UNITEDHEALTH GROUP INC

Notes to Condensed Financial Statements

1. Basis of Presentation

UnitedHealth Group’s parent company financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this Form 10-K. The accounting policies for the registrant are the same as those described in Note 2 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.”

2. Subsidiary Transactions

Investment in Subsidiaries. UnitedHealth Group’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries.

Dividends, Capital Distributions and Contributions. Cash dividends received from subsidiaries and included in Cash Flows from Operating Activities in the Condensed Statements of Cash Flows were $6.8 billion, $19.3 billion and $18.5 billion in 2025, 2024 and 2023, respectively. The parent company received $901 million, $21 million and $639 million in cash as a return of capital during 2025, 2024 and 2023, respectively. Cash contributions to the parent company’s subsidiaries were $6.8 billion and $2.5 billion in 2025 and 2023, respectively, with no cash contributions in 2024. Additionally, in 2025, the parent company made $5.1 billion of non-cash contributions in the form of intercompany receivables to its subsidiaries.

3. Short-Term Borrowings and Long-Term Debt

Discussion of short-term borrowings and long-term debt can be found in Note 8 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” Long-term debt obligations of the parent company do not include other financing obligations at subsidiaries which totaled $708 million and $724 million at December 31, 2025 and 2024, respectively.

Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:

UnitedHealth Group’s parent company had short-term notes payable to subsidiaries of $2.5 billion and $2.0 billion as of December 31, 2025 and 2024, respectively, which included on-demand features. UnitedHealth Group’s parent company had long-term notes payable to subsidiaries of $21.7 billion and $14.4 billion as of December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, the Company converted $2.9 billion of short-term intercompany payables to long-term notes payables.

4. Commitments and Contingencies

Certain subsidiaries are guaranteed by UnitedHealth Group’s parent company in the event of insolvency. UnitedHealth Group’s parent company also provides guarantees related to its service level under certain contracts. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2025, 2024 or 2023.

For a summary of commitments and contingencies, see Note 12 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.”