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Financials : Insurance | Small Cap ValueCompany profile

Universal Insurance Holdings, Inc. (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company's subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC). UPCIC writes homeowners insurance policies in states, including Alabama, Delaware, Florida, Georgia, Hawaii, Indiana, Maryland, Massachusetts, Michigan, Minnesota, North Carolina, Pennsylvania, South Carolina and Virginia. APPCIC writes homeowners and commercial residential insurance policies in Florida. The Company has developed a suite of applications that provide underwriting, policy and claim administration services, including billing, policy maintenance, inspections, refunds, commissions and data analysis.

Closing Price
$28.80
Day's Change
0.00 (0.00%)
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Day's High
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Volume
(Light)
Volume:
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10-day average volume:
251,649
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UnitedHealth Group Reports Second Quarter 2019 Results

5:55 am ET July 18, 2019 (BusinessWire) Print

UnitedHealth Group (NYSE: UNH) reported second quarter 2019 results with continued well diversified strength in performance.

"Our results in the quarter reflect strong and balanced performance from both Optum and UnitedHealthcare and are driven by the 320,000 women and men of UnitedHealth Group who focus every day on creating value for those we serve," said David S. Wichmann, chief executive officer of UnitedHealth Group.

Based on strong first half 2019 results and confidence in the remainder of the year, the Company increased its full year net earnings outlook to $13.95 to $14.15 per share, and adjusted net earnings to $14.70 to $14.90 per share.

Quarterly Financial Performance
                  Three Months Ended                        
                         --------------------------------------
         June 30,      June 30,      March 31,     
                              2019          2018          2019
                         ------------- ------------- ------------
Revenues                  $60.6 billion $56.1 billion $60.3 billion   
Earnings from Operations  $4.7 billion  $4.2 billion  $4.8 billion    
Net Margin                    5.4%          5.2%          5.7%        
------------------------ ------------- ------------- ------------  -------------------- --------------------

UnitedHealth Group's second quarter 2019 revenues grew $4.5 billion or 8.0 percent year-over-year to $60.6 billion, led by double-digit percentage revenue growth at UnitedHealthcare Medicare & Retirement, OptumRx and OptumHealth. Second quarter earnings from operations grew 12.8 percent or $540 million year-over-year to $4.7 billion. Adjusted net earnings of $3.60 per share advanced 14.6 percent. Cash flows from operations were $5.9 billion in the quarter and $9.1 billion or 1.3x net income year to date. Second quarter medical cost trends remained well managed, with the revenue effect from the deferral of the health insurance tax driving the 120 basis point increase in the consolidated medical care ratio year-over-year to 83.1 percent. Favorable medical reserve development was $270 million this quarter and days claims payable remained consistent at 49 days. The second quarter operating cost ratio of 13.9 percent improved 110 basis points from the same period last year, reflecting the deferral of the health insurance tax and continued effects of productivity advances and operating cost management disciplines. Higher investment and other income was driven by higher interest yields and investment balances, earnings from well-performing minority investments and a $100 million venture investment gain. Second quarter dividend payments grew to $1.0 billion as the annual dividend rate was increased 20 percent to $4.32 per share in June 2019. In the second quarter, 6.4 million shares were repurchased for $1.5 billion, bringing year-to-date purchases to 18.2 million shares for $4.5 billion. Return on equity of 25.1 percent in the period continued to reflect the Company's strong and diverse earnings profile and efficient capital base.

UnitedHealthcare provides global health care benefits, serving individuals and employers, and Medicare and Medicaid beneficiaries. UnitedHealthcare is dedicated to improving the value health care consumers receive by reducing the total cost of care, enhancing the quality of care received, improving health and wellness and simplifying the health care experience.

