medical costs increased primarily due to growth in people served through Medicare Advantage and Medicaid. The MCR increased as a result of elevated care activity, primarily relating to outpatient care for seniors, and business mix. For the three months ended June 30, 2023, the MCR also increased due to decreased favorable reserve development.
Operating Cost Ratio
The operating cost ratio increased primarily due to business mix and investments to support future growth, partially offset by continued productivity advances.
Reportable Segments
See Note 9 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 people served by UnitedHealthcare by major market segment and funding arrangement, people served by Optum Health and adjusted scripts for Optum Rx. 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, including the level and scope of services provided to people, and pricing trends when comparing the metrics to revenue by segment.
The following table presents a summary of the reportable segment financial information:
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/(Decrease)
(in millions, except percentages)202320222023 vs. 2022202320222023 vs. 2022
Revenues
UnitedHealthcare$70,231 $62,105 $8,126 13 %$140,699 $124,700 $15,999 13 %
Optum Health23,917 17,583 6,334 36 46,921 34,265 12,656 37 
Optum Insight4,674 3,282 1,392 42 9,170 6,501 2,669 41 
Optum Rx28,646 24,805 3,841 15 56,064 48,716 7,348 15 
Optum eliminations(893)(588)(305)52 (1,752)(1,141)(611)54 
Optum56,344 45,082 11,262 25 110,403 88,341 22,062 25 
Eliminations(33,672)(26,855)(6,817)25 (66,268)(52,560)(13,708)26 
Consolidated revenues$92,903 $80,332 $12,571 16 %$184,834 $160,481 $24,353 15 %
Earnings from operations
UnitedHealthcare$4,358 $3,850 $508 13 %$8,701 $7,648 $1,053 14 %
Optum Health1,525 1,399 126 3,301 2,765 536 19 
Optum Insight968 839 129 15 1,875 1,686 189 11 
Optum Rx1,206 1,044 162 16 2,266 1,983 283 14 
Optum3,699 3,282 417 13 7,442 6,434 1,008 16 
Consolidated earnings from operations$8,057 $7,132 $925 13 %$16,143 $14,082 $2,061 15 %
Operating margin
UnitedHealthcare6.2 %6.2 %— %6.2 %6.1 %0.1 %
Optum Health6.4 8.0 (1.6)7.0 8.1 (1.1)
Optum Insight20.7 25.6 (4.9)20.4 25.9 (5.5)
Optum Rx4.2 4.2 — 4.0 4.1 (0.1)
Optum6.6 7.3 (0.7)6.7 7.3 (0.6)
Consolidated operating margin8.7 %8.9 %(0.2)%8.7 %8.8 %(0.1)%
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UnitedHealthcare
The following table summarizes UnitedHealthcare revenues by business:
 Three Months Ended June 30,Increase/(Decrease)Six Months Ended June 30,Increase/(Decrease)
(in millions, except percentages)202320222023 vs. 2022202320222023 vs. 2022
UnitedHealthcare Employer & Individual - Domestic$16,759 $15,567 $1,192 %$33,303 $31,389 $1,914 %
UnitedHealthcare Employer & Individual - Global2,325 2,247 78 4,488 4,380 108 
UnitedHealthcare Employer & Individual - Total19,084 17,814 1,270 37,791 35,769 2,022 
UnitedHealthcare Medicare & Retirement32,440 28,625 3,815 13 65,446 57,725 7,721 13 
UnitedHealthcare Community & State18,707 15,666 3,041 19 37,462 31,206 6,256 20 
Total UnitedHealthcare revenues$70,231 $62,105 $8,126 13 %$140,699 $124,700 $15,999 13 %
The following table summarizes the number of people served by our UnitedHealthcare businesses, by major market segment and funding arrangement:
June 30,Increase/(Decrease)
(in thousands, except percentages)202320222023 vs. 2022
Commercial - Domestic:
Risk-based8,035 8,010 25 — %
Fee-based19,140 18,480 660 
Total Commercial - Domestic27,175 26,490 685 
Medicare Advantage7,590 6,945 645 
Medicaid8,355 7,990 365 
Medicare Supplement (Standardized)4,330 4,355 (25)(1)
Total Community and Senior20,275 19,290 985 
Total UnitedHealthcare - Domestic Medical47,450 45,780 1,670 
Commercial - Global5,385 5,465 (80)(1)
Total UnitedHealthcare - Medical52,835 51,245 1,590 %
Supplemental Data:
Medicare Part D stand-alone3,355 3,330 25 %
UnitedHealthcare’s revenues increased due to growth in the number of people served through individual and group Medicare Advantage plans; growth in existing Medicaid markets, including a greater mix of people with higher acuity needs; and an increase in the number of people served through commercial offerings. Earnings from operations increased due to increased investment income and the factors impacting revenue, partially offset by elevated care activity, primarily relating to outpatient care for seniors.
