Extremely strong operating earnings with EBIT interest coverage of 34x for the nine months ended Sept. 30, 2004 and 31x for the full year 2003. Net dividends from subsidiaries of nearly $1 billion in 2003. Cash dividends from UnitedHealth Group Inc.'s largest operating subsidiary, United HealthCare Insurance Co., were $889 million for the first nine months of 2004 compared with $662 million for the full year 2003. Debt to capitalization was strong at 26.1% at Sept. 30, 2004 and 27.8% at year-end 2003. The organization has diversified sources of revenue, both unregulated and regulated, by geographic region, business segment, and legal entity. In addition, the company is growing the portion of information and administration-based businesses that are not related to