Quarterly Financial Performance
                            Three Months Ended                                   
                         -----------------------------------------------------------
            June 30,             June 30,             March 31,         
                                 2019                 2018                 2019
                         -------------------- -------------------- -------------------
               
Revenues                     $48.6 billion        $45.8 billion        $48.9 billion
Earnings from Operations     $2.6 billion         $2.4 billion         $3.0 billion        
Operating Margin                 5.4%                 5.1%                 6.0%            
------------------------ -------------------- -------------------- -------------------  -------------------- --------------------

UnitedHealthcare grew second quarter 2019 earnings from operations by 12.1 percent to $2.6 billion driven by revenue growth and strong cost disciplines. The business grew to serve 705,000 more people with medical benefits over the past year, including a greater mix of people with higher acuity needs, helping grow revenues by $2.7 billion, or 6.0 percent, to $48.6 billion in the quarter. UnitedHealthcare Employer & Individual revenues in second quarter 2019 increased $324 million year-over-year to $14.0 billion, as UnitedHealthcare served 615,000 more people with commercial benefits in the past year. UnitedHealthcare Medicare & Retirement second quarter 2019 revenues grew by $2.0 billion or 10.6 percent to $20.9 billion. Medicare Advantage products grew to serve 400,000 more individual and employer-sponsored seniors year-over-year. Including those dually eligible for Medicare and Medicaid and served through UnitedHealthcare Community & State, total year-over-year growth in Medicare Advantage was 540,000 people. UnitedHealthcare Community & State revenues grew $440 million or 4.1 percent to $11.2 billion in second quarter 2019, driven by growth in people served with higher acuity needs. Second quarter membership declined 350,000 people year-over-year primarily due to states adding more carriers and managing eligibility and proactive market withdrawals.

UnitedHealthcare Global revenues in second quarter 2019 were stable year-over-year at $2.5 billion.

Optum is a health services business serving the global health care marketplace, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, data analytics, technology and clinical insights, Optum helps improve overall health system performance: optimizing care quality, reducing health care costs and improving the consumer experience.

Quarterly Financial Performance
                            Three Months Ended                                   
                         -----------------------------------------------------------
            June 30,             June 30,             March 31,         
                                 2019                 2018                 2019
                         -------------------- -------------------- -------------------
               
Revenues                     $28.0 billion        $24.7 billion        $26.4 billion
Earnings from Operations     $2.1 billion         $1.8 billion         $1.9 billion        
Operating Margin                 7.5%                 7.5%                 7.1%            
------------------------ -------------------- -------------------- -------------------  -------------------- --------------------

Optum revenues of $28.0 billion grew by 13.4 percent or $3.3 billion year-over-year in the second quarter of 2019. Optum's second quarter 2019 earnings from operations advanced 13.8 percent to $2.1 billion due to strong revenue growth and stable, strong operating margin performance. OptumHealth revenues advanced $1.2 billion or 20.3 percent year-over-year to $7.1 billion in second quarter 2019, with strength and diversity of growth across care delivery, behavioral health services and complex care management. OptumHealth served approximately 95 million people at June 30, 2019, and the average revenue per consumer increased 17 percent year-over-year, driven by growth in value-based care arrangements and continued strong demand for OptumHealth's expanding service and product offerings. OptumInsight revenues of $2.3 billion grew 7.0 percent year-over-year in the quarter, while revenue backlog grew over 20 percent year-over-year to $18.5 billion at quarter-end driven by health care operations and technology, revenue management, and payer and advisory services. OptumRx revenues in second quarter 2019 increased 11.7 percent or $2.0 billion year-over-year to $18.9 billion, reflecting market share gains and continued diversification of services provided, including a higher mix of specialty pharmacy care services. OptumRx fulfilled 343 million adjusted scripts in second quarter 2019, growing 3.3 percent over the prior year.

About UnitedHealth Group

UnitedHealth Group (NYSE: UNH) is a diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone. UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. For more information, visit UnitedHealth Group at www.unitedhealthgroup.com or follow @UnitedHealthGrp on Twitter.

Earnings Conference Call

As previously announced, UnitedHealth Group will discuss the Company's results, strategy and future outlook on a conference call with investors at 8:45 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investors page of the Company's website (www.unitedhealthgroup.com). Following the call, a webcast replay will be available on the same site through August 1, 2019. The conference call replay can also be accessed by dialing 1-800-695-0715. This earnings release and the Form 8-K dated July 18, 2019, can also be accessed from the Investors page of the Company's website.

Non-GAAP Financial Information

This 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 ("GAAP"). 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.

Forward-Looking Statements

The statements, estimates, projections, guidance or outlook contained in this document include "forward-looking" statements within the meaning of the PSLRA. These statements are intended to take advantage of the "safe harbor" provisions of the PSLRA. Generally the words "believe," "expect," "intend," "estimate," "anticipate," "forecast," "outlook," "plan," "project," "should" and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.

