- Revenues of $226 Billion Grew 12%
Year-Over-Year; Optum Revenues Surpass $100 Billion for
First Time
- Full Year and Fourth Quarter Net
Earnings were $12.19 Per Share and $3.10 Per Share
- Full Year and Fourth Quarter
Adjusted Net Earnings were $12.88 Per Share and $3.28 Per
Share
- Full Year Cash Flows from Operations
were $15.7 Billion
UnitedHealth Group (NYSE: UNH) reported fourth quarter and full
year 2018 results, with continued strong, well-diversified
performance across the enterprise.
“The 300,000 dedicated women and men of UnitedHealth Group are
positively impacting society by restlessly pursuing a mission to
help people live healthier lives and to improve health system
performance. Their efforts led to accelerating growth across our
enterprise in 2018 and created strong momentum for 2019,” said
David S. Wichmann, chief executive officer of UnitedHealth
Group.
The Company affirmed its outlook for 2019, including net
earnings of $13.70 to $14.00 per share, adjusted net earnings of
$14.40 to $14.70 per share, and cash flows from operations of $17.3
billion to $17.8 billion.
Quarterly and Annual Financial Performance
Three Months Ended
Year Ended
December 31,
2018
December 31,
2017
September 30,
2018
December 31,
2018
December 31,
2017
Revenues
$58.4 billion
$52.1 billion
$56.6 billion
$226.2 billion
$201.2 billion
Earnings from Operations
$4.5 billion
$4.0 billion
$4.6 billion
$17.3 billion
$15.2 billion
Net Margin 5.2% 6.9% 5.6% 5.3% 5.2% Adjusted
Net Margin1
5.2%
4.6%
5.6%
5.3%
4.7%
1
Adjusted net margin removes the impact of
the 2017 favorable non-cash revaluation of the Company’s net
deferred tax liability pursuant to the Tax Cuts and Jobs Act of
2017, to facilitate comparability of reported margins between
periods.
- UnitedHealth Group’s full year 2018
revenues of $226 billion grew 12 percent or $25 billion
year-over-year. Strong demand for the Company’s products and
services produced well-balanced, diversified revenue growth across
the businesses.
- Full year 2018 earnings from operations
grew $2.1 billion or 14 percent year-over-year to $17.3 billion,
with Optum earnings modestly ahead and UnitedHealthcare earnings
consistent with the outlook provided at the November 2018 Investor
Conference. Adjusted net earnings grew 28 percent to $12.88 per
share, with fourth quarter adjusted net earnings growing 27 percent
to $3.28 per share.
- Full year 2018 cash flows from
operations of $15.7 billion grew 16 percent year-over-year and were
1.3 times net earnings.
- The 2018 consolidated medical care
ratio of 81.6 percent decreased 50 basis points year-over-year, as
the effect of the return of the health insurance tax more than
offset a higher mix of government program business, including a
still-elevated but moderating medical care ratio in some
traditional Medicaid programs. Medical cost trends remained
well-managed in fourth quarter 2018, and included $280 million in
favorable reserve development. Year end days claims payable were 50
days, consistent with year end 2017.
- The 2018 operating cost ratio of 15.1
percent increased 40 basis points year-over-year from 14.7 percent
in 2017, due to the return of the health insurance tax,
significantly offset by operating efficiencies and business mix
shifts to lower operating cost businesses.
- The income tax rates of 22.3 percent in
2018 and 22.8 percent in 2017 were comparable, with 2018 reflecting
the reduced federal statutory rate and 2017 reflecting the
favorable revaluation of U.S. deferred tax liabilities, both due to
the Tax Cuts and Jobs Act of 2017.
- Return on equity of 24.4 percent
reflected the Company’s strong services business mix and overall
margin profile in 2018. The debt to total capital ratio was 40.2
percent at December 31, 2018, dividend payments grew 20 percent
year-over-year to $3.3 billion, and the Company repurchased 19
million shares for $4.5 billion in 2018.
