美國聯(lián)合健康集團（UnitedHealth Group）市場前景及投資研究報告-培訓(xùn)課件外文版2024.6

COMPANIES

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PRODUCTSUnitedHealthGroupCHAPTER

01MarketpositionRankingofthegloballeading10healthcareequipmentandservicescompaniesbasedonrevenuein2023(inbillionU.S.dollars)Globallistoftophealthcareequipmentandservicecompaniesbasedonrevenue2023RevenueinbillionU.S.dollars050100150200250300350400UnitedHealthGroupInc.,U.S.CignaCorp.,U.S.335.94180.02ElevanceHealth,U.S.160.67146.25CenteneCorpHumanaInc.,U.S.95.64HCAHealthcareInc.,U.S.FreseniusSE&Co.KGaA,GermanyThermoFischerScientificInc.,U.S.AbbottLaboratories,U.S.MolinaHealthcareInc,U.S.60.884543.8141.5132.353Description:Thisstatisticshowsthe2023rankingoftheglobaltop10healthcareequipmentandservicescompaniesbasedonrevenue.ThevaluesweretakenfromtheFinancialTimesequityscreenerdatabase.U.S.healthcareproviderUnitedHealthGroupwasrankedfirst,withatotalrevenueofalmost336billionU.S.dollars.ReadmoreNote(s):Worldwide;asofMay2023Source(s):FinancialTimes;ThomsonReuters;Varioussources(companydata)Rankingofthetop10U.S.healthcareequipmentandservicescompaniesbasedonrevenuein2023(inbillionU.S.dollars)ListoftophealthcareequipmentandserviceU.S.companiesin2023byrevenueRevenueinbillionU.S.dollars050100150200250300350400UnitedHealthGroupIncCignaCorp335.94180.02160.67146.25ElevanceHealthIncCenteneCorpHumanaInc95.64HCAHealthcareIncThermoFisherScientificIncAbbottLaboratoriesMolinaHealthcareIncDanaherCorp60.8843.8141.5132.3530.954Description:Thisstatisticshowsthe2023rankingofthetop10healthcareequipmentandservicescompaniesintheUnitedStatesbasedonrevenue.ThevaluesweretakenfromtheFinancialTimesequityscreenerdatabase.UnitedHealthGroupwasrankedfirst,withatotalrevenueof335.9billionU.S.dollars.ReadmoreNote(s):UnitedStates;asofMay2023;*IncludingonlycompaniesthathavetheirheadquartersintheUnitedStates.Revenuesareglobaltotals.Datereleasedisthedatefigureswereaccessed.Thesourcegivesnoinformationifdataisbasedon[...]

ReadmoreSource(s):FinancialTimes;ThomsonReuters;Varioussources(companydata)TopU.S.pharmaciesrankedbyprescriptiondrugsmarketsharein2023U.S.pharmaciesrankedbyprescriptiondrugsmarketshare2023Marketshare0%5%10%15%20%25%30%CVShealthCorporation*WalgreensBootsAlliance(RetailPharmacyUSA)Cigna(Evernorth/ExpressScripts,Inc.)**UnitedHealthGroup(OptumRx)WalmartStores,Inc.25.7%14.7%10.6%6.8%4.9%TheKrogerCompanyRiteAidCorporation2.3%2.2%Humana(CenterWell)AlbertsonsCompanies1.7%1.3%1.3%1%PublixBrightSpringHealthServicesPANTHERxRarePharmacyCostcoWholesaleCorporationAholdDelhaize0.6%0.5%0.5%0.5%Centene(EnvolveHealth)5Description:ThetopU.S.pharmacyin2023bymarketsharebasedonprescriptiondrugrevenuewasCVSHealthCorporation,followedbyWalgreensBootsAlliance.CVSHealthheldover25percentoftheprescriptiondrugmarketrevenueatthattime.AsignificantincreaseinmarketsharewasreportedforCignaachievedthroughtheacquisitionofpharmacybenefitmanagerExpressScriptsinAugust2018.Beforethat,Cignawasmainlyactiveintheinsurancebusinessandrelatedproductsand[...]

ReadmoreNote(s):UnitedStatesSource(s):DrugChannelsInstituteBrandvalueoftheworld'smostvaluablehealthcareservicesbrandsasof2023(inbillionU.S.dollars)World'smostvaluablehealthcareservicesbrands2023bybrandvalueValueinbillionU.S.dollars15

20051025303540UnitedHealthcareOptum37.920.119.8AnthemHumana16.5Aetna8.7Cigna7.7Evernorth7McKesson6.8CardinalHealthCenteneCorporation5.75.56/statistics/541553/brand-value-of-the-world-s-most-valuable-healthcare-services-brandsThisstatisticpresentsthevalueoftheworld'smostvaluablehealthcarebrandsasof2023.UnitedHealthcarewasthefirstrankedamongthemostvaluablehealthcarebrandsintheworldwithanestimatedvalueofmorethan37.9billionU.S.dollars.

ReadmoreNote(s):WorldwideSource(s):BrandFinanceMarketshareofleadinghealthinsurancecompaniesintheUnitedStatesasof2023MarketshareoftopU.S.healthinsurancecompanies2023Marketshare6%0%2%4%8%10%12%14%16%UnitedHealthGroupInc.ElevanceHealth(Anthem)KaiserPermanente15%10%9%9%Centene(Ambetter)Humana7%HealthCareServicesCorporation(HCSC)CVSHealth(Aetna)4%3%MolinaHealthcareInc.IndependenceHealthGuideWell2%2%2%7Description:Asof2023,UnitedHealthGrouphadashareof15percentintheU.S.healthinsurancemarket.Elevancehealth(Anthem)hadthesecond-largesthealthinsurancemarketshare,coveringtenpercentofthemarket.Thetopfivelargestinsurancecompaniesrepresentedaround50percentofthetotalU.S.marketshareinthehealthinsuranceindustry.ReadmoreNote(s):UnitedStates;asof2023Source(s):LendingTree;S&PGlobal;ValuePenguinCHAPTER

02KeyfinancialsTotalrevenueofUnitedHealthGroupfrom2007to2023(inbillionU.S.dollars)TotalrevenueofUnitedHealthGroup2007-2023400350300250200371.62324.16287.6257.14242.16226.25201.16184.84157.11150130.472014122.492013110.622012101.86201194.1687.14200910050081.19200875.43200720102015*2016

2017**

2018201920202021202220239Description:ThisstatisticshowsthetotalrevenueofUnitedHealthGroupfrom2007to2023.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.TherevenuesofUnitedHealthGroupamountedtoover371billionU.S.dollarsin2023.ReadmoreNote(s):UnitedStates;2007to2023Source(s):UnitedHealthGroupNetincomeofUnitedHealthGroupfrom2007to2023(inbillionU.S.dollars)NetearningsofUnitedHealthGroup2007-20232520151023.1420.6317.2915.413.8411.9910.567.025.815.675.625.535.144.654.63503.822.98200720082009201020112012201320142015*2016

2017**

20182019202020212022202310Description:ThisstatisticshowsthenetincomeofUnitedHealthGroupfrom2007to2023.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.In2023,UnitedHealthGroupgeneratedanetincomeofapproximately23.14billionU.S.dollars.ReadmoreNote(s):UnitedStates;2007to2023Source(s):UnitedHealthGroupTotalassetsofUnitedHealthGroupfrom2007to2023(inbillionU.S.dollars)TotalassetsofUnitedHealthGroup2007-2023300250200150100273.72245.7212.21197.29173.89152.22139.06122.81111.252015*86.380.81201281.867.89201163.06201059.05200955.82200850.95002007201320142016

2017**

20182019202020212022202311Description:ThisstatisticshowsthetotalassetsoftheUnitedHealthGroupfrom2007to2023.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.In2023,thetotalassetsoftheUnitedHealthGroupamountedtoover273billionU.S.dollars.ReadmoreNote(s):UnitedStates;2007to2023Source(s):UnitedHealthGroupUnitedHealthGroup'soperatingcostsfrom2013to2023,bytype(inmillionU.S.dollars)OperatingcostsofUnitedHealthGroup2013-2023bytypeMedical

costsOperating

costs54628Costofproducts

sold38770Depreciation

and

amortization202320222021202020192018201720162015201420132418942108421869111593961564401454031300361170381038759363339723400310328912720242822452055169314781375477823370342579310344170430745351932811734074269982955724112284012441624312162062126338268965918941289112Description:ThisstatisticshowstheoperatingcostsofUnitedHealthGroupfrom2013to2023,bytype.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.TheoperatingcostsofUnitedHealthGroupinthesegmentofmedicalcostswasover241billionU.S.dollarsin2023.ReadmoreNote(s):UnitedStates;2013to2023Source(s):UnitedHealthGroupUnitedHealthGroup'sbasicearningspersharefrom2006to2023(inU.S.dollars)BasicearningspershareattributabletoUnitedHealthGroup2006-20233025201524.1221.4718.3316.2314.5512.4510.95107.376.15.785.595.384.814.14503.553.273.092.452006200720082009201020112012201320142015*

2016

2017**

20182019202020212022202313Description:ThisstatisticshowsthebasicearningspershareattributabletoUnitedHealthGroupcommonstockholdersfrom2006to2023.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.Thebasicearningspersharein2023stoodat24.12U.S.dollars.ReadmoreNote(s):UnitedStates;2006to2023Source(s):UnitedHealthGroupCHAPTER

03BusinessdistributionUnitedHealthGroup'srevenuesfrom2013to2023,bytype(inmillionU.S.dollars)RevenuesbyUnitedHealthGroup2013-2023,bytypePremiums290827257157226233201478189699178087158453144118127163115302109557Products4258337424344373414531597296012636626658173124242Services341232755124603200161897317183153171323611922101518997Investment

and

other

income202320222021202020192018201720162015201420134089203023241502188613761023828710779319074515Description:ThisstatisticshowstherevenuesgeneratedbyUnitedHealthGroupfrom2013to2023,inmillionU.S.dollars,bytype.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.TherevenuesgeneratedbyUnitedHealthGroupthroughpremiumswasover290billionU.S.dollarsin2023.ReadmoreNote(s):UnitedStates;2013to2023Source(s):UnitedHealthGroupUnitedHealthGroup'srevenuesfrom2013to2023,bysubsidiary(inmillionU.S.dollars)RevenuesgeneratedbyUnitedHealthGroup2013-2023,bysubsidiaryUnited

Healthcare281360Optum22663518276815556513630811295010128091185202320222021202020192018201720162015201420132497412228992008751938421834761632571485818359313134367604119798477461137253811716Description:ThisstatisticshowsrevenuesgeneratedbyUnitedHealthGroupfrom2013to2023,sortedbysubsidiary.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.RevenuesgeneratedbyUnitedHealthGroup'ssubsidiarynamedUnitedHealthcarestoodatnearly281billionU.S.dollarsin2023.ReadmoreNote(s):UnitedStates;2013to2023Source(s):UnitedHealthGroupUnitedHealthcare'srevenuesfrom2013to2023,bybusiness(inmillionU.S.dollars)RevenuesgeneratedbyUnitedHealthcare2013-2023bybusinessUnitedHealthcare

EmployerUnitedHealthcare

Medicareand

RetirementUnitedHealthcareUnitedHealthcare

Globaland

Individual67187Community

and

State2023202220212020201920182017201620152014201312986211367110055290764832527547365995563294973546258442257500463803539794648743790434263744332945289112358618268930786688345775298559816775362235503693763856359960023558725694554761520665308447194430174484717Description:ThisstatisticshowsrevenuesgeneratedbyUnitedHealthcare,asubsidiaryofUnitedHealthGroupfrom2013to2023,bybusiness.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.UnitedHealthcare'sEmployerandIndividualbusinessgeneratedover67billionU.S.dollarsofrevenuein2023.ReadmoreNote(s):UnitedStates;2013to2023Source(s):UnitedHealthGroupRevenuesofUnitedHealthGroup'sOptumfrom2013to2023,bybusiness(inmillionU.S.dollars)RevenuesgeneratedbyOptum2013-2023bybusinessOptumHealth953197117454065398083031724145205701690813927110329855OptumInsight18932145811219910802100069008OptumRx11608799773913148749874288695366375560440482723197624006Optum

eliminations-370320232022202120202019201820172016201520142013-2760-2013-1800-1661-14098087-12277333-10886196-7915227-4894714-45818Description:ThisstatisticshowstherevenuesgeneratedbythesegmentofOptuminUnitedHealthGroupfrom2013to2023,inmillionU.S.dollars,bybusiness.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.TherevenuesgeneratedbyOptum'sbusinessOptumHealthwasaround95.3billionU.S.dollarsin2023.ReadmoreNote(s):UnitedStates;2013to2023Source(s):UnitedHealthGroupCHAPTER

04CompetitorsLargesthealthinsurancecompaniesintheU.S.in2023,bymembership(inmillions)LargesthealthinsurancecompaniesinU.S.2023,bymembershipNumberofmembersinmillions012345678910KaiserPermanenteElevanceHealth(Anthem)UnitedHealthGroup8.85.84.7HCSC(BlueCross)4.4Centene(Ambetter)4CVSHealth(Aetna)2.8BlueShieldofCaliforniaGuidewell(FloridaBlue)BlueCrossBlueShieldofMichiganOscar2.22.21.31.120Description:ThelargesthealthinsurancecompaniesintheU.S.includebignamessuchasKaiserPermanente,ElevanceHealthandUnitedHealthcareGroup.Asof2023thelargesthealthinsurancecompanyintheU.S.wasKaiserPermanentewithapproximately8.8millionmembers.However,UnitedHealthcarewasthelargesthealthinsurancecompanyintheU.S.byrevenue.ElevanceHealth(Anthem)wasthesecondlargestatthattimewithalmost5.8millionmembers.Healthinsuranceisanimportant[...]

ReadmoreNote(s):UnitedStates;2023;*CVSHealthacquiredAetnainNovember2018.EnrollmentunderindividualandemployerhealthinsuranceplansReadmoreSource(s):LendingTree;ValuePenguinTotalrevenueofElevanceHealthfrom2010to2022(inbillionU.S.dollars)TotalrevenueofElevanceHealth2010-2022180156.616014012010080138.64121.87104.2192.1190.0484.8679.1673.8771.0260.761.558.76040200201020112012201320142015201620172018201920202021202221Description:RevenuesreportedbyElevanceHealth,Inc(formerlyAnthem,Inc)increasedyear-on-yearoverthepastdecadeandreachedapproximately157billionU.S.dollarsby2022.TherevenueofElevanceHealthincreasedfrom58.7billionU.S.dollarsin2010to156.6billionU.S.dollarsin2022.Anthem,IncwasrenamedtoElevanceHealth,InconJune28,2022.ReadmoreNote(s):UnitedStates;2010to2022Source(s):AnthemCVSHealth'srevenuefrom2005to2023(inmillionU.S.dollars)CVSHealth'srevenue2005-2023400,000350,000300,000250,000200,000150,000100,00050,00002005

2006

2007

2008

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2010

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2013

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2022

202322Description:Intheyear2023,theCVSHealthCorporationgeneratedapproximately357.8billionU.S.dollarsofrevenueintotal,anincreasecomparedtothepreviousyears.Thisvalueisthehighesteverregisteredintheconsideredtimeframe.

ReadmoreNote(s):UnitedStates;2005to2023Source(s):CVSHealthTotalrevenueofCignafrom2014to2023(inmillionU.S.dollars)TotalrevenueofCigna2014-2023250,000200,000195,265180,518174,069160,401153,566150,000100,00050,000048,650201841,806201739,838201638,098201535,09620142019202020212022202323Description:ThisstatisticshowsCigna'stotalrevenuefrom2014to2023.In2023,Cignageneratedatotalrevenueofapproximately195billionU.S.dollars,morethanquadruplingitsrevenuescomparedto2017-largelyduetotheacquisitionofExpressScripts.Originally,Cignawasahealthservicescompanyfocusedonvarioustypesofinsurances.WiththeacquisitionofExpressScriptsin2018,Cignaalsoenteredthepharmacyservicesmarket.

ReadmoreNote(s):UnitedStatesSource(s):CignaRevenueofHumanaintheUnitedStatesfrom2008to2023(inbillionU.S.dollars)RevenueofHumanafrom2008to202312010080106.492.8783.0677.1664.8956.916054.2954.3853.7748.541.31201339.13201236.8320114020033.630.74200928.9520082010201420152016201720182019202020212022202324Description:TherevenueofHumanaincreasedyear-on-yearfrom2008to2023,exceptin2017whenaslightdropwasobserved.In2023,thetotalrevenuegeneratedbyHumanareachedavalueofover106billionU.S.dollars-asignificantincreasefromthepreviousyear,andthehighestrevenuerecordedduringthetimeperiodunderobservation.?BackgroundonHumanaHumanaInc.isahealthinsurancecompanyheadquarteredinLouisville,Kentucky,whichwasfoundedin1961.Theirareasof[...]

ReadmoreNote(s):UnitedStates;2008to2023Source(s):HumanaCHAPTER

05Employment/enrollmentTotalnumberofindividualsemployedbyUnitedHealthGroupfrom2010to2023NumberofindividualsemployedbyUnitedHealthGroup2010-2023500,000450,000400,000350,000300,000250,000200,000440,000400,000350,000330,000325,000300,000260,000230,000200,000170,000156,000133,0002012150,000100,00050,000099,000201187,00020102013201420152016201720182019202020212022202326Description:AsofDecember31,2023,thetotalnumberofemployeesemployedbytheUnitedHealthGroupwasabout440thousandworldwide.ThisstatisticshowsthetotalnumberofindividualsemployedbyUnitedHealthGroupfrom2010to2023.

ReadmoreNote(s):Worldwide;2010to2023Source(s):UnitedHealthGroupNumberofindividualsservedbyUnitedHealthcarein2023,bysegment(in1,000s)NumberofindividualsservedbyUnitedHealthcare2023,bysegmentNumberofindividualsinthousands20,000

30,000

40,000010,0008,11550,00060,00070,00080,00076,95590,000Commercialrisk-basedCommercialfee-basedMedicareAdvantage19,200Medicaid7,845MedicareSupplement(standardized)International4,3555,54027Description:ThisstatisticshowsthenumberofindividualsservedbyUnitedHealthGroup'ssubsidiaryUnitedHealthcarein2023,sortedbybusiness.TheUnitedHealthGroupisahealthcarecompanyheadquarteredinMinnetonka,Minnesota.In2023,thenumberofindividualsservedbyUnitedHealthcarebyitsMedicareAdvantagesegmentstoodataround7.6million.ReadmoreNote(s):UnitedStates;2023Source(s):UnitedHealthGroupLeadingMedicareAdvantageorganizationsbasedonenrollmentin