Some factors that could cause actual results to differ materially from results discussed or implied in the forward-looking statements include: our ability to effectively estimate, price for and manage our medical costs, including the impact of any new coverage requirements; new laws or regulations, or changes in existing laws or regulations, or their enforcement or application, including increases in medical, administrative, technology or other costs or decreases in enrollment resulting from U.S., South American and other jurisdictions' regulations affecting the health care industry; the outcome of the DOJ's legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in CMS star ratings and other quality scores that impact revenue; reductions in revenue or delays to cash flows received under Medicare, Medicaid and other government programs, including the effects of a prolonged U.S. government shutdown or debt ceiling constraints; changes in Medicare, including changes in payment methodology, the CMS star ratings program or the application of risk adjustment data validation audits; cyberattacks or other privacy or data security incidents; failure to comply with privacy and data security regulations; regulatory and other risks and uncertainties of the pharmacy benefits management industry; competitive pressures, which could affect our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; our ability to execute contracts on competitive terms with physicians, hospitals and other service providers; failure to achieve targeted operating cost productivity improvements, including savings resulting from technology enhancement and administrative modernization; increases in costs and other liabilities associated with increased litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of acquisitions and other strategic transactions; fluctuations in foreign currency exchange rates on our reported shareholders' equity and results of operations; downgrades in our credit ratings; the performance of our investment portfolio; impairment of the value of our goodwill and intangible assets if estimated future results do not adequately support goodwill and intangible assets recorded for our existing businesses or the businesses that we acquire; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; and our ability to obtain sufficient funds from our regulated subsidiaries or the debt or capital markets to fund our obligations, to maintain our debt to total capital ratio at targeted levels, to maintain our quarterly dividend payment cycle or to continue repurchasing shares of our common stock.

This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain risk factors that may affect our business operations, financial condition and results of operations, in our other periodic and current filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any or all forward-looking statements we make may turn out to be wrong, and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. 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 future 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 applicable securities laws.

                   UNITEDHEALTH GROUP
Earnings Release Schedules and Supplementary Information
               Quarter Ended June 30, 2019
 
- Condensed Consolidated Statements of Operations
- Condensed Consolidated Balance Sheets
- Condensed Consolidated Statements of Cash Flows
- Supplemental Financial Information - Businesses
- Supplemental Financial Information - Business Metrics
- Reconciliation of Non-GAAP Financial Measure
                                                                                                                                                                               UNITEDHEALTH GROUP
                                                                                                                                                                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                      (in millions, except per share data)
                                                                                                                                                                                   (unaudited)
                                                                                                                                                                        
                                  Three Months Ended                                    Three Months Ended                                                    Three Months Ended                                                     Six Months Ended                                                       Six Months Ended
                                       June 30,                                              June 30,                                                              June 30,                                                              June 30,                                                               June 30,
-------------------------------------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------------------------       -------------------- ------------------------------------------------------------------------------------------------------------------
                                         2019                                                  2019                               2019                                               2018                                                2019                                                2018
-------------------------------------------------------------------------------------- -------------------- ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
Revenues
Premiums                                                                                                  $                    $ 47,164                      $                    $ 44,458                      $                    $  94,677                      $                    $  88,542  
Products                                                                                    8,353        7,004        16,425        13,706  
Services                                                                                    4,496        4,269         8,814         8,373  
Investment and other income                                                                   582          355           987           653  
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
   Total revenues                                                                          60,595       56,086       120,903       111,274  
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
Operating costs
Medical costs                                                                              39,184       36,427        78,123        72,290  
Operating costs                                                                             8,415        8,386        16,932        16,892  
Cost of products sold                                                                       7,598        6,471        14,979        12,655  
Depreciation and amortization                                                                 654          598         1,293         1,180  
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
                                                                                           55,851       51,882       111,327       103,017  
   Total operating costs
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
Earnings from operations                                                                    4,744        4,204         9,576         8,257  
                                                                                                                                                                        
Interest expense                                                                             (418                    )       (344                    )        (818                    )        (673                    )
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
Earnings before income taxes                                                                4,326        3,860         8,758         7,584  
                                                                                                                                                                        
Provision for income taxes                                                                   (941                    )       (850                    )      (1,816                    )      (1,650                    )
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
Net earnings                                                                                3,385        3,010         6,942         5,934  
                                                                                                                                                                        