Optum
Total revenues and earnings from operations increased due to growth across the Optum businesses. The results by segment were as follows:
Optum Health
Revenues at Optum Health increased primarily due to organic growth in patients served under value-based care arrangements and business combinations. Earnings from operations increased due to increased investment income and cost management initiatives, partially offset by higher senior outpatient and behavioral health care activity and costs associated with serving newly added patients under value-based care arrangements. Optum Health served approximately 103 million people as of June 30, 2023 compared to 101 million people as of June 30, 2022.
Optum Insight
Revenues and earnings from operations at Optum Insight increased due to growth in business services as a result of business combinations and growth in technology services.
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Optum Rx
Revenues and earnings from operations at Optum Rx increased due to growth in specialty pharmacy offerings and higher script volumes from growth in people served. Earnings from operations also increased as a result of continued supply chain management initiatives. Optum Rx fulfilled 381 million and 357 million adjusted scripts in the second quarters of 2023 and 2022, respectively.
LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES
Liquidity
Summary of our Major Sources and Uses of Cash and Cash Equivalents
 Six Months Ended June 30,Increase/(Decrease)
(in millions)202320222023 vs. 2022
Sources of cash:
Cash provided by operating activities$27,359 $12,190 $15,169 
Issuances of short-term borrowings and long-term debt, net of repayments7,695 6,162 1,533 
Proceeds from common stock issuances628 756 (128)
Customer funds administered4,069 5,786 (1,717)
Total sources of cash39,751 24,894 
Uses of cash:
Common stock repurchases(5,000)(5,000)— 
Cash paid for acquisitions, net of cash assumed(8,161)(7,150)(1,011)
Purchases of investments, net of sales and maturities (1,574)(3,366)1,792 
Purchases of property, equipment and capitalized software(1,589)(1,212)(377)
Cash dividends paid(3,284)(2,908)(376)
Other(1,801)(2,078)277 
Total uses of cash(21,409)(21,714)
Effect of exchange rate changes on cash and cash equivalents106 57 49 
Net increase in cash and cash equivalents$18,448 $3,237 $15,211 
2023 Cash Flows Compared to 2022 Cash Flows
Increased cash flows provided by operating activities were primarily driven by an increase in unearned revenue due to the June receipt of our July CMS premium payment of $11.8 billion and changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included increased net issuances of short-term borrowings and long-term debt and decreased net purchases of investments, partially offset by decreased customer funds administered and increased cash paid for acquisitions.
Financial Condition
As of June 30, 2023, our cash, cash equivalent, available-for-sale debt securities and equity securities balances of $90.1 billion included approximately $41.8 billion of cash and cash equivalents (of which $1.2 billion was available for general corporate use), $44.1 billion of debt securities and $4.2 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 3.9 years and a weighted-average credit rating of “Double A” as of June 30, 2023. 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.

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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, 2022 was disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2022 10-K. During the six months ended June 30, 2023, 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 business combinations.
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 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 and Supplementary Data” in our 2022 10-K.
Our revolving bank credit facilities contain various covenants, including covenants requiring us to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. As of June 30, 2023, our debt to debt-plus-shareholders’ equity ratio, as defined and calculated under the credit facilities, was approximately 40%.
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 and Supplementary Data” in our 2022 10-K.
Credit Ratings. Our credit ratings as of June 30, 2023 were as follows:
  
Moody’s (a)S&P GlobalFitchA.M. Best
 RatingsOutlookRatingsOutlookRatingsOutlookRatingsOutlook
Senior unsecured debtA3PositiveA+StableAStableAStable
Commercial paperP-2n/aA-1n/aF1n/aAMB-1+n/a
(a)    On July 27, 2023, Moody’s upgraded the credit rating on our senior unsecured debt to A2 with an outlook of Stable and the credit rating on our commercial paper to P-1.
The availability of financing in the form of debt or equity is influenced by many factors, including our profitability, operating cash flows, debt levels, credit ratings, debt covenants and other contractual restrictions, regulatory requirements and economic and market conditions. A significant downgrade in our credit ratings or adverse conditions in the capital markets may increase the cost of borrowing for us or limit our access to capital.
Share Repurchase Program. During the six months ended June 30, 2023, we repurchased approximately 10 million shares at an average price of $483.78 per share. As of June 30, 2023, we had Board of Directors’ authorization to purchase up to 21 million shares of our common stock.
Dividends. In June 2023, the Company’s Board of Directors increased our quarterly cash dividend to shareholders to an annual rate of $7.52 compared to $6.60 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. As of June 30, 2023, we have entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated consideration required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $5 billion.
For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7 in our 2022 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.
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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” included in Part II, Item 7 in our 2022 10-K. For a detailed discussion of our significant accounting policies, see Note 2 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in our 2022 10-K.
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: 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; 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; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; 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 our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to complete, manage or integrate strategic transactions; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; 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.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We manage exposure to market interest rates by diversifying investments across different fixed-income market sectors and debt across maturities, as well as by matching a portion of our floating-rate assets and liabilities, either directly or through the use of interest rate swap contracts. Unrealized gains and losses on investments in available-for-sale debt securities are reported in comprehensive income.
The following table summarizes the impact of hypothetical changes in market interest rates across the entire yield curve by 1% point or 2% points as of June 30, 2023 on our investment income and interest expense per annum, and the fair value of our investments and debt (in millions, except percentages):
June 30, 2023
Increase (Decrease) in Market Interest RateInvestment
Income Per
Annum
Interest
Expense Per
Annum
Fair Value of
Financial Assets
Fair Value of
Financial Liabilities
2 %$1,025 $469 $(3,500)$(8,164)
1512 234 (1,799)(4,458)
(1)(512)(207)1,882 5,415 
(2)(1,025)(410)3,817 12,059 
Note: The impact of hypothetical changes in interest rates may not reflect the full 100 or 200 basis point change on interest income and interest expense or on the fair value of financial assets and liabilities as the rates are assumed to not fall below zero.
ITEM 4.    CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
In connection with the filing of this quarterly report on Form 10-Q, management evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2023. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2023.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2023 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 included 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 2022 10-K, which could materially affect our business, financial condition or future results. The risks described in our 2022 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 2022 10-K.
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ITEM 2.    UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities (a)
Second Quarter 2023
For the Month EndedTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number of Shares That May Yet Be Purchased Under The Plans or Programs
(in millions)(in millions)(in millions)
April 30, 20231.2 $499.99 1.2 25.8
May 31, 20231.5 486.68 1.5 24.3
June 30, 20233.5 475.99 3.5 20.8
Total6.2 $483.07 6.2 
(a)    In November 1997, our Board of Directors adopted a share repurchase program, which the Board of Directors evaluates periodically. In June 2018, the Board of Directors renewed our share repurchase program with an authorization to repurchase up to 100 million shares of our common stock in open market purchases or other types of transactions (including prepaid or structured repurchase programs). There is no established expiration date for the program.
ITEM 5.    OTHER INFORMATION
Trading Arrangements

During the quarter ended June 30, 2023, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any non-Rule 10b5-1 trading arrangement.

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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.
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline 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.
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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 WITTY
Chief Executive Officer
(principal executive officer)
Dated:August 2, 2023
Andrew Witty  
/s/ JOHN REX
Executive Vice President and
Chief Financial Officer
(principal financial officer)
Dated:August 2, 2023
John Rex  
/s/ THOMAS ROOS
Senior Vice President and
Chief Accounting Officer
(principal accounting officer)
Dated:August 2, 2023
Thomas Roos  
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