Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

UnitedHealth Group Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	106,734)	103,732)	93,352)	75,795)	71,337)
Customer-related	17,190)	16,636)	16,303)	13,011)	13,428)
Trademarks and technology	2,917)	2,508)	2,398)	1,630)	1,597)
Trade names, trademarks, operating licenses and certificates and other indefinite-lived	10,454)	2,116)	661)	617)	680)
Other	1,057)	1,213)	1,176)	422)	606)
Other intangible assets, gross carrying value	31,618)	22,473)	20,538)	15,680)	16,311)
Accumulated amortization	(8,350)	(7,279)	(6,137)	(5,636)	(5,455)
Other intangible assets, net carrying value	23,268)	15,194)	14,401)	10,044)	10,856)
Goodwill and other intangible assets	130,002)	118,926)	107,753)	85,839)	82,193)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	UnitedHealth Group Inc. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Other intangible assets, net carrying value	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	UnitedHealth Group Inc. other intangible assets, net carrying value increased from 2022 to 2023 and from 2023 to 2024.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	UnitedHealth Group Inc. goodwill and other intangible assets increased from 2022 to 2023 and from 2023 to 2024.

UnitedHealth Group Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	298,278)	273,720)	245,705)	212,206)	197,289)
Less: Goodwill	106,734)	103,732)	93,352)	75,795)	71,337)
Total assets (adjusted)	191,544)	169,988)	152,353)	136,411)	125,952)
Adjustment to Shareholders’ Equity Attributable To UnitedHealth Group
Shareholders’ equity attributable to UnitedHealth Group (as reported)	92,658)	88,756)	77,772)	71,760)	65,491)
Less: Goodwill	106,734)	103,732)	93,352)	75,795)	71,337)
Shareholders’ equity attributable to UnitedHealth Group (adjusted)	(14,076)	(14,976)	(15,580)	(4,035)	(5,846)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

UnitedHealth Group Inc., Financial Data: Reported vs. Adjusted

Download chart

UnitedHealth Group Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	1.32	1.34	1.31	1.34	1.30
Adjusted total asset turnover	2.06	2.16	2.11	2.09	2.03
Financial Leverage
Reported financial leverage	3.22	3.08	3.16	2.96	3.01
Adjusted financial leverage	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	15.55%	25.22%	25.87%	24.09%	23.52%
Adjusted ROE	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	4.83%	8.18%	8.19%	8.15%	7.81%
Adjusted ROA	7.52%	13.17%	13.21%	12.67%	12.23%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	UnitedHealth Group Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

UnitedHealth Group Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues, customers	395,076)	367,533)	322,132)	285,273)	255,639)
Total assets	298,278)	273,720)	245,705)	212,206)	197,289)
Activity Ratio
Total asset turnover¹	1.32	1.34	1.31	1.34	1.30
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues, customers	395,076)	367,533)	322,132)	285,273)	255,639)
Adjusted total assets	191,544)	169,988)	152,353)	136,411)	125,952)
Activity Ratio
Adjusted total asset turnover²	2.06	2.16	2.11	2.09	2.03

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Revenues, customers ÷ Total assets
= 395,076 ÷ 298,278 = 1.32

² Adjusted total asset turnover = Revenues, customers ÷ Adjusted total assets
= 395,076 ÷ 191,544 = 2.06

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	298,278)	273,720)	245,705)	212,206)	197,289)
Shareholders’ equity attributable to UnitedHealth Group	92,658)	88,756)	77,772)	71,760)	65,491)
Solvency Ratio
Financial leverage¹	3.22	3.08	3.16	2.96	3.01
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	191,544)	169,988)	152,353)	136,411)	125,952)
Adjusted shareholders’ equity attributable to UnitedHealth Group	(14,076)	(14,976)	(15,580)	(4,035)	(5,846)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 298,278 ÷ 92,658 = 3.22

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 191,544 ÷ -14,076 = —

Download chart

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)
Shareholders’ equity attributable to UnitedHealth Group	92,658)	88,756)	77,772)	71,760)	65,491)
Profitability Ratio
ROE¹	15.55%	25.22%	25.87%	24.09%	23.52%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)
Adjusted shareholders’ equity attributable to UnitedHealth Group	(14,076)	(14,976)	(15,580)	(4,035)	(5,846)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × 14,405 ÷ 92,658 = 15.55%

² Adjusted ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 100 × 14,405 ÷ -14,076 = —

Download chart

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)
Total assets	298,278)	273,720)	245,705)	212,206)	197,289)
Profitability Ratio
ROA¹	4.83%	8.18%	8.19%	8.15%	7.81%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)
Adjusted total assets	191,544)	169,988)	152,353)	136,411)	125,952)
Profitability Ratio
Adjusted ROA²	7.52%	13.17%	13.21%	12.67%	12.23%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 14,405 ÷ 298,278 = 4.83%

² Adjusted ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted total assets
= 100 × 14,405 ÷ 191,544 = 7.52%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	UnitedHealth Group Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

UnitedHealth Group Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

UnitedHealth Group Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)