Earnings attributable to noncontrolling interests                                             (92                    )        (88                    )        (182                    )        (176                    )
                                                                                       -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                        
Net earnings attributable to UnitedHealth Group common shareholders                                       $                    $  3,293                      $                    $  2,922                      $                    $   6,760                      $                    $   5,758  
                                                                                       ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                        
Diluted earnings per share attributable to UnitedHealth Group common shareholders                         $                    $   3.42                      $                    $   2.98                      $                    $    6.97                      $                    $    5.85  
                                                                                       ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                        
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)                    $                    $   3.60                      $                    $   3.14                      $                    $    7.33                      $                    $    6.19  
                                                                                       ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                        
Diluted weighted-average common shares outstanding                                            964          982           970           984  
                                                                                       ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
(a) See page 6 for a reconciliation of the non-GAAP measure
                                                                    UNITEDHEALTH GROUP
                                                           CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                       (in millions)
                                                                        (unaudited)
                                                                  
                              June 30,                                           June 30,                        December 31,
                                2019                                               2019                              2018
-------------------------------------------------------------------- ------------------------------                       ------------------------------
Assets
Cash and short-term investments                                                         $     17,269                    $                    $     14,324
Accounts receivable, net                                                    9,741         11,388
Other current assets                                                       15,028         12,980
                                                                     -------------------- ---------- -------------------- -------------------- ----------
                                                                  
      Total current assets                                                 42,038         38,692
                                                                  
Long-term investments                                                      35,696         32,510
Other long-term assets                                                     89,466         81,019
                                                                     -------------------- ---------- -------------------- -------------------- ----------
                                                                  
   Total assets                                                                         $    167,200                    $                    $    152,221
                                                                     ==================== ========== ==================== ==================== ==========
                                                                  
                                                                  
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable                                                                   $     20,907                    $                    $     19,891
Commercial paper and current maturities of long-term debt                   7,800          1,973
Other current liabilities                                                  33,621         31,345
                                                                     -------------------- ---------- -------------------- -------------------- ----------
                                                                  
      Total current liabilities                                            62,328         53,209
                                                                  
Long-term debt, less current maturities                                    34,473         34,581
Other long-term liabilities                                                12,343          8,204
Redeemable noncontrolling interests                                         2,202          1,908
Equity                                                                     55,854         54,319
                                                                     -------------------- ---------- -------------------- -------------------- ----------
                                                                  
   Total liabilities, redeemable noncontrolling interests and equity                    $    167,200                    $                    $    152,221
                                                                     ==================== ========== ==================== ==================== ==========
                                                                                 UNITEDHEALTH GROUP
                                                                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                    (in millions)
                                                                                     (unaudited)
                                                                           
                      Six Months Ended                                                                          Six Months Ended
                          June 30,                                                                                  June 30,
------------------------------------------------------------ ----------------------------------------------------------------------------------------------------------------
                            2019                                                   2019                               2018                               2018
------------------------------------------------------------ ----------------------------------------------   -------------------- ----------------------------------------------
Operating Activities
Net earnings                                                                    $  6,942                      $                    $  5,934  
Noncash items:
   Depreciation and amortization                                1,293        1,180  
   Deferred income taxes and other                                 68         (148                    )
   Share-based compensation                                       398          358  
Net changes in operating assets and liabilities                   407        5,052  
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
   Cash flows from operating activities                         9,108       12,376  
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
Investing Activities
Purchases of investments, net of sales and maturities          (1,654                    )     (2,968                    )
Purchases of property, equipment and capitalized software        (977                    )       (960                    )
Cash paid for acquisitions, net                                (4,751                    )     (2,636                    )
Other, net                                                        504         (134 )
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
   Cash flows used for investing activities                    (6,878                    )     (6,698                    )
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
Financing Activities
Common share repurchases                                       (4,501 )                        (3,150 )
Dividends paid                                                 (1,884 )                        (1,588 )
Net change in commercial paper and long-term debt               5,674        2,683  
Other, net                                                      1,354        2,842  
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
   Cash flows from financing activities                           643          787  
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
Effect of exchange rate changes on cash and cash equivalents        6          (78                    )
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
Increase in cash and cash equivalents                           2,879        6,387  
                                                                           
