www.unitedhealthgroup.com<\/a>). Following the call, a webcast replay will be available on the same site through February 3, 2021. The conference call replay can also be accessed by dialing 1-855-859-2056, Conference ID: 5181037. This earnings release and the Form 8-K dated January 20, 2021 can also be accessed from the Investor Relations page of the Company\u2019s website.\n<\/p>\nNon-GAAP Financial Information<\/span><\/b><\/p>\n\nThis news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.\n<\/p>\n
Forward-Looking Statements<\/span><\/b><\/p>\n\nThe statements, estimates, projections, guidance or outlook contained in this document include \u201cforward-looking\u201d statements which are intended to take advantage of the \u201csafe harbor\u201d provisions of the federal securities law. The words \u201cbelieve,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cforecast,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cshould\u201d and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: risks associated with public health crises, large-scale medical emergencies and pandemics, such as the COVID-19 pandemic; our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; the DOJ\u2019s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; cyberattacks, other privacy\/data security incidents, or our failure to comply with related regulations; risks and uncertainties associated with the pharmacy benefits management industry; competitive pressures; changes in or challenges to our public sector contract awards; our ability to contract on competitive terms with physicians, hospitals and other service providers; failure to achieve targeted operating cost productivity improvements; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to manage successfully\n<\/p>\n
\nour strategic alliances or complete or receive anticipated benefits of strategic transactions; fluctuations in foreign currency exchange rates; downgrades in our credit ratings; our investment portfolio performance; impairment of our goodwill and intangible assets; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.\n<\/p>\n
\n\nUNITEDHEALTH GROUP<\/b><\/td>\n<\/tr>\n\nEarnings Release Schedules and Supplementary Information<\/b><\/td>\n<\/tr>\n\nYear Ended December 31, 2020<\/b><\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| – Condensed Consolidated Statements of Operations<\/td>\n<\/tr>\n | \n| – Condensed Consolidated Balance Sheets<\/td>\n<\/tr>\n | \n| – Condensed Consolidated Statements of Cash Flows<\/td>\n<\/tr>\n | \n| – Supplemental Financial Information – Businesses<\/td>\n<\/tr>\n | \n| – Supplemental Financial Information – Business Metrics<\/td>\n<\/tr>\n | \n– Reconciliation of Non-GAAP Financial Measure<\/td>\n<\/tr>\n<\/table>\n\n\nUNITEDHEALTH GROUP<\/b><\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n\n| (in millions, except per share data)<\/td>\n<\/tr>\n | \n| (unaudited)<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \nThree Months Ended
December 31,<\/b><\/td>\n | | \nYear Ended