UnitedHealthcare
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 and Annual Financial Performance
Three Months Ended
Year Ended
December 31,
2018
December 31,
2017
September 30,
2018
December 31,
2018
December 31,
2017
Revenues
$46.2 billion
$41.6 billion
$45.9 billion
$183.5 billion
$163.3 billion
Earnings from Operations
$1.8 billion
$1.8 billion
$2.6 billion
$9.1 billion
$8.5 billion
Operating Margin
3.9%
4.2%
5.6%
5.0%
5.2%
- UnitedHealthcare grew to serve 2.4
million more people2 in 2018, contributing to year-over-year
revenue growth of $20.2 billion, or 12.4 percent, to $183.5
billion. Full year earnings from operations grew 7.2 percent to
$9.1 billion. Fourth quarter 2018 earnings from operations
increased $35 million year-over-year despite the continued weaker
traditional Medicaid program performance. The fourth quarter 2018
operating margin of 3.9 percent decreased from 5.6 percent in the
third quarter, reflecting typical business seasonality.
- UnitedHealthcare
Employer & Individual full year 2018 revenues of $54.8
billion increased $2.7 billion year-over-year. UnitedHealthcare
grew its services to people in commercial group risk-based
offerings for the fourth consecutive year, with participation in
risk-based products growing by 75,000 people in 2018, including
45,000 in the fourth quarter.
- UnitedHealthcare
Medicare & Retirement revenues grew by $9.5 billion or
14.4 percent to $75.5 billion in 2018, and the business grew to
serve 9.5 million people with medical benefit products at year end,
an increase of 615,000 in 2018. Growth was diversified, reflecting
strong performance in both the individual and group retiree
Medicare Advantage markets, and continued steady growth in Medicare
Supplement offerings.
- In 2018, UnitedHealthcare Community & State revenues
grew $6 billion or 16 percent to $43.4 billion, driven by growth in
serving higher acuity populations. UnitedHealthcare served 255,000
fewer people in 2018 due to states adding new carriers to existing
programs, reduced enrollment from state efforts to manage
eligibility status and the sale of its New Mexico plan in the third
quarter.
- UnitedHealthcare
Global revenues grew $2.1 billion or 26.6 percent to $9.8
billion in 2018, due principally to the impact of acquisitions.
Margin performance strengthened in 2018 as a result of advancements
in clinical management, health system operating performance and
reduced operating costs.
Optum
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 and Annual Financial Performance
Three Months Ended
Year Ended
December 31,
2018
December 31,
2017
September 30,
2018
December 31,
2018
December 31,
2017
Revenues
$27.6 billion
$24.4 billion
$25.4 billion
$101.3 billion
$91.2 billion
Earnings from Operations
$2.7 billion
$2.2 billion
$2.0 billion
$8.2 billion
$6.7 billion
Operating Margin
9.8%
9.1%
8.0%
8.1%
7.4%
- In 2018, Optum revenues grew by $10.1
billion or 11.1 percent year-over-year to $101.3 billion, with
fourth quarter revenues growing at double-digit percentage rates in
all reporting segments. Optum’s full year earnings from operations
grew $1.5 billion or 22.6 percent year-over-year to $8.2 billion,
driven by strong revenue growth and 70 basis points of operating
margin expansion to 8.1 percent. All segments grew earnings from
operations by 12 percent or more in the fourth quarter of 2018.
- OptumHealth revenues of $24.1 billion grew $3.6
billion or 17.4 percent year-over-year, driven by diversified
growth in care delivery, behavioral health services, digital
consumer engagement and health financial services. OptumHealth
served approximately 93 million people at year end 2018, reflecting
nearly 6 percent growth or 5 million more people3 served during the
year.
- OptumInsight revenues grew 11.4 percent to $9
billion in 2018, reflecting steady growth in data analytics product
and service offerings and growth and expansion in managed services
and care provider advisory services. OptumInsight’s contract
backlog of $17 billion grew 13.3 percent year-over-year.