Cash and cash equivalents, beginning of period                 10,866       11,981  
                                                             -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                           
Cash and cash equivalents, end of period                                        $ 13,745                      $                    $ 18,368  
                                                             ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                  UNITEDHEALTH GROUP
                                                                                                                                    SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES
                                                                                                                                           (in millions, except percentages)
                                                                                                                                                      (unaudited)
                                                                                                                                
              Three Months Ended                                                                  Three Months Ended                                                      Six Months Ended                                                       Six Months Ended
                   June 30,                                                                            June 30,                                                               June 30,                                                               June 30,
---------------------------------------------- ------------------------------------------------------------------------------------------------------------------       -------------------- ------------------------------------------------------------------------------------------------------------------
                     2019                                             2019                                                2018                                                2019                                                2018
---------------------------------------------- -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
Revenues
UnitedHealthcare                                                  $  48,594                      $                    $  45,846                      $                    $  97,490                      $                    $  91,305  
Optum                                             28,029        24,726        54,389        48,327  
Eliminations                                     (16,028                    )     (14,486                    )     (30,976                    )     (28,358                    )
                                               -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                
   Total consolidated revenues                                    $  60,595                      $                    $  56,086                      $                    $ 120,903                      $                    $ 111,274  
                                               ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                
Earnings from Operations
UnitedHealthcare                                                  $   2,642                      $                    $   2,357                      $                    $   5,596                      $                    $   4,757  
Optum (a)                                          2,102         1,847         3,980         3,500  
                                               -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                
   Total consolidated earnings from operations                    $   4,744                      $                    $   4,204                      $                    $   9,576                      $                    $   8,257  
                                               ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                
Operating Margin
UnitedHealthcare                                     5.4                    %         5.1                    %         5.7                    %         5.2                    %
Optum                                                7.5                    %         7.5                    %         7.3                    %         7.2                    %
   Consolidated operating margin                     7.8                    %         7.5                    %         7.9                    %         7.4                    %
                                                                                                                                
                                                                                                                                
Revenues
UnitedHealthcare Employer & Individual                            $  14,032                      $                    $  13,708                      $                    $  28,116                      $                    $  27,122  
UnitedHealthcare Medicare & Retirement            20,855        18,859        41,951        37,784  
UnitedHealthcare Community & State                11,186        10,746        22,368        21,417  
UnitedHealthcare Global                            2,521         2,533         5,055         4,982  
                                                                                                                                
OptumHealth                                                       $   7,148                      $                    $   5,941                      $                    $  13,861                      $                    $  11,700  
OptumInsight                                       2,339         2,185         4,528         4,254  
OptumRx                                           18,923        16,941        36,740        33,047  
Optum eliminations                                  (381                    )        (341                    )        (740                    )        (674                    )
(a) Earnings from operations for Optum for the three and six months ended June 30, 2019 included $688 and $1,314 for OptumHealth; $525 and $957 for OptumInsight; and $889 and $1,709 for OptumRx, respectively. Earnings from operations for Optum for the three and six months ended June 30, 2018 included $570 and $1,058 for OptumHealth; $453 and $848 for OptumInsight; and $824 and $1,594 for OptumRx, respectively.
                                                                                                                         UNITEDHEALTH GROUP
                                                                                                        SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS
                                                                              
                                                                                                                  UNITEDHEALTHCARE CUSTOMER PROFILE
                                                                                                                           (in thousands)
                                                                                    
People Served                                          June 30,                   June 30,                  March 31,                  March 31,               December 31,               December 31,                June 30,                   June 30,
                                                         2019                       2019                      2019                       2019                      2018                       2018                      2018                       2018
------------------------------------------------ -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------
Commercial:
   Risk-based                                             8,325          8,340          8,495          8,385
   Fee-based                                             19,090         19,175         18,420         18,415
                                                 -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
   Total Commercial                                      27,415         27,515         26,915         26,800
                                                 -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
Medicare Advantage                                        5,190          5,165          4,945          4,790
Medicaid                                                  6,360          6,425          6,450          6,710
Medicare Supplement (Standardized)                        4,495          4,500          4,545          4,505
                                                 -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
   Total Public and Senior                               16,045         16,090         15,940         16,005
                                                 -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
   Total UnitedHealthcare - Domestic Medical             43,460         43,605         42,855         42,805
International                                             6,070          6,125          6,220          6,020
                                                 -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
   Total UnitedHealthcare - Medical                      49,530         49,730         49,075         48,825
                                                 ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
                                                                              