December 31,<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n | | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenues<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Premiums<\/td>\n | | \n\n \n$50,581\n<\/p>\n<\/td>\n | | \n\n \n$47,625\n<\/p>\n<\/td>\n | | \n\n \n$201,478\n<\/p>\n<\/td>\n | | \n\n \n$189,699\n<\/p>\n<\/td>\n<\/tr>\n | \n| Products<\/td>\n | | \n\n \n8,690\n<\/p>\n<\/td>\n | | \n\n \n7,626\n<\/p>\n<\/td>\n | | \n\n \n34,145\n<\/p>\n<\/td>\n | | \n\n \n31,597\n<\/p>\n<\/td>\n<\/tr>\n | \n| Services<\/td>\n | | \n\n \n5,751\n<\/p>\n<\/td>\n | | \n\n \n5,217\n<\/p>\n<\/td>\n | | \n\n \n20,016\n<\/p>\n<\/td>\n | | \n\n \n18,973\n<\/p>\n<\/td>\n<\/tr>\n | \n| Investment and other income<\/td>\n | | \n\n \n445\n<\/p>\n<\/td>\n | | \n\n \n433\n<\/p>\n<\/td>\n | | \n\n \n1,502\n<\/p>\n<\/td>\n | | \n\n \n1,886\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total revenues<\/td>\n | | \n\n \n65,467\n<\/p>\n<\/td>\n | | \n\n \n60,901\n<\/p>\n<\/td>\n | | \n\n \n257,141\n<\/p>\n<\/td>\n | | \n\n \n242,155\n<\/p>\n<\/td>\n<\/tr>\n | \n| Operating costs<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Medical costs<\/td>\n | | \n\n \n42,082\n<\/p>\n<\/td>\n | | \n\n \n39,276\n<\/p>\n<\/td>\n | | \n\n \n159,396\n<\/p>\n<\/td>\n | | \n\n \n156,440\n<\/p>\n<\/td>\n<\/tr>\n | \n| Operating costs<\/td>\n | | \n\n \n11,514\n<\/p>\n<\/td>\n | | \n\n \n9,301\n<\/p>\n<\/td>\n | | \n\n \n41,704\n<\/p>\n<\/td>\n | | \n\n \n35,193\n<\/p>\n<\/td>\n<\/tr>\n | \n| Cost of products sold<\/td>\n | | \n\n \n7,622\n<\/p>\n<\/td>\n | | \n\n \n6,511\n<\/p>\n<\/td>\n | | \n\n \n30,745\n<\/p>\n<\/td>\n | | \n\n \n28,117\n<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | | \n\n \n732\n<\/p>\n<\/td>\n | | \n\n \n718\n<\/p>\n<\/td>\n | | \n\n \n2,891\n<\/p>\n<\/td>\n | | \n\n \n2,720\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating costs<\/td>\n | | \n\n \n61,950\n<\/p>\n<\/td>\n | | \n\n \n55,806\n<\/p>\n<\/td>\n | | \n\n \n234,736\n<\/p>\n<\/td>\n | | \n\n \n222,470\n<\/p>\n<\/td>\n<\/tr>\n | \n| Earnings from operations<\/b><\/td>\n | | \n\n \n3,517\n<\/p>\n<\/td>\n | | \n\n \n5,095\n<\/p>\n<\/td>\n | | \n\n \n22,405\n<\/p>\n<\/td>\n | | \n\n \n19,685\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | | \n\n \n(401)\n<\/p>\n<\/td>\n | | \n\n \n(437)\n<\/p>\n<\/td>\n | | \n\n \n(1,663)\n<\/p>\n<\/td>\n | | \n\n \n(1,704)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Earnings before income taxes<\/b><\/td>\n | | \n\n \n3,116\n<\/p>\n<\/td>\n | | \n\n \n4,658\n<\/p>\n<\/td>\n | | \n\n \n20,742\n<\/p>\n<\/td>\n | | \n\n \n17,981\n<\/p>\n<\/td>\n<\/tr>\n | \n| Provision for income taxes<\/td>\n | | \n\n \n(764)\n<\/p>\n<\/td>\n | | \n\n \n(990)\n<\/p>\n<\/td>\n | | \n\n \n(4,973)\n<\/p>\n<\/td>\n | | \n\n \n(3,742)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net earnings<\/b><\/td>\n | | \n\n \n2,352\n<\/p>\n<\/td>\n | | \n\n \n3,668\n<\/p>\n<\/td>\n | | \n\n \n15,769\n<\/p>\n<\/td>\n | | \n\n \n14,239\n<\/p>\n<\/td>\n<\/tr>\n | \n| Earnings attributable to noncontrolling interests<\/td>\n | | \n\n \n(140)\n<\/p>\n<\/td>\n | | \n\n \n(127)\n<\/p>\n<\/td>\n | | \n\n \n(366)\n<\/p>\n<\/td>\n | | \n\n \n(400)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net earnings attributable to UnitedHealth Group common shareholders<\/b><\/td>\n | | \n\n \n$2,212\n<\/p>\n<\/td>\n | | \n\n \n$3,541\n<\/p>\n<\/td>\n | | \n\n \n$15,403\n<\/p>\n<\/td>\n | | \n\n \n$13,839\n<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted earnings per share attributable to UnitedHealth Group common shareholders<\/b><\/td>\n | | \n\n \n$2.30\n<\/p>\n<\/td>\n | | \n\n \n$3.68\n<\/p>\n<\/td>\n | | \n\n \n$16.03\n<\/p>\n<\/td>\n | | \n\n \n$14.33\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)<\/b><\/td>\n | | \n\n \n$2.52\n<\/p>\n<\/td>\n | | \n\n \n$3.90\n<\/p>\n<\/td>\n | | \n\n \n$16.88\n<\/p>\n<\/td>\n | | \n\n \n$15.11\n<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted weighted-average common shares outstanding<\/td>\n | | \n\n \n961\n<\/p>\n<\/td>\n | | \n\n \n962\n<\/p>\n<\/td>\n | | \n\n \n961\n<\/p>\n<\/td>\n | | \n\n \n966\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| (a)<\/td>\n | | \n | \nSee page 6 for a reconciliation of the non-GAAP measure<\/td>\n<\/tr>\n<\/table>\n\n\n| \n UNITEDHEALTH GROUP<\/b><\/p>\n<\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n\n| (in millions)<\/td>\n<\/tr>\n | \n| (unaudited)<\/td>\n<\/tr>\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\u00a0<\/td>\n | December 31,<\/b><\/td>\n | | \nDecember 31,<\/b><\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Assets<\/b><\/td>\n | | \n\u00a0<\/td>\n | | \n | \n | <\/tr>\n \n| Cash and short-term investments<\/td>\n | \u00a0<\/td>\n | \n \n$19,781\n<\/p>\n<\/td>\n | | \n\n \n$14,245\n<\/p>\n<\/td>\n<\/tr>\n | \n| Accounts receivable, net<\/td>\n | \u00a0<\/td>\n | \n \n12,870\n<\/p>\n<\/td>\n | | \n\n \n11,822\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other current assets<\/td>\n | \u00a0<\/td>\n | \n \n21,067\n<\/p>\n<\/td>\n | | \n\n \n16,567\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total current assets<\/td>\n | \u00a0<\/td>\n | \n \n53,718\n<\/p>\n<\/td>\n | | \n\n \n42,634\n<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term investments<\/td>\n | \u00a0<\/td>\n | \n \n41,242\n<\/p>\n<\/td>\n | | \n\n \n37,209\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other long-term assets<\/td>\n | \u00a0<\/td>\n | \n \n102,329\n<\/p>\n<\/td>\n | | \n\n \n94,046\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/td>\n | \u00a0<\/td>\n | \n \n$197,289\n<\/p>\n<\/td>\n | | \n\n \n$173,889\n<\/p>\n<\/td>\n<\/tr>\n | \n| Liabilities, redeemable noncontrolling interests and equity<\/b><\/td>\n | \u00a0<\/td>\n | | \n | \n | <\/tr>\n \n| Medical costs payable<\/td>\n | \u00a0<\/td>\n | \n \n$21,872\n<\/p>\n<\/td>\n | | \n\n \n$21,690\n<\/p>\n<\/td>\n<\/tr>\n | \n| Short-term borrowings and current maturities of long-term debt<\/td>\n | \u00a0<\/td>\n | \n \n4,819\n<\/p>\n<\/td>\n | | \n\n \n3,870\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other current liabilities<\/td>\n | \u00a0<\/td>\n | \n \n45,729\n<\/p>\n<\/td>\n | | \n\n \n36,222\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total current liabilities<\/td>\n | \u00a0<\/td>\n | \n \n$72,420\n<\/p>\n<\/td>\n | | \n\n \n$61,782\n<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term debt, less current maturities<\/td>\n | \u00a0<\/td>\n | \n \n38,648\n<\/p>\n<\/td>\n | | \n\n \n36,808\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other long-term liabilities<\/td>\n | \u00a0<\/td>\n | \n \n15,682\n<\/p>\n<\/td>\n | | \n\n \n13,137\n<\/p>\n<\/td>\n<\/tr>\n | \n| Redeemable noncontrolling interests<\/td>\n | \u00a0<\/td>\n | \n \n2,211\n<\/p>\n<\/td>\n | | \n\n \n1,726\n<\/p>\n<\/td>\n<\/tr>\n | \n| Equity<\/td>\n | | \n\u00a0<\/td>\n | \n \n68,328\n<\/p>\n<\/td>\n | | \n\n \n60,436\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities, redeemable noncontrolling interests and equity<\/td>\n | \u00a0<\/td>\n | \n \n$197,289\n<\/p>\n<\/td>\n | | \n\n \n$173,889\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | |
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<\/td>\n<\/tr>\n