- In 2018, OptumRx revenues increased $5.8 billion or 9.1
percent year-over-year to $69.5 billion reflecting increased script
volumes and a higher mix of specialty drugs. OptumRx fulfilled 1.34
billion adjusted scripts in 2018, growth of 45 million scripts or
3.5 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 January 29, 2019. The conference call replay can also
be accessed by dialing 1-800-753-5207. This earnings release and
the Form 8-K dated January 15, 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 Private Securities Litigation Reform Act
of 1995 (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;
cyber-attacks 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 filings with the
Securities and Exchange Commission, 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.
2 Reflects net consumer growth excluding the TRICARE
military health program, which concluded in 2017. 3 Reflects net
consumer growth excluding the TRICARE military health program,
which concluded in 2017.
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UNITEDHEALTH GROUP Earnings Release Schedules and
Supplementary Information Year Ended December 31, 2018
– 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 Measures
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in millions, except per share data)
(unaudited)
Three Months Ended December 31, Year
Ended December 31, 2018 2017 2018
2017 Revenues Premiums $ 44,932 $ 40,378 $ 178,087 $
158,453 Products 8,551 7,157 29,601 26,366 Services 4,593 4,228
17,183 15,317 Investment and other income 341
298 1,376 1,023 Total
revenues 58,417 52,061 226,247
201,159
Operating costs Medical
costs 36,955 33,207 145,403 130,036 Operating costs 8,703 7,820
34,074 29,557 Cost of products sold 7,625 6,479 26,998 24,112
Depreciation and amortization 637 578
2,428 2,245 Total operating
costs 53,920 48,084 208,903
185,950
Earnings from operations
4,497 3,977 17,344 15,209 Interest expense (374 )
(308 ) (1,400 ) (1,186 )
Earnings
before income taxes 4,123 3,669 15,944 14,023 Provision
for income taxes (959 ) 52 (3,562 )
(3,200 )
Net earnings 3,164 3,721 12,382
10,823 Earnings attributable to noncontrolling interests
(124 ) (104 ) (396 ) (265 )
Net earnings attributable to
UnitedHealth Group common shareholders
$ 3,040 $ 3,617 $ 11,986 $ 10,558
Diluted earnings per share attributable
to UnitedHealth Group common shareholders
$ 3.10 $ 3.65 $ 12.19 $ 10.72
Adjusted earnings per share
attributable to UnitedHealth Group common shareholders (a)
$ 3.28 $ 2.59 $ 12.88 $ 10.07
Diluted weighted-average common shares outstanding 982
991 983 985
(a) See page 6 for a reconciliation of the non-GAAP
measure.
UNITEDHEALTH
GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in
millions) (unaudited)
December
31, December 31, 2018 2017 Assets
Cash and short-term investments $ 14,324 $ 15,490 Accounts
receivable, net 11,388 9,568 Other current assets 12,980
12,026 Total current assets 38,692 37,084
Long-term investments 32,510 28,341 Other long-term assets
81,019 73,633 Total assets $ 152,221 $ 139,058
Liabilities, redeemable noncontrolling interests and
equity Medical costs payable $ 19,891 $ 17,871 Commercial paper
and current maturities of long-term debt 1,973 2,857 Other current
liabilities 31,345 29,735 Total current
liabilities 53,209 50,463 Long-term debt, less current
maturities 34,581 28,835 Other long-term liabilities 8,204 7,738
Redeemable noncontrolling interests 1,908 2,189 Equity
54,319 49,833 Total liabilities, redeemable
noncontrolling interests and equity $ 152,221 $ 139,058
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (in millions) (unaudited)
Year Ended
December 31,
2018 2017 Operating Activities Net earnings $
12,382 $ 10,823 Noncash items: Depreciation and amortization 2,428
2,245 Deferred income taxes and other (29 ) (748 ) Share-based
compensation 638 597 Net changes in operating assets and
liabilities 294 679 Cash flows
from operating activities 15,713 13,596
Investing Activities Purchases of investments, net of
sales and maturities (4,099 ) (4,319 ) Purchases of property,
equipment and capitalized software (2,063 ) (2,023 ) Cash paid for
acquisitions, net (5,997 ) (2,131 ) Other, net (226 )
(126 ) Cash flows used for investing activities
(12,385 ) (8,599 )
Financing Activities Common
share repurchases (4,500 ) (1,500 ) Dividends paid (3,320 ) (2,773
) Net change in commercial paper and long-term debt 4,134 (2,615 )
Other, net (679 ) 3,447 Cash flows used
for financing activities (4,365 ) (3,441 )
Effect of exchange rate changes on cash and cash equivalents
(78 ) (5 ) (Decrease) increase in cash and cash
equivalents (1,115 ) 1,551 Cash and cash equivalents,
beginning of period 11,981 10,430
Cash and cash equivalents, end of period $ 10,866 $
11,981
Supplemental Schedule of Noncash Investing
Activities Common stock issued for acquisition $ - $ 2,164
UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION –
BUSINESSES
(in millions, except percentages) (unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2018 2017 2018 2017 Revenues
UnitedHealthcare $ 46,234 $ 41,599 $ 183,476 $ 163,257 Optum 27,562
24,392 101,280 91,185 Eliminations (15,379 ) (13,930
) (58,509 ) (53,283 ) Total consolidated
revenues $ 58,417 $ 52,061 $ 226,247 $ 201,159
Earnings from Operations UnitedHealthcare $
1,797 $ 1,762 $ 9,113 $ 8,498 Optum (a) 2,700
2,215 8,231 6,711 Total
consolidated earnings from operations $ 4,497 $ 3,977
$ 17,344 $ 15,209
Operating Margin
UnitedHealthcare 3.9 % 4.2 % 5.0 % 5.2 % Optum 9.8 % 9.1 % 8.1 %
7.4 % Consolidated operating margin 7.7 % 7.6 % 7.7 % 7.6 %
Revenues UnitedHealthcare Employer &
Individual $ 13,905 $ 13,307 $ 54,761 $ 52,066 UnitedHealthcare
Medicare & Retirement 18,900 16,390 75,473 65,995
UnitedHealthcare Community & State 10,955 9,938 43,426 37,443
UnitedHealthcare Global 2,474 1,964 9,816 7,753 OptumHealth
$ 6,393 $ 5,463 $ 24,145 $ 20,570 OptumInsight 2,500 2,247 9,008
8,087 OptumRx 19,052 17,015 69,536 63,755 Optum eliminations (383 )
(333 ) (1,409 ) (1,227 ) (a) Earnings from
operations for Optum for the three months and year ended December
31, 2018 included $750 and $2,430 for OptumHealth; $861 and $2,243
for OptumInsight; and $1,089 and $3,558 for OptumRx, respectively.
Earnings from operations for Optum for the three months and year
ended December 31, 2017 included $556 and $1,823 for OptumHealth;
$690 and $1,770 for OptumInsight; and $969 and $3,118 for OptumRx,
respectively.
UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION –
BUSINESS METRICS
UNITEDHEALTHCARE CUSTOMER PROFILE (in
thousands)
People Served December 31,
2018
September 30,
2018
December 31,
2017
Commercial: Risk-based 8,495 8,450 8,420 Fee-based
18,420 18,365 18,595
Total Commercial
(a) 26,915 26,815 27,015 Medicare
Advantage 4,945 4,915 4,430 Medicaid 6,450 6,630 6,705 Medicare
Supplement (Standardized) 4,545 4,540 4,445
Total Public and Senior 15,940 16,085
15,580
Total UnitedHealthcare – Domestic
Medical
42,855 42,900 42,595 International 6,220 6,070
4,080
Total UnitedHealthcare –
Medical
49,075 48,970 46,675
Supplemental Data Medicare Part D stand-alone
4,710 4,725 4,940
OPTUM PERFORMANCE
METRICS December 31,
2018
September 30,
2018
December 31,
2017
OptumHealth Consumers Served (in millions) (a) 93 92 88
OptumInsight Contract Backlog (in billions) $ 17.0 $ 15.7 $ 15.0
OptumRx Quarterly Adjusted Scripts (in millions) 348 331 333
(a)
Excludes TRICARE membership of 2.9 million
at December 31, 2017.
