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Sankey diagram of UnitedHealth Group Incorporated. A complete text table follows the diagram.
Insurance pricing and reserve development lifted UnitedHealthcare, but lower Optum earnings left consolidated operating profit slightly below last year
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All flow values are directly reported. Revenue is presented by external accounting category because Optum's segment revenue includes $38.3 billion of internal transactions eliminated on consolidation; segment economics are highlighted in annotations instead.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Health premiums | 1 | $87.6B | 78% of revenue; primarily UnitedHealthcare |
| Health products | 1 | $13.3B | Predominantly Optum Rx pharmacy products |
| Health services | 1 | $9.8B | Care delivery, technology and administration |
| Investment & other income | 1 | $1.1B | Investment portfolio contribution |
| Total revenue | 2 | $111.7B | Up 2% year over year |
| Earnings from operations | 3 | $9.0B | 8.0% operating margin |
| Operating costs | 3 | $102.7B | 92% of revenue |
| Medical costs | 4 | $73.5B | Claims and care for covered members |
| Other operating costs | 4 | $15.4B | People, technology and administration |
| Cost of products sold | 4 | $12.8B | Pharmacy and health-product fulfillment |
| Depreciation & amortization | 4 | $1.0B | Capital and acquired intangibles |
| Earnings before tax | 4 | $8.0B | After financing and portfolio-sale loss |
| Interest expense | 4 | $955M | Debt financing cost |
| Subsidiary sale loss | 4 | $72M | Businesses sold or held for sale |
| Net earnings | 5 | $6.5B | 5.8% of revenue |
| Income tax | 5 | $1.5B | 18.6% effective rate |
| Earnings to UnitedHealth shareholders | 6 | $6.3B | $6.90 diluted EPS |
| Noncontrolling interests | 6 | $201M | Minority interests in care businesses |
| From | To | Value |
|---|---|---|
| Health premiums | Total revenue | $87.6B |
| Health products | Total revenue | $13.3B |
| Health services | Total revenue | $9.8B |
| Investment & other income | Total revenue | $1.1B |
| Total revenue | Earnings from operations | $9.0B |
| Total revenue | Operating costs | $102.7B |
| Operating costs | Medical costs | $73.5B |
| Operating costs | Other operating costs | $15.4B |
| Operating costs | Cost of products sold | $12.8B |
| Operating costs | Depreciation & amortization | $1.0B |
| Earnings from operations | Earnings before tax | $8.0B |
| Earnings from operations | Interest expense | $955M |
| Earnings from operations | Subsidiary sale loss | $72M |
| Earnings before tax | Net earnings | $6.5B |
| Earnings before tax | Income tax | $1.5B |
| Net earnings | Earnings to UnitedHealth shareholders | $6.3B |
| Net earnings | Noncontrolling interests | $201M |