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 Remarks Moderator: Good morning, and welcome to the UnitedHealth Group Fourth Quarter and FullYear 2025 Earnings Conference Call. A question-and-answer session will follow 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 of 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 at 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 now 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 Optum 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 intelligence 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 quarter 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 at As expected, improvement will be more evident within UnitedHealthcare in 2026,while at an earlier stage Optum will take more operational effort,andinvestment At UnitedHealthcare, we successfully repriced the insurance businesses,intentionally right-sizing them to refocus on membership we can best serve on a 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 now We expect 2026 to be a year of focus and execution, and an important one in thehistory of our company. We have emerged strongly from challenging periods in With that, I’ll turn it over to Tim. Tim Noel Thanks, Steve. UnitedHealthcare finished 2025 having made progress to more effectively serveour members and network partners—another important element in building With that, I will briefly walk through each business: Starting with Medicare, the 2025 medical cost trend was in line with ourexpectation of ~7.5% and supports our 2026 trend expectation of 10%. This reflects consistently elevated utilization in addition to increases in physician feeschedules and the continuation of higher service intensity per care encounter. As part of our efforts to address elevated trend and funding cuts, we planned forsome Medicare Advantage membership contraction in 2026. We now expectUHC Medicare Advantage contraction will be in the range of 1.3 million to 1.4million members for the fullyear, including group, individual and Dual SpecialNeeds Programs. These are greater losses than originally anticipated, as Looking briefly to 2027,the Advance Notice published yesterday simply doesn’treflect the reality of medical utilization and cost trends. We will continue to workwith CMS to ensure an appropriatefinal growth rate calculation to avoid a Turning to Medicaid,we continue to expect this business to see incrementalpressure in 2026, largely driven by state funding shortfalls. We have received We expect Medicaid membership contraction of approximately 565,000 to715,000 people, which includes D-SNP members, due to reduced Medicaid We took important steps in our commercial pricing and cost management effortsduring the second half of thisyear. Nearly all of our employer Group and fullyinsured pricing align with continued increases in care activity for 2026.In the Individual ACA market, we repriced nearly all states in response to highermedical trends and the elevated needs of ACA beneficiaries in 2025. These We expect both fully insured group and individual enrollment to contract and bepartially offset by continued momentum in our group self-fun