Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

UnitedHealth Group Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	4,418)	4,842)	3,451)	4,098)	2,629)
State and local	716)	855)	481)	392)	319)
Foreign	1,079)	680)	516)	491)	564)
Current provision	6,213)	6,377)	4,448)	4,981)	3,512)
Deferred provision (benefit)	(245)	(673)	130)	(8)	230)
Provision for income taxes	5,968)	5,704)	4,578)	4,973)	3,742)

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).

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Item	Description	The company
Current provision	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	UnitedHealth Group Inc. current provision increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Deferred provision (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	UnitedHealth Group Inc. deferred provision (benefit) decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	UnitedHealth Group Inc. provision for income taxes increased from 2021 to 2022 and from 2022 to 2023.

UnitedHealth Group Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	2.00%	2.40%	1.90%	1.50%	1.50%
Share-based awards, excess tax benefit	-0.30%	-0.40%	-0.40%	-0.60%	-0.70%
Non-deductible compensation	0.60%	0.60%	0.60%	0.70%	0.70%
Health insurance tax	0.00%	0.00%	0.00%	3.00%	0.00%
Foreign rate differential	-1.50%	-1.00%	-1.10%	-0.80%	-1.20%
Other, net	-1.30%	-0.90%	-1.50%	-0.80%	-0.50%
Effective income tax rate	20.50%	21.70%	20.50%	24.00%	20.80%

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).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

UnitedHealth Group Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Accrued expenses and allowances	754)	707)	723)	815)	654)
U.S. federal and state net operating loss carryforwards	417)	540)	287)	276)	260)
Share-based compensation	173)	154)	117)	98)	97)
Nondeductible liabilities	329)	341)	296)	252)	184)
Non-U.S. tax loss carryforwards	1,061)	631)	435)	340)	420)
Lease liability	930)	972)	1,284)	1,200)	892)
Net unrealized losses on investments	586)	829)	—)	—)	—)
Other, domestic	327)	291)	228)	126)	179)
Other, non-U.S.	484)	423)	376)	454)	329)
Deferred income tax assets, before valuation allowances	5,061)	4,888)	3,746)	3,561)	3,015)
Valuation allowances	(366)	(291)	(198)	(170)	(147)
Deferred income tax assets	4,695)	4,597)	3,548)	3,391)	2,868)
U.S. federal and state intangible assets	(3,712)	(3,520)	(2,658)	(2,588)	(2,370)
Non-U.S. goodwill and intangible assets	(731)	(550)	(512)	(606)	(735)
Capitalized software	(415)	(548)	(833)	(731)	(683)
Depreciation and amortization	(371)	(520)	(349)	(346)	(301)
Prepaid expenses	(326)	(275)	(256)	(216)	(172)
Outside basis in partnerships	(811)	(653)	(565)	(342)	(317)
Lease right-of-use asset	(914)	(958)	(1,267)	(1,179)	(887)
Net unrealized gains on investments	—)	—)	(125)	(400)	(177)
Other, non-U.S.	(436)	(342)	(248)	(350)	(219)
Deferred income tax liabilities	(7,716)	(7,366)	(6,813)	(6,758)	(5,861)
Net deferred income tax assets (liabilities)	(3,021)	(2,769)	(3,265)	(3,367)	(2,993)

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).

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Item	Description	The company
Deferred income tax assets, before valuation allowances	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	UnitedHealth Group Inc. deferred income tax assets, before valuation allowances increased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	UnitedHealth Group Inc. deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred income tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	UnitedHealth Group Inc. net deferred income tax assets (liabilities) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

UnitedHealth Group Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred income tax liabilities	3,021)	2,769)	3,265)	3,367)	2,993)

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).

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Item	Description	The company
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	UnitedHealth Group Inc. deferred income tax liabilities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

UnitedHealth Group Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Liabilities
Total liabilities (as reported)	174,801)	159,358)	135,727)	126,750)	111,727)
Less: Noncurrent deferred tax liabilities, net	3,021)	2,769)	3,265)	3,367)	2,993)
Total liabilities (adjusted)	171,780)	156,589)	132,462)	123,383)	108,734)
Adjustment to Shareholders’ Equity Attributable To UnitedHealth Group
Shareholders’ equity attributable to UnitedHealth Group (as reported)	88,756)	77,772)	71,760)	65,491)	57,616)
Less: Net deferred tax assets (liabilities)	(3,021)	(2,769)	(3,265)	(3,367)	(2,993)
Shareholders’ equity attributable to UnitedHealth Group (adjusted)	91,777)	80,541)	75,025)	68,858)	60,609)
Adjustment to Net Earnings Attributable To UnitedHealth Group Common Shareholders
Net earnings attributable to UnitedHealth Group common shareholders (as reported)	22,381)	20,120)	17,285)	15,403)	13,839)
Add: Deferred income tax expense (benefit)	(245)	(673)	130)	(8)	230)
Net earnings attributable to UnitedHealth Group common shareholders (adjusted)	22,136)	19,447)	17,415)	15,395)	14,069)

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).