Note: UnitedHealth Group served 141 million unique individuals
across all businesses at December 31, 2018.
UNITEDHEALTH GROUP Reconciliation of Non-GAAP Financial
Measures
– Adjusted Net Earnings per Share
– Net Margin Adjusted for Tax Reform
Use of Non-GAAP Financial Measures
Adjusted net earnings per share and net margin adjusted for
tax reform are non-GAAP financial measures. 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 GAAP net earnings per share, intangible amortization and other
items, if any, that do not reflect the Company's underlying
business performance. Management believes the use of adjusted net
earnings per share provides investors and management useful
information about the earnings impact of acquisition-related
intangible asset amortization. In addition, adjusted net earnings
per share excludes the earnings impact of the deferred tax
revaluation recognized after The Tax Cuts and Jobs Act of 2017 was
enacted in December 2017. Management believes the exclusion of
these items provides a more useful comparison of the Company's
underlying business performance from period to period.
Management believes the use of net margin
adjusted for tax reform provides investors and management useful
information about the performance of the underlying business prior
to the impact of the deferred tax revaluation recognized in
2017.
UNITEDHEALTH GROUP RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (in millions, except per share
data) (unaudited)
ADJUSTED NET EARNINGS PER SHARE
Three Months Ended
December 31,
Year Ended
December 31,
Projected
Year Ended December 31,
2018 2017 2018 2017 2019
GAAP net earnings attributable to
UnitedHealth Group common shareholders
$ 3,040 $ 3,617 $ 11,986 $ 10,558 $13,350 - $13,700 Revaluation of
U.S. net deferred tax liability due to tax reform - (1,197 ) -
(1,197 ) - Intangible amortization 238 227 899 896 ~920 Tax
effect of intangible amortization (60 ) (85 )
(225 ) (334 ) ~(230) Adjusted net earnings attributable to
UnitedHealth Group common shareholders $ 3,218 $ 2,562
$ 12,660 $ 9,923 $14,040 - $14,390 GAAP
diluted earnings per share $ 3.10 $ 3.65 $ 12.19 $ 10.72 $13.70 -
$14.00 Revaluation of U.S. net deferred tax liability due to tax
reform per share - (1.21 ) - (1.22 ) - Intangible amortization per
share 0.24 0.23 0.91 0.91 ~0.95 Tax effect per share of intangible
amortization (0.06 ) (0.08 ) (0.22 )
(0.34 ) ~(0.25) Adjusted diluted earnings per share $ 3.28 $
2.59 $ 12.88 $ 10.07 $14.40 - $14.70
NET MARGIN ADJUSTED FOR TAX REFORM
Three Months
Ended
December 31,
Year Ended
December 31,
2017 2017 GAAP net earnings attributable to
UnitedHealth Group common shareholders $ 3,617 $ 10,558 Revaluation
of U.S. net deferred tax liability due to tax reform (1,197
) (1,197 ) Net earnings adjusted for tax reform attributable
to UnitedHealth Group common shareholders $ 2,420 $ 9,361
GAAP net margin 6.9 % 5.2 % Net margin adjusted for
tax reform 4.6 % 4.7 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190115005285/en/
Investors:Brett ManderfeldVice President952-936-7216
John S. PenshornSenior Vice President952-936-7214
Media:Tyler MasonVice President424-333-6122
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