Revenues of $100.8 Billion Grew $8.5 Billion Year Over Year
• Consumers Served by UnitedHealthcare’s Commercial Domestic Offerings Grew 2.4
Million Year to Date
• Third Quarter Earnings of $6.51 Per Share Include Cyberattack Impacts
• Adjusted Earnings of $7.15 Per Share Include $0.12 in Business Disruption Impacts;
Exclude $0.28 Direct Response Costs
October 15, 2024 – UnitedHealth Group (NYSE: UNH) reported third quarter 2024 results reflecting broad-based growth in the number of people served by Optum and UnitedHealthcare.
“Our continued growth, which positions us well for the coming years, is rooted in the innovative products and responsive service of our people that are embraced each day across the full range of
health care participants,” said Andrew Witty, chief executive officer of UnitedHealth Group. The company’s full year 2024 net earnings outlook of $15.50 to $15.75 per share reflects the South
America operations disposition activities reported in the first half of 2024 and Change Healthcare cyberattack impacts.
The company’s adjusted net earnings outlook of $27.50 to $27.75 continues within the $27.50 to $28.00 range established nearly a year ago, even as it absorbs an estimated $0.75 per share of
business disruption impacts for the affected Change Healthcare services, which have increased ~$0.10 per share from the estimate provided last quarter.
• Third quarter 2024 revenues grew nearly $8.5 billion to $100.8 billion, led by strong expansion in people served at Optum and UnitedHealthcare. Third quarter earnings from operations were
$8.7 billion, including $0.3 billion in unfavorable cyberattack effects. Adjusted earnings from operations of $9.0 billion include the Change Healthcare business disruption impacts and
exclude the cyberattack direct response costs.
• The third quarter 2024 medical care ratio was 85.2% compared to 82.3% last year. Among factors contributing to the increase were the previously noted CMS Medicare funding
reductions, medical reserve development effects and business and member mix. The company did not have any favorable earnings impacting medical reserve development in the quarter.
• Days claims payable of 47.4 compared to 45.2 in the second quarter of 2024 and 50.7 in the third quarter of 2023. The increase from the second quarter 2024 was due to a return to more
normal claims submission patterns from care providers. The change from the year ago level reflected continued impact due to the accelerated claims payment timeframes.
• The third quarter of 2024 operating cost ratio of 13.2% compares to 13.3% in the second quarter of 2024 and 15.0% in the prior year, reflecting continued strong operating cost
efficiency.
• Cash flows from operations from the third quarter of 2024 were $14.0 billion, or 2.2 times net income, in part reflecting the timing of cash receipts. The company returned over $9.6 billion to
shareholders through the first nine months of 2024 through dividends and share repurchases. Return on equity of 26.3% in the quarter reflected the company’s consistent, broad-based
earnings and efficient capital structure.
UnitedHealthcare provides health care benefits globally, serving individuals and employers, and Medicare and Medicaid beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience, and reducing the total cost of care.
• UnitedHealthcare third quarter revenues of $74.9 billion increased $5 billion over the prior year, reflecting growth in the number of people served domestically. Operating earnings were $4.2
billion.
• Year to date, the number of consumers served domestically with the company’s commercial offerings grew by 2.4 million to 29.7 million, as UnitedHealthcare’s innovative and consumer[1]focused product portfolio continues to resonate with consumers and employers.
• UnitedHealthcare serves 9.4 million seniors and people with complex needs and the company’s 2025 Medicare Advantage plans will reach 96% of eligible Medicare beneficiaries. Recently
released Stars scores by CMS for plan year 2026 are consistent with initial levels for plan year 2025 and company expectations.
• Total people served by the company’s state-based community offerings grew from the second quarter to 7.5 million, as the state-driven Medicaid eligibility redeterminations process
concluded. The UnitedHealthcare team is continuing its comprehensive outreach to help families maintain, reinstate, or find other affordable coverage.