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

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UnitedHealth Group Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	6.09%	6.25%	6.06%	6.03%	5.76%
Adjusted net profit margin	6.02%	6.04%	6.10%	6.02%	5.86%
Financial Leverage
Reported financial leverage	3.08	3.16	2.96	3.01	3.02
Adjusted financial leverage	2.98	3.05	2.83	2.87	2.87
Return on Equity (ROE)
Reported ROE	25.22%	25.87%	24.09%	23.52%	24.02%
Adjusted ROE	24.12%	24.15%	23.21%	22.36%	23.21%
Return on Assets (ROA)
Reported ROA	8.18%	8.19%	8.15%	7.81%	7.96%
Adjusted ROA	8.09%	7.91%	8.21%	7.80%	8.09%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	UnitedHealth Group Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	UnitedHealth Group Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	UnitedHealth Group Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	UnitedHealth Group Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	22,381)	20,120)	17,285)	15,403)	13,839)
Revenues, customers	367,533)	322,132)	285,273)	255,639)	240,269)
Profitability Ratio
Net profit margin¹	6.09%	6.25%	6.06%	6.03%	5.76%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders	22,136)	19,447)	17,415)	15,395)	14,069)
Revenues, customers	367,533)	322,132)	285,273)	255,639)	240,269)
Profitability Ratio
Adjusted net profit margin²	6.02%	6.04%	6.10%	6.02%	5.86%

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).

2023 Calculations

¹ Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × 22,381 ÷ 367,533 = 6.09%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × 22,136 ÷ 367,533 = 6.02%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	UnitedHealth Group Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	273,720)	245,705)	212,206)	197,289)	173,889)
Shareholders’ equity attributable to UnitedHealth Group	88,756)	77,772)	71,760)	65,491)	57,616)
Solvency Ratio
Financial leverage¹	3.08	3.16	2.96	3.01	3.02
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets	273,720)	245,705)	212,206)	197,289)	173,889)
Adjusted shareholders’ equity attributable to UnitedHealth Group	91,777)	80,541)	75,025)	68,858)	60,609)
Solvency Ratio
Adjusted financial leverage²	2.98	3.05	2.83	2.87	2.87

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).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 273,720 ÷ 88,756 = 3.08

² Adjusted financial leverage = Total assets ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 273,720 ÷ 91,777 = 2.98

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	UnitedHealth Group Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	22,381)	20,120)	17,285)	15,403)	13,839)
Shareholders’ equity attributable to UnitedHealth Group	88,756)	77,772)	71,760)	65,491)	57,616)
Profitability Ratio
ROE¹	25.22%	25.87%	24.09%	23.52%	24.02%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders	22,136)	19,447)	17,415)	15,395)	14,069)
Adjusted shareholders’ equity attributable to UnitedHealth Group	91,777)	80,541)	75,025)	68,858)	60,609)
Profitability Ratio
Adjusted ROE²	24.12%	24.15%	23.21%	22.36%	23.21%

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).

2023 Calculations

¹ ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × 22,381 ÷ 88,756 = 25.22%

² Adjusted ROE = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 100 × 22,136 ÷ 91,777 = 24.12%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	UnitedHealth Group Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders	22,381)	20,120)	17,285)	15,403)	13,839)
Total assets	273,720)	245,705)	212,206)	197,289)	173,889)
Profitability Ratio
ROA¹	8.18%	8.19%	8.15%	7.81%	7.96%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders	22,136)	19,447)	17,415)	15,395)	14,069)
Total assets	273,720)	245,705)	212,206)	197,289)	173,889)
Profitability Ratio
Adjusted ROA²	8.09%	7.91%	8.21%	7.80%	8.09%

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).

2023 Calculations

¹ ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 22,381 ÷ 273,720 = 8.18%

² Adjusted ROA = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 22,136 ÷ 273,720 = 8.09%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	UnitedHealth Group Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

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

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

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

Adjusted Net Profit Margin

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)