United Healthcare 2009 Annual Report Download - page 32

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ITEM 6. SELECTED FINANCIAL DATA
FINANCIAL HIGHLIGHTS
For the Year Ended December 31,
(in millions, except percentages and per share data) 2009 (a,b) 2008 (a,b) 2007 (a,b) 2006 (a,b) 2005 (b)
Consolidated Operating Results
Revenues ....................................... $87,138 $81,186 $75,431 $71,542 $46,425
Earnings from operations ........................... 6,359 5,263 7,849 6,984 5,080
Net earnings ..................................... 3,822 2,977 4,654 4,159 3,083
Return on shareholders’ equity ...................... 17.3% 14.9% 22.4% 22.2% 25.2%
Basic net earnings per common share ................. $ 3.27 $ 2.45 $ 3.55 $ 3.09 $ 2.44
Diluted net earnings per common share ................ 3.24 2.40 3.42 2.97 2.31
Common stock dividends per share ................... 0.030 0.030 0.030 0.030 0.015
Consolidated Cash Flows From (Used For)
Operating activities ............................... $ 5,625 $ 4,238 $ 5,877 $ 6,526 $ 4,083
Investing activities ................................ (976) (5,072) (4,147) (2,101) (3,489)
Financing activities ............................... (2,275) (605) (3,185) 474 836
Consolidated Financial Condition
(As of December 31)
Cash and investments .............................. $24,350 $21,575 $22,286 $20,582 $14,982
Total assets ...................................... 59,045 55,815 50,899 48,320 41,288
Total commercial paper and long-term debt ............ 11,173 12,794 11,009 7,456 7,095
Shareholders’ equity ............................... 23,606 20,780 20,063 20,810 17,815
Debt-to-total-capital ratio ........................... 32.1% 38.1% 35.4% 26.4% 28.5%
Financial Highlights should be read with the accompanying Management’s Discussion and Analysis of Financial
Condition and Results of Operations and Consolidated Financial Statements and Notes to the Consolidated
Financial Statements.
(a) On January 1, 2006, we began serving as a plan sponsor offering Medicare Part D drug insurance coverage
under a contract with CMS. Total revenues generated under this program were $6.4 billion, $5.8 billion,
$5.9 billion and $5.7 billion for the years ended December 31, 2009, 2008, 2007 and 2006, respectively. See
Note 2 of Notes to the Consolidated Financial Statements for a detailed discussion of this program.
(b) We acquired Unison Health Plans in May 2008 for total consideration of approximately $930 million, Sierra
Health Services, Inc. in February 2008 for total consideration of approximately $2.6 billion, Fiserv Health,
Inc. in January 2008 for total consideration of approximately $740 million and PacifiCare Health Systems,
Inc. in December 2005 for total consideration of approximately $8.8 billion. The results of operations and
financial condition of these acquisitions have been included in our Consolidated Financial Statements since
the respective acquisition dates.
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