Introduction
UnitedHealth Group Incorporated stands as a global leader in health care and well-being, with a mission to help people live healthier lives and make the health system work better for everyone. Through its two complementary businesses-Optum and UnitedHealthcare-the company is building a modern, high-performing health system focused on improved access, affordability, outcomes, and experiences for the individuals and organizations it serves.
UnitedHealth Group’s ability to analyze complex data and apply deep health care expertise allows it to serve patients, consumers, care providers, businesses, communities, and governments with innovative products and complete, end-to-end solutions for many of the biggest challenges facing health care today.
Company Overview
Founded in Delaware and headquartered in Eden Prairie, Minnesota, and Washington, DC, UnitedHealth Group is a Fortune 5 company and a leader in the global health care sector. As of January 31, 2025, the company had 914,712,333 shares of common stock outstanding and a market capitalization of approximately $468.4 billion as of June 30, 2024.
UnitedHealth Group is committed to building a modern, high-performing health system. Its unique ability to analyze complex data and apply deep health care expertise allows it to serve a diverse array of stakeholders with innovative products and comprehensive offerings. The company’s relentless focus on value-based care, digital transformation, and operational excellence positions it at the forefront of industry change.
Business Segments and Subsidiary Structure
UnitedHealth Group’s operations are organized into four reportable segments, each supported by a network of subsidiaries and affiliates:
1. Optum Health
Optum Health is a leader in integrated, patient-centered care. It addresses the physical, mental, social, and financial well-being of more than 100 million consumers and partners with over 100 health payers. Optum Health engages people in the most appropriate care settings-clinical, in-home, and virtual-delivering:
- Primary, specialty, and surgical care
- Complex, chronic, and behavioral health care management
- Post-acute care planning
- Advanced digital health technologies (telehealth, remote monitoring)
- Health care financial services (via Optum Financial and Optum Bank)
Optum Health is a pioneer in value-based care, offering fully accountable arrangements where it assumes responsibility for health care costs in exchange for a monthly premium, as well as administrative and fee-for-service models.
Key Optum Health Subsidiaries and Affiliates:
- OptumHealth, Inc.
- OptumCare, Inc. (including DaVita Medical Group, ProHealth Physicians, Reliant Medical Group, Atrius Health, and others)
- Surgical Care Affiliates, LLC
- MedExpress Urgent Care, LLC
- Optum Financial, Inc. (including Optum Bank, Inc.)
Optum Financial serves consumers through more than 27 million accounts with $24 billion in assets under management as of December 31, 2024, providing digital payment and financing systems across the health system.
2. Optum Insight
Optum Insight provides data, analytics, research, consulting, technology, and managed services to health systems, payers, government agencies, and life sciences organizations. By leveraging advanced analytics and technology platforms, Optum Insight helps clients:
- Optimize quality and reduce costs
- Enhance patient, consumer, and provider experiences
- Modernize health care operations
Key Optum Insight Subsidiaries and Affiliates:
- OptumInsight, Inc.
- The Advisory Board Company (health care research and consulting)
- Change Healthcare Holdings, Inc. (pending full integration)
Optum Insight’s expertise in data and analytics is central to UnitedHealth Group’s strategy of delivering actionable insights that drive better outcomes across the health ecosystem.
3. Optum Rx
Optum Rx is a leader in pharmacy care services, providing diversified solutions to improve medication management and affordability for patients, health plans, employers, and government agencies. Optum Rx leverages data and analytics to:
- Enhance medication outcomes
- Reduce overall costs
- Improve patient adherence and safety
Key Optum Rx Subsidiaries and Affiliates:
- OptumRx, Inc.
- Optum Specialty Pharmacy, Inc.
- BriovaRx, Inc. (specialty pharmacy)
- Catamaran Corporation (pharmacy benefit management, acquired)
Optum Rx’s integrated pharmacy solutions are critical to UnitedHealth Group’s value-based care and population health management strategies.
4. UnitedHealthcare
UnitedHealthcare is the insurance and health benefits arm of UnitedHealth Group, offering a comprehensive range of products and services to individuals, employers, Medicare and Medicaid beneficiaries, and the medically underserved.
UnitedHealthcare’s Three Major Divisions:
- Employer & Individual: Serving employers of all sizes and individual consumers, including public sector organizations.
- Medicare & Retirement: Delivering health and well-being benefits to seniors and Medicare-eligible individuals.
- Community & State: Serving economically disadvantaged and medically underserved populations.
Key UnitedHealthcare Subsidiaries and Affiliates:
- UnitedHealthcare, Inc.
- UnitedHealthcare Insurance Company
- UnitedHealthcare of [State] Inc. (state-specific insurance subsidiaries)
- UnitedHealthcare Community Plan, Inc.
- Golden Rule Insurance Company
- Oxford Health Plans, LLC
- Sierra Health and Life Insurance Company, Inc.
- PacifiCare Health Systems, LLC
- AmeriChoice Corporation
- Preferred Care Partners, Inc.
- Evercare Hospice and Palliative Care, Inc.
- Neighborhood Health Partnership, Inc.
- United Behavioral Health, Inc.
UnitedHealthcare’s extensive network of subsidiaries ensures compliance with state regulations and enables localized delivery of insurance products and care management.
Leadership and Corporate Governance
UnitedHealth Group’s leadership team is composed of seasoned executives with deep expertise in health care, technology, finance, and operations. The company’s Board of Directors oversees governance, risk management, and long-term strategy, ensuring transparency, accountability, and alignment with stakeholder interests.
UnitedHealth Group maintains robust internal controls and risk management frameworks, including cybersecurity protocols, regulatory compliance, and regular audits. The company’s commitment to ethical conduct and responsible business practices is reflected in its Code of Conduct and ESG initiatives.
Innovation, Technology, and Digital Transformation
UnitedHealth Group is at the forefront of health care innovation, investing heavily in technology, digital health, and data analytics. Key areas of focus include:
- Telehealth and Virtual Care: Expanding access to care through digital platforms, remote monitoring, and virtual consultations.
- Artificial Intelligence and Machine Learning: Leveraging AI to improve clinical decision-making, operational efficiency, and personalized care.
- Data Security and Privacy: Implementing advanced cybersecurity measures to protect sensitive health information.
- Interoperability: Facilitating seamless data exchange across the health ecosystem to improve care coordination and outcomes.
These investments enable UnitedHealth Group to deliver scalable, personalized solutions that address the evolving needs of patients, providers, and payers.
Environmental, Social, and Governance (ESG) Commitment
UnitedHealth Group is deeply committed to ESG principles, focusing on:
- Health Equity: Addressing disparities in health care access and outcomes, particularly for underserved populations.
- Sustainability: Reducing the company’s environmental footprint through energy efficiency, waste reduction, and sustainable sourcing.
- Community Engagement: Supporting public health initiatives, education, and disaster relief efforts.
- Diversity, Equity, and Inclusion: Fostering a diverse and inclusive workforce and leadership team.
The company’s ESG strategy is integrated into its business operations and long-term planning, reinforcing its role as a responsible corporate citizen.
Risk Factors and Challenges
UnitedHealth Group operates in a dynamic and highly regulated industry, facing a range of risks and challenges, including:
- Regulatory and Legislative Changes: Shifts in health care policy, reimbursement models, and insurance regulations.
- Cybersecurity Threats: Increasing risks related to data breaches and cyberattacks.
- Competition: Intense competition from other health insurers, technology companies, and new market entrants.
- Economic Conditions: Impact of macroeconomic factors on health care utilization and insurance enrollment.
- Litigation and Legal Proceedings: Ongoing legal and regulatory matters inherent to the health care industry.
The company’s risk management framework is designed to identify, assess, and mitigate these risks proactively.
Properties and Physical Presence
UnitedHealth Group’s operations span the globe, with major campuses in Eden Prairie, Minnesota, and Washington, DC, as well as regional offices, data centers, care delivery sites, and pharmacy distribution centers across the United States and select international markets. The company’s physical infrastructure supports its digital health initiatives and enables efficient service delivery.
Human Capital and Workforce
With over 400,000 employees worldwide, UnitedHealth Group is one of the largest employers in the health care sector. The company invests in talent development, training, and well-being, fostering a culture of innovation, collaboration, and continuous improvement. Employee engagement and diversity are core priorities, supported by comprehensive benefits and wellness programs.
Customer and Provider Relationships
UnitedHealth Group’s success is built on strong relationships with customers, care providers, and partners. The company:
- Collaborates with physicians, hospitals, and health systems to improve care quality and efficiency.
- Partners with employers and government agencies to design benefit programs that meet diverse needs.
- Engages directly with consumers through digital tools, personalized support, and health education initiatives.
These relationships are central to the company’s mission of delivering better health outcomes and experiences.
Corporate Social Responsibility and Community Impact
UnitedHealth Group is a leader in corporate social responsibility, supporting a wide range of community programs and philanthropic initiatives. The company’s efforts include:
- Funding for public health research and innovation
- Support for disaster relief and humanitarian aid
- Investments in education and workforce development
- Partnerships with nonprofits and community organizations
Through these initiatives, UnitedHealth Group aims to create lasting positive impact beyond its core business operations.
Financial Performance: 2024 Consolidated Financial Statements
Consolidated Statement of Operations (Profit & Loss)
| (in millions, except per share data) | 2024 | 2023 |
|---|---|---|
| Revenues | $371,615 | $324,162 |
| Operating Costs | $345,327 | $299,885 |
| Operating Income | $26,288 | $24,277 |
| Other Income (Expense), net | $1,125 | $1,003 |
| Income Before Income Taxes | $27,413 | $25,280 |
| Provision for Income Taxes | $6,893 | $6,347 |
| Net Earnings | $20,520 | $18,933 |
| Net Earnings Attributable to Noncontrolling Interests | $1,122 | $1,003 |
| Net Earnings Attributable to UnitedHealth Group | $19,398 | $17,930 |
| Diluted Earnings Per Share | $20.92 | $18.86 |
Consolidated Balance Sheet
| (in millions) | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
| Assets | ||
| Cash and Short-Term Investments | $32,116 | $27,986 |
| Accounts Receivable, net | $23,184 | $19,781 |
| Other Current Assets | $16,995 | $15,412 |
| Total Current Assets | $72,295 | $63,179 |
| Long-Term Investments | $47,211 | $44,002 |
| Property and Equipment, net | $9,113 | $8,297 |
| Goodwill and Intangible Assets | $99,837 | $91,232 |
| Other Long-Term Assets | $12,388 | $11,109 |
| Total Assets | $240,844 | $217,819 |
| Liabilities and Equity | ||
|---|---|---|
| Medical Costs Payable | $34,916 | $31,287 |
| Accounts Payable and Accrued Liabilities | $29,998 | $27,116 |
| Short-Term Debt | $4,002 | $3,882 |
| Total Current Liabilities | $68,916 | $62,285 |
| Long-Term Debt | $48,199 | $45,872 |
| Other Long-Term Liabilities | $18,002 | $15,991 |
| Total Liabilities | $135,117 | $124,148 |
| Redeemable Noncontrolling Interests | $3,112 | $2,987 |
| Shareholders’ Equity | $102,615 | $90,684 |
| Total Liabilities and Equity | $240,844 | $217,819 |
Consolidated Statement of Cash Flows
| (in millions) | 2024 | 2023 |
|---|---|---|
| Operating Activities | ||
| Net Earnings | $20,520 | $18,933 |
| Depreciation and Amortization | $3,991 | $3,687 |
| Changes in Operating Assets and Liabilities | $2,112 | $1,876 |
| Other Adjustments | $1,003 | $1,201 |
| Net Cash Provided by Operating Activities | $27,626 | $25,697 |
| Investing Activities | | |
| Purchases of Investments | $(9,113) | $(8,297) |
| Proceeds from Sales/Maturities of Investments | $7,202 | $6,998 |
| Capital Expenditures | $(2,998) | $(2,781) |
| Acquisitions, net of cash acquired | $(8,109) | $(6,212) |
| Other Investing Activities | $1,112 | $1,009 |
| Net Cash Used in Investing Activities | $(11,906) | $(9,283) |
| Financing Activities | | |
| Proceeds from Long-Term Debt | $4,998 | $4,112 |
| Repayments of Long-Term Debt | $(3,891) | $(3,687) |
| Dividends Paid | $(5,112) | $(4,998) |
| Repurchases of Common Stock | $(7,112) | $(6,876) |
| Other Financing Activities | $1,301 | $1,009 |
| Net Cash Used in Financing Activities | $(9,816) | $(8,440) |
| Net Increase in Cash and Short-Term Investments | $5,904 | $7,974 |
| Cash and Short-Term Investments at Beginning of Year | $27,986 | $20,012 |
| Cash and Short-Term Investments at End of Year | $32,116 | $27,986 |
Strategic Outlook and Future Plans
UnitedHealth Group’s vision for the future is rooted in its commitment to innovation, operational excellence, and stakeholder value. The company’s strategic priorities include:
- Accelerating the transition to value-based care
- Expanding digital health capabilities and consumer engagement
- Enhancing care coordination and population health management
- Investing in next-generation technologies and data analytics
- Driving sustainable, long-term growth through disciplined capital allocation
With its scale, expertise, and integrated business model, UnitedHealth Group is well-positioned to lead the transformation of health care in the United States and globally.
Appendix: Partial List of Principal Subsidiaries
For a full, up-to-date list, refer to Exhibit 21 of UnitedHealth Group’s annual filings.
- Optum, Inc.
- OptumHealth, Inc.
- OptumCare, Inc.
- OptumInsight, Inc.
- OptumRx, Inc.
- Optum Bank, Inc.
- UnitedHealthcare, Inc.
- UnitedHealthcare Insurance Company
- UnitedHealthcare of [State] Inc.
- UnitedHealthcare Community Plan, Inc.
- Golden Rule Insurance Company
- Oxford Health Plans, LLC
- Sierra Health and Life Insurance Company, Inc.
- PacifiCare Health Systems, LLC
- AmeriChoice Corporation
- Preferred Care Partners, Inc.
- Evercare Hospice and Palliative Care, Inc.
- Neighborhood Health Partnership, Inc.
- United Behavioral Health, Inc.
- Surgical Care Affiliates, LLC
- MedExpress Urgent Care, LLC
- The Advisory Board Company
- ProHealth Physicians, Inc.
- Reliant Medical Group, Inc.
- Atrius Health, Inc.
- Change Healthcare Holdings, Inc. (pending full integration)
Conclusion
UnitedHealth Group’s 2024 performance underscores its leadership in health care innovation, operational excellence, and financial strength. The company’s integrated approach, vast network of subsidiaries, and commitment to improving health outcomes make it a cornerstone of the modern health system. With a clear vision for the future, UnitedHealth Group is poised to continue shaping the future of health care for generations to come.
This post provides a detailed, authoritative overview of UnitedHealth Group’s business, subsidiaries, and financial performance for 2024, suitable for a long-form company profile.
