Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

UnitedHealth Group Inc., profit margin by reportable segment

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).