Supplemental Data
   Medicare Part D stand-alone                            4,430          4,480          4,710          4,730
                                                 ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
 
                                                                                                                      OPTUM PERFORMANCE METRICS
                                                                                    
                    June 30,                           June 30,                   June 30,                  March 31,                  March 31,               December 31,               December 31,                June 30,                   June 30,
                      2019                               2019                       2019                      2019                       2019                      2018                       2018                      2018                       2018
------------------------------------------------ -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------
                                                                                    
OptumHealth Consumers Served (in millions)                   95             93             93             92
OptumInsight Contract Backlog (in billions)                         $                    $       18.5                    $                    $       17.4                    $                    $       17.0                    $                    $       15.4
OptumRx Quarterly Adjusted Scripts (in millions)            343            339            348            332
Note: UnitedHealth Group served 143 million unique individuals across all businesses at June 30, 2019.
                                                                                                                                                                                                                                     UNITEDHEALTH GROUP
                                                                                                                                                                                                                                     Reconciliation of Non-GAAP Financial Measure
                                                                                                                                                                                                                                                                                                             
- Adjusted Net Earnings per Share
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                     Use of Non-GAAP Financial Measures
Adjusted net earnings per share is a non-GAAP financial measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Adjusted net earnings per share excludes from the relevant GAAP metric, as applicable, intangible amortization and other items, if any, that do not relate to the Company's underlying business performance. Management believes that the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of acquisition-related intangible asset amortization. Management believes the exclusion of these items provides a more useful comparison of the Company's underlying business performance from period to period.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                UNITEDHEALTH GROUP
                                                                                                                                                                                   RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
                                                                                                                                                                                       (in millions, except per share data)
                                                                                                                                                                                                    (unaudited)
                                                                                                                                                                                                
                                                                                                                                                                                          ADJUSTED NET EARNINGS PER SHARE
                                                                                                                                                                                                
                               Three Months Ended                                Three Months Ended                                                    Three Months Ended                                                     Six Months Ended                                                      Six Months Ended                                                          Projected            Projected
                                    June 30,                                          June 30,                                                              June 30,                                                              June 30,                                                              June 30,                                                             Year Ended           Year Ended
                                                                                                                                                                                                                                                                                                                                                                            December 31,         December 31,
------------------------------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------------------------------------       -------------------- ----------------------------------------------------------------------------------------------------------------       -------------------- --------------------
                                      2019                                              2019                               2019                                               2018                                               2019                                               2018                                 2019
------------------------------------------------------------------------------- -------------------- ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        --------------------
GAAP net earnings attributable to UnitedHealth Group common shareholders                           $                    $  3,293                      $                    $  2,922                      $                    $  6,760                      $                    $  5,758      $13,500 - $13,750    $13,500 - $13,750
Intangible amortization                                                                240          220          467          440                    960                  960
Tax effect of intangible amortization                                                  (60                    )        (56                    )       (116                    )       (111                    )                (240)                (240)
                                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
   Adjusted net earnings attributable to UnitedHealth Group common shareholders                    $                    $  3,473                      $                    $  3,086                      $                    $  7,111                      $                    $  6,087      $14,220 - $14,470    $14,220 - $14,470
                                                                                ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ====================
                                                                                                                                                                                                
GAAP diluted earnings per share                                                                    $                    $   3.42                      $                    $   2.98                      $                    $   6.97                      $                    $   5.85        $13.95 - $14.15      $13.95 - $14.15
Intangible amortization per share                                                     0.24         0.22         0.48         0.45                   1.00                 1.00
Tax effect per share of intangible amortization                                      (0.06                    )      (0.06                    )      (0.12                    )      (0.11                    )               (0.25)               (0.25)
                                                                                -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
   Adjusted diluted earnings per share                                                             $                    $   3.60                      $                    $   3.14                      $                    $   7.33                      $                    $   6.19        $14.70 - $14.90      $14.70 - $14.90
                                                                                ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ====================

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190718005232/en/

SOURCE: UnitedHealth Group

Investors:
Brett Manderfeld
Senior Vice President
952-936-7216


Media: 
Matt Stearns
Senior Vice President
202-276-0085

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