健康保险财务脉搏——2025年第四季度上市公司

Fourth Quarter and Full Year 2025 ResultsTeleconference Prepared RemarksJanuary 27, 2026 Moderator: Good morning, and welcome to the UnitedHealth Group Fourth Quarter and FullYear 2025 Earnings Conference Call. A question-and-answer session will followUnitedHealth Group’s prepared remarks. As a reminder, this call is beingrecorded. Here is some important introductory information. This call contains “forward-looking” statements under U.S. federal securities laws. These statements aresubject to risks and uncertainties that could cause actual results to differmaterially from historical experience or present expectations. A description ofsome of the risks and uncertainties can be found in the reports that we file withthe Securities and Exchange Commission, including the cautionary statementsincluded in our current and periodic filings. This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amounts is available on the “Financial & Earnings Reports”section of the Company’s Investor Relations page atwww.unitedhealthgroup.com. Information presented on this call is contained in the Earnings Release we issuedthis morning and in our Form 8-K dated January 27, 2026, which may beaccessed from the Investor Relations page of the Company’s website. I will nowturn the conference over to the chairman and chief executive officer ofUnitedHealth Group, Stephen Hemsley. StephenHemsley Thank you and good morning. Thank you for joining us today. This morning I’ll provide updates on the progress our organization has made overthe last six months and the momentum that is building in 2026. Tim Noel andPatrick Conway will dive more deeply into how UnitedHealthcare and Optumfinished 2025 and our conviction for improved performance in 2026. WayneDeVeydt will walk through the details of our full year 2025 financial performanceand 2026 outlook before we turn to Q&A. We continue to progress and strengthen as we enter 2026. We have taken a critical look across all our products and our U.S.marketpositions, focusing on what is working, what needs more attention and what nolonger makes sense for us. We are driving greater operational disciplines in allour business practices, leveraging the use of technology and artificial intelligencebroadly, and renewing our commitment to innovation, agility and accountability.We have removed assets that are not aligned with our focus on serving the U.S.health system. We continue to strengthen our management team, leveragingboth our internal depth and bringing fresh ideas and talent from outside theorganization. These actions and others are intended to improve the value weoffer to all those we serve and drive sustainable growth for many years to come. Our people are rising to the challenges before them. We finished 2025 withadjusted earnings per share of $16.35, which was slightly ahead of ourexpectations. Full year 2025 results exclude a $1.6 billion net of tax and largelynon-cash charge, very consistent with what we discussed on our third quarterearnings call. Addressing the elements of this charge was important in setting asolid foundation for returning to the historical earnings quality and growth youhave come to expect from us. Wayne will provide further details on both theseresults and the charge. Looking to 2026, we expect adjusted earnings per share of greater than $17.75for growth of at least 8.6%. Our initial outlook reflects measured growth across allfour of our reporting business segments, with double-digit improvements atUnitedHealthcare and low to high single-digit adjusted growth across our Optumsegments. These overall results are tempered by the third year of Medicarefunding reductions, ongoing funding shortfalls withinourstate Medicaid programsand our historical respect for rising medical cost trends. As expected, improvement will be more evident within UnitedHealthcare in 2026,while at an earlier stage Optum will take more operational effort,andinvestmentand time. At UnitedHealthcare, we successfully repriced the insurance businesses,intentionally right-sizing them to refocus on membership we can best serve on asustainable basis. In Optum, new leaders are driving operational improvements that translate tomore consistent results and better performance visibility. We have taken a criticallook at our services and geographies, remaining in markets that are best alignedwith our core integrated value-based care purpose. This analysis also led us nowto align Optum Financial Services with Optum Insight, where our energies andtalents for healthcare technology and financial technology innovation can bebrought together to better address the opportunities and potential within thesemarkets. We are clearly embarking on a new age of technology alreadytransforming the way the world operates, and health care must participatecarefully and fully. We plan to be a leader in that movement. We expect 2026 to be a year of focus and execution, and an important one in