UnitedHealth Group recorded double-digit growth in revenue year over year across its core lines of business at UnitedHealthcare and Optum, according to the company's fourth quarter earnings report released Jan. 12.
"UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth," CEO Andrew Witty said.
UnitedHealth Group
- Total revenues in 2023 were $371.6 billion, up 14.6% year over year. In the fourth quarter, revenues were $94.4 billion.
- For 2024, the company projects revenues of $400 billion to $403 billion and adjusted net earnings of $27.50 to $28.00 per share.
- Total net earnings in 2023 were $22.4 billion, up 11.2% year over year. In the fourth quarter, net earnings were $5.5 billion.
- Full year and fourth quarter adjusted earnings per share were $25.12 and $6.16 per share.
- The company's medical loss ratio was 83.2% for 2023 and 85% for the latest quarter. Days claims payable were 47.9 in the fourth quarter compared to 49.9 a year ago.
UnitedHealthcare
- Total revenues in 2023 were $281.4 billion, up 12.7% year over year. In the fourth quarter, revenues were $70.8 billion.
- Total earnings from operations in 2023 were $16.4 billion, up 14.2% year over year. In the fourth quarter, earnings were $3.1 billion. The operating margin in 2023 was 5.8% and 4.4% in the fourth quarter.
- Total domestic membership is 47.2 million, which grew by 875,000 in 2023. Commercial membership in 2023 is 27.3 million. There are 7.8 million Medicaid members, 7.7 million Medicare Advantage members, and 4.4 million members with Medicare supplement plans. Part D plan membership is 3.3 million.
Optum
- Total revenues in 2023 were $226.6 billion, up 24% year over year and led by Optum Health. In the fourth quarter, revenues were $59.5 billion.
- Total earnings from operations in 2023 were $15.9 billion, up 13.4% year over year. In the fourth quarter, earnings were $4.6 billion. The operating margin in 2023 was 7% and 7.7% in the fourth quarter.
- Optum Health's 2023 revenues were $95.3 billion, up 33.9%. The division served 103 million customers in the fourth quarter.
- Optum Insight’s 2023 revenues were $18.9 billion, up 29.8%.
- Optum Rx revenues in 2023 were $116.1 billion, 16.4%. The division processed 1.54 billion adjusted scripts in 2023.