UnitedHealth Group Reports 9% Revenue Growth, Increased Assets and Liabilities in Q3 2024

As of September 30, 2024, UnitedHealth Group reported total assets of $299,309 million, an increase from $273,720 million at the end of 2023. Total current assets rose to $92,258 million, up from $78,437 million, with cash and cash equivalents increasing to $32,400 million from $25,427 million. Total liabilities also increased to $194,854 million from $174,801 million, with long-term debt rising to $74,101 million from $58,263 million. Total equity grew to $99,881 million, compared to $94,421 million at the end of 2023.

For the three months ended September 30, 2024, UnitedHealth Group reported revenues of $100,820 million, a 9% increase from $92,361 million in the same period of 2023. For the nine months, revenues reached $299,471 million, up from $277,195 million. Premiums for the third quarter were $77,442 million, compared to $72,339 million in 2023. Total operating costs for the third quarter increased to $92,112 million from $83,835 million, while earnings from operations rose slightly to $8,708 million from $8,526 million. Net earnings for the third quarter were $6,258 million, up from $6,038 million, with net earnings attributable to common shareholders increasing to $6,055 million from $5,841 million.

The company experienced a loss of $7.1 billion related to the sale of its Brazil operations during the nine months ended September 30, 2024, which included $4.1 billion in cumulative foreign currency translation losses. Additionally, a loss of $1.2 billion was recorded due to the reclassification of remaining South American operations as held for sale.

In terms of operational performance, UnitedHealthcare served 29,730,000 people in the Commercial - Domestic segment, an increase from 27,250,000 in the previous year. However, total UnitedHealthcare - Medical served decreased to 50,665,000 from 52,780,000. The company noted increased medical costs due to higher acuity needs and growth in Medicare Advantage enrollment, alongside pressures from Medicare funding reductions.

Strategically, UnitedHealth Group amended its Medicare Supplement Program in July 2024 and entered into transaction agreements in the health care sector with an anticipated consideration of approximately $5 billion, pending regulatory approval. The company also increased its quarterly cash dividend to an annual rate of $8.40 in June 2024, up from $7.52.

The company faced challenges from a cyberattack incident identified in February 2024, which resulted in direct response costs of $341 million for the third quarter and $1.7 billion for the nine months. The incident disrupted operations, particularly in Optum Insight, although there was growth in technology services.