The ratings on UnitedHealth Group Inc. (UnitedHealth) and its subsidiaries reflect the organization's extremely strong consolidated earnings profile and very strong financial flexibility and business position. The business position is enhanced by good diversification of products and markets served and its unique competencies in specialized services. The consolidated statutory capital position is considered good, although below the current rating level. UnitedHealth is expected to have a net commercial membership gain of more than 1.2 million people for full-year 2003. Standard&Poor's expects UnitedHealth's 2003 EBIT to be more than $2.6 billion reflecting profitable growth in all business segments combined with considerable operating efficiency. Consolidated statutory capitalization is expected to be maintained at a capital adequacy ratio of 110%-115%. The
