Analysis of Reportable Segments
UnitedHealth Group Inc. operates in 4 segments: UnitedHealthcare; Optum Health; Optum Insight; and Optum Rx.
- Segment Profit Margin
- Segment Return on Assets (Segment ROA)
- Segment Asset Turnover
- Segment Capital Expenditures to Depreciation
- Revenues, including investment and other income
- Earnings before income taxes
- Assets
- Purchases of property, equipment and capitalized software
- Depreciation and amortization
Segment Profit Margin
UnitedHealth Group Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 5.83% | 5.76% | 5.37% | 6.15% | 5.33% |
| Optum Health | 6.88% | 8.48% | 8.25% | 8.63% | 9.77% |
| Optum Insight | 22.54% | 24.61% | 27.85% | 25.23% | 24.93% |
| Optum Rx | 4.41% | 4.45% | 4.53% | 4.44% | 5.25% |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | UnitedHealthcare | UnitedHealthcare segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Optum Health | Optum Health segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Optum Insight | Optum Insight segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Optum Rx | Optum Rx segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 16,415) | 14,379) | 11,975) | 12,359) | 10,326) |
| Revenues, including investment and other income | 281,360) | 249,741) | 222,899) | 200,875) | 193,842) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 5.83% | 5.76% | 5.37% | 6.15% | 5.33% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 16,415 ÷ 281,360 = 5.83%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | UnitedHealthcare | UnitedHealthcare segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Optum Health
UnitedHealth Group Inc.; Optum Health; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 6,560) | 6,032) | 4,462) | 3,434) | 2,963) |
| Revenues, including investment and other income | 95,319) | 71,174) | 54,065) | 39,808) | 30,317) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 6.88% | 8.48% | 8.25% | 8.63% | 9.77% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 6,560 ÷ 95,319 = 6.88%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Health | Optum Health segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 4,268) | 3,588) | 3,398) | 2,725) | 2,494) |
| Revenues, including investment and other income | 18,932) | 14,581) | 12,199) | 10,802) | 10,006) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.54% | 24.61% | 27.85% | 25.23% | 24.93% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 4,268 ÷ 18,932 = 22.54%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Insight | Optum Insight segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 5,115) | 4,436) | 4,135) | 3,887) | 3,902) |
| Revenues, including investment and other income | 116,087) | 99,773) | 91,314) | 87,498) | 74,288) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.41% | 4.45% | 4.53% | 4.44% | 5.25% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 5,115 ÷ 116,087 = 4.41%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Rx | Optum Rx segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
UnitedHealth Group Inc., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 14.80% | 13.43% | 11.63% | 12.58% | 11.70% |
| Optum Health | 7.34% | 8.75% | 7.38% | 6.59% | 7.33% |
| Optum Insight | 12.49% | 11.54% | 20.14% | 17.67% | 16.43% |
| Optum Rx | 9.98% | 9.34% | 10.29% | 9.90% | 10.74% |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | UnitedHealthcare | UnitedHealthcare segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
| Optum Health | Optum Health segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Optum Insight | Optum Insight segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Optum Rx | Optum Rx segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment ROA: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 16,415) | 14,379) | 11,975) | 12,359) | 10,326) |
| Assets | 110,943) | 107,094) | 102,967) | 98,229) | 88,250) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.80% | 13.43% | 11.63% | 12.58% | 11.70% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × 16,415 ÷ 110,943 = 14.80%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | UnitedHealthcare | UnitedHealthcare segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Optum Health
UnitedHealth Group Inc.; Optum Health; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 6,560) | 6,032) | 4,462) | 3,434) | 2,963) |
| Assets | 89,432) | 68,950) | 60,474) | 52,073) | 40,444) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.34% | 8.75% | 7.38% | 6.59% | 7.33% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × 6,560 ÷ 89,432 = 7.34%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Health | Optum Health segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 4,268) | 3,588) | 3,398) | 2,725) | 2,494) |
| Assets | 34,173) | 31,090) | 16,868) | 15,425) | 15,181) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 12.49% | 11.54% | 20.14% | 17.67% | 16.43% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × 4,268 ÷ 34,173 = 12.49%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Insight | Optum Insight segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment ROA: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 5,115) | 4,436) | 4,135) | 3,887) | 3,902) |
| Assets | 51,266) | 47,476) | 40,181) | 39,280) | 36,346) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.98% | 9.34% | 10.29% | 9.90% | 10.74% |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × 5,115 ÷ 51,266 = 9.98%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Rx | Optum Rx segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover
UnitedHealth Group Inc., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 2.54 | 2.33 | 2.16 | 2.04 | 2.20 |
| Optum Health | 1.07 | 1.03 | 0.89 | 0.76 | 0.75 |
| Optum Insight | 0.55 | 0.47 | 0.72 | 0.70 | 0.66 |
| Optum Rx | 2.26 | 2.10 | 2.27 | 2.23 | 2.04 |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | UnitedHealthcare | UnitedHealthcare segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Optum Health | Optum Health segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Optum Insight | Optum Insight segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Optum Rx | Optum Rx segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Asset Turnover: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 281,360) | 249,741) | 222,899) | 200,875) | 193,842) |
| Assets | 110,943) | 107,094) | 102,967) | 98,229) | 88,250) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.54 | 2.33 | 2.16 | 2.04 | 2.20 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= 281,360 ÷ 110,943 = 2.54
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | UnitedHealthcare | UnitedHealthcare segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Optum Health
UnitedHealth Group Inc.; Optum Health; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 95,319) | 71,174) | 54,065) | 39,808) | 30,317) |
| Assets | 89,432) | 68,950) | 60,474) | 52,073) | 40,444) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.07 | 1.03 | 0.89 | 0.76 | 0.75 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= 95,319 ÷ 89,432 = 1.07
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Health | Optum Health segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 18,932) | 14,581) | 12,199) | 10,802) | 10,006) |
| Assets | 34,173) | 31,090) | 16,868) | 15,425) | 15,181) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.55 | 0.47 | 0.72 | 0.70 | 0.66 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= 18,932 ÷ 34,173 = 0.55
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Insight | Optum Insight segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Asset Turnover: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 116,087) | 99,773) | 91,314) | 87,498) | 74,288) |
| Assets | 51,266) | 47,476) | 40,181) | 39,280) | 36,346) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.26 | 2.10 | 2.27 | 2.23 | 2.04 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= 116,087 ÷ 51,266 = 2.26
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Rx | Optum Rx segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation
UnitedHealth Group Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 0.88 | 0.82 | 0.79 | 0.75 | 0.91 |
| Optum Health | 1.13 | 1.06 | 0.97 | 1.02 | 1.01 |
| Optum Insight | 0.79 | 0.83 | 0.83 | 0.69 | 0.74 |
| Optum Rx | 0.50 | 0.48 | 0.50 | 0.31 | 0.29 |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | UnitedHealthcare | UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Optum Health | Optum Health segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Optum Insight | Optum Insight segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Optum Rx | Optum Rx segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 866) | 799) | 795) | 687) | 841) |
| Depreciation and amortization | 989) | 973) | 1,004) | 920) | 926) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.88 | 0.82 | 0.79 | 0.75 | 0.91 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 866 ÷ 989 = 0.88
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | UnitedHealthcare | UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Optum Health
UnitedHealth Group Inc.; Optum Health; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 1,199) | 997) | 791) | 715) | 573) |
| Depreciation and amortization | 1,058) | 943) | 818) | 703) | 565) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.13 | 1.06 | 0.97 | 1.02 | 1.01 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 1,199 ÷ 1,058 = 1.13
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Health | Optum Health segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 974) | 698) | 567) | 461) | 495) |
| Depreciation and amortization | 1,229) | 841) | 684) | 670) | 672) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.79 | 0.83 | 0.83 | 0.69 | 0.74 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 974 ÷ 1,229 = 0.79
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Insight | Optum Insight segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 347) | 308) | 301) | 188) | 162) |
| Depreciation and amortization | 696) | 643) | 597) | 598) | 557) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.50 | 0.48 | 0.50 | 0.31 | 0.29 |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 347 ÷ 696 = 0.50
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Rx | Optum Rx segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Revenues, including investment and other income
UnitedHealth Group Inc., revenues, including investment and other income by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 281,360) | 249,741) | 222,899) | 200,875) | 193,842) |
| Optum Health | 95,319) | 71,174) | 54,065) | 39,808) | 30,317) |
| Optum Insight | 18,932) | 14,581) | 12,199) | 10,802) | 10,006) |
| Optum Rx | 116,087) | 99,773) | 91,314) | 87,498) | 74,288) |
| Optum Eliminations | (3,703) | (2,760) | (2,013) | (1,800) | (1,661) |
| Optum | 226,635) | 182,768) | 155,565) | 136,308) | 112,950) |
| Corporate and Eliminations | (136,373) | (108,347) | (90,867) | (80,042) | (64,637) |
| Consolidated | 371,622) | 324,162) | 287,597) | 257,141) | 242,155) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Earnings before income taxes
UnitedHealth Group Inc., earnings before income taxes by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 16,415) | 14,379) | 11,975) | 12,359) | 10,326) |
| Optum Health | 6,560) | 6,032) | 4,462) | 3,434) | 2,963) |
| Optum Insight | 4,268) | 3,588) | 3,398) | 2,725) | 2,494) |
| Optum Rx | 5,115) | 4,436) | 4,135) | 3,887) | 3,902) |
| Optum | 15,943) | 14,056) | 11,995) | 10,046) | 9,359) |
| Corporate and Eliminations | (3,246) | (2,092) | (1,660) | (1,663) | (1,704) |
| Consolidated | 29,112) | 26,343) | 22,310) | 20,742) | 17,981) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Assets
UnitedHealth Group Inc., assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 110,943) | 107,094) | 102,967) | 98,229) | 88,250) |
| Optum Health | 89,432) | 68,950) | 60,474) | 52,073) | 40,444) |
| Optum Insight | 34,173) | 31,090) | 16,868) | 15,425) | 15,181) |
| Optum Rx | 51,266) | 47,476) | 40,181) | 39,280) | 36,346) |
| Optum | 174,871) | 147,516) | 117,523) | 106,778) | 91,971) |
| Corporate and Eliminations | (12,094) | (8,905) | (8,284) | (7,718) | (6,332) |
| Consolidated | 273,720) | 245,705) | 212,206) | 197,289) | 173,889) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Purchases of property, equipment and capitalized software
UnitedHealth Group Inc., purchases of property, equipment and capitalized software by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 866) | 799) | 795) | 687) | 841) |
| Optum Health | 1,199) | 997) | 791) | 715) | 573) |
| Optum Insight | 974) | 698) | 567) | 461) | 495) |
| Optum Rx | 347) | 308) | 301) | 188) | 162) |
| Optum | 2,520) | 2,003) | 1,659) | 1,364) | 1,230) |
| Consolidated | 3,386) | 2,802) | 2,454) | 2,051) | 2,071) |
Based on: 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), 10-K (reporting date: 2019-12-31).
Depreciation and amortization
UnitedHealth Group Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 989) | 973) | 1,004) | 920) | 926) |
| Optum Health | 1,058) | 943) | 818) | 703) | 565) |
| Optum Insight | 1,229) | 841) | 684) | 670) | 672) |
| Optum Rx | 696) | 643) | 597) | 598) | 557) |
| Optum | 2,983) | 2,427) | 2,099) | 1,971) | 1,794) |
| Consolidated | 3,972) | 3,400) | 3,103) | 2,891) | 2,720) |
Based on: 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), 10-K (reporting date: 2019-12-31).