Large, diversified U.S.-based healthcare-services company (15th largest globally based on revenue) Unique strategic and medical/operating cost advantages from combination of UnitedHealthcare (UHC) and Optum Consistent earnings on disciplined strategic execution and strong medical management Very low investment portfolio risk versus managed-care peers Strong financial flexibility reflected by modest debt to EBITDA and high EBITDA fixed-charge coverage Large peers closing gap in scale and capabilities Intensifying political/regulatory scrutiny of pharmacy benefit management (PBM) industry General Medicare and Medicaid program funding and regulatory/compliance risks Modest insurance capitalization based on regulatory and our risk-based capital (RBC) model Highly acquisitive growth strategy focusing on newer business lines and geographic markets S&P Global Ratings' ratings on UnitedHealth Group Inc. (UNH) and its subsidiaries are the
