United Healthcare 2008 Annual Report Download - page 40

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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) 2008 (a,b) 2007 (a,b) 2006 (a,b) 2005 (b) 2004 (b)
Consolidated Operating Results
Revenues ..................................... $81,186 $75,431 $71,542 $46,425 $38,217
Earnings From Operations ....................... $ 5,263 $ 7,849 $ 6,984 $ 5,080 $ 3,858
Net Earnings .................................. $ 2,977 $ 4,654 $ 4,159 $ 3,083 $ 2,411
Return on Shareholders’ Equity ................... 14.9% 22.4% 22.2% 25.2% 29.0%
Basic Net Earnings per Common Share ............. $ 2.45 $ 3.55 $ 3.09 $ 2.44 $ 1.93
Diluted Net Earnings per Common Share ........... $ 2.40 $ 3.42 $ 2.97 $ 2.31 $ 1.83
Common Stock Dividends per Share ............... $ 0.030 $ 0.030 $ 0.030 $ 0.015 $ 0.015
Consolidated Cash Flows From (Used For)
Operating Activities ............................ $ 4,238 $ 5,877 $ 6,526 $ 4,083 $ 3,923
Investing Activities ............................. $(5,072) $ (4,147) $ (2,101) $ (3,489) $ (1,644)
Financing Activities ............................ $ (605) $ (3,185) $ 474 $ 836 $ (550)
Consolidated Financial Condition
(As of December 31)
Cash and Investments ........................... $21,575 $22,286 $20,582 $14,982 $12,253
Total Assets .................................. $55,815 $50,899 $48,320 $41,288 $27,862
Total Commercial Paper and Long-Term Debt ....... $12,794 $11,009 $ 7,456 $ 7,095 $ 4,011
Shareholders’ Equity ........................... $20,780 $20,063 $20,810 $17,815 $10,772
Debt-to-Total-Capital Ratio ...................... 38.1% 35.4% 26.4% 28.5% 27.1%
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 $4.6 billion, $5.9 billion and
$5.7 billion for the years ended December 31, 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, PacifiCare Health Systems, Inc.
in December 2005 for total consideration of approximately $8.8 billion, Oxford Health Plans, Inc. in July
2004 for total consideration of approximately $5.0 billion and Mid-Atlantic Medical Services, Inc. in
February 2004 for total consideration of approximately $2.7 billion. The results of operations and financial
condition of the acquisitions discussed above have been included in our Consolidated Financial Statements
since the respective acquisition dates.
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