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    Unitedhealth Group Inc (UNH)

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    Business Description

    UnitedHealth Group is a diversified health and well-being company that operates through two main businesses: Optum and UnitedHealthcare. The company aims to enhance health system performance by improving access, affordability, outcomes, and experiences . UnitedHealth Group offers a range of health benefits and services through its various segments, including care delivery, analytics, technology, and pharmacy care . The company's significant revenue drivers are its UnitedHealthcare and Optum segments, which collectively contribute to its overall financial performance .

    1. UnitedHealthcare - Offers a comprehensive range of health benefits and is divided into three sub-segments:

      • UnitedHealthcare Employer & Individual - Provides health benefit plans and services to employers and individuals.
      • UnitedHealthcare Medicare & Retirement - Offers health and well-being services to individuals aged 65 and older.
      • UnitedHealthcare Community & State - Delivers health benefits and services to state programs and communities.

    2. Optum - Comprises three segments focused on different aspects of health services:

      • Optum Health - Focuses on care delivery and management to improve health outcomes.
      • Optum Insight - Provides analytics and technology services to enhance healthcare operations.
      • Optum Rx - Offers pharmacy care services to optimize medication management and delivery.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Andrew WittyChief Executive OfficerFebruary 2021Andrew Witty has served as the CEO of UnitedHealth Group since February 2021. He was previously CEO of Optum and President of UnitedHealth Group. Before joining UNH, he was CEO of GlaxoSmithKline .
    Dirk McMahonPresident and Chief Operating OfficerFebruary 2021Dirk McMahon has served as President and COO of UnitedHealth Group since February 2021. He was previously CEO of UnitedHealthcare and President and COO of Optum .
    John RexExecutive Vice President and Chief Financial OfficerJune 2016John Rex has served as EVP and CFO of UnitedHealth Group since June 2016. He was previously EVP and CFO of Optum and a Managing Director at JP Morgan .
    Rupert BondyExecutive Vice President, Chief Legal Officer and Corporate SecretaryMarch 2022Rupert Bondy has served as EVP and Chief Legal Officer of UnitedHealth Group since March 2022 and Corporate Secretary since April 2022. He was previously SVP, General Counsel, and Corporate Secretary at Reckitt Benckiser Group .
    Erin McSweeneyExecutive Vice President and Chief People OfficerMarch 2022Erin McSweeney has served as EVP and Chief People Officer of UnitedHealth Group since March 2022. She was previously chief of staff to UNH's Office of the Chief Executive and EVP and Chief HR Officer at Optum .
    Thomas RoosSenior Vice President and Chief Accounting OfficerAugust 2015Thomas Roos has served as SVP and Chief Accounting Officer of UnitedHealth Group since August 2015. He was previously a Partner at Deloitte & Touche LLP .
    Brian ThompsonChief Executive Officer of UnitedHealthcareApril 2021Brian Thompson served as CEO of UnitedHealthcare from April 2021 until his passing in December 2024. He held various leadership roles within UnitedHealthcare, including CEO of government programs and CEO of Medicare & Retirement .
    Chris ZaettaExecutive Vice President and Chief Legal OfficerJune 2024Christopher R. Zaetta serves as EVP and Chief Legal Officer at UnitedHealth Group. He is listed as Chief Legal Officer in a Form 3 filing dated June 14, 2024 .

    Questions to Ask Management

    1. Given the simultaneous pressures from CMS Medicare rate cuts, the Inflation Reduction Act impacts, and increased specialty drug costs, how specifically do you expect these factors to affect your Medicare Advantage margins in 2025, and what mitigation strategies are in place to address them?

    2. Your initial 2025 EPS guidance suggests approximately 8% growth, which is below your long-term target of 13–16%; can you elaborate on the key factors driving this conservative outlook and your confidence in returning to the target range in subsequent years?

    3. With Medicaid redeterminations leading to higher acuity among remaining members and lagging state rate adjustments, how are you managing the timing mismatch in Medicaid funding, and when do you anticipate alignment between rates and current care activity levels?

    4. You mentioned aggressive hospital coding intensity increases adding unnecessary costs; what specific actions are you taking to address this upcoding issue, and how soon do you expect to see these efforts positively impact your cost structure?

    5. While investing heavily in AI and technology modernization for 2025, can you detail how these investments will contribute to earnings growth and operational efficiency in the near term, especially amid existing margin pressures?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJune 2024
    End Date/DurationNo expiration date
    Total additional amount35 million shares
    Remaining authorization42 million shares
    DetailsOptimizes capital structure and offsets share-based awards

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2026$500 Floating Rate NotesFloating 0.6% = (500 / 78,010) * 100
    2026$650 Senior Unsecured Notes4.750 0.8% = (650 / 78,010) * 100
    2027$500 Senior Unsecured Notes4.600 0.6% = (500 / 78,010) * 100
    2029$400 Senior Unsecured Notes4.700 0.5% = (400 / 78,010) * 100
    2030$1,250 Senior Unsecured Notes4.800 1.6% = (1,250 / 78,010) * 100
    2031$1,000 Senior Unsecured Notes4.900 1.3% = (1,000 / 78,010) * 100
    2032$1,500 Senior Unsecured Notes4.950 1.9% = (1,500 / 78,010) * 100
    2034$1,250 Senior Unsecured Notes5.000 1.6% = (1,250 / 78,010) * 100
    2034$2,000 Senior Unsecured Notes5.150 2.6% = (2,000 / 78,010) * 100
    2044$1,500 Senior Unsecured Notes5.500 1.9% = (1,500 / 78,010) * 100
    2054$1,750 Senior Unsecured Notes5.375 2.2% = (1,750 / 78,010) * 100
    2054$2,750 Senior Unsecured Notes5.625 3.5% = (2,750 / 78,010) * 100
    2064$1,100 Senior Unsecured Notes5.500 1.4% = (1,100 / 78,010) * 100
    2064$1,850 Senior Unsecured Notes5.750 2.4% = (1,850 / 78,010) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor