UnitedHealth Group (UNH)

Premium Revenues

Consolidated premium revenues for the three and nine months ended September 30, 2007 of $17.0 billion and $51.8 billion, respectively, increased by $501 million, or 3%, and $2.7 billion, or 6%, over the comparable 2006 periods.

UnitedHealthcare premium revenues for the three and nine months ended September 30, 2007 of $8.5 billion and $25.5 billion, respectively, increased by $140 million, or 2%, and $433 million, or 2%, over the comparable 2006 periods. These increases were primarily driven by average net premium rate increases of 7% to 8% on UnitedHealthcare’s renewing commercial risk-based products and by premiums from businesses acquired since the beginning of 2006, partially offset by a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products. Ovations premium revenues for the three and nine months ended September 30, 2007 of $6.3 billion and $19.9 billion, respectively, increased by $102 million, or 2%, and $1.6 billion, or 9%, over the comparable 2006 periods. The increase for the three months ended September 30, 2007 was primarily due to rate increases on the Medicare Advantage and Medicare supplement products, partially offset by the seasonal revenue timing caused by the Medicare Part D product benefit design. The increase for the nine months ended September 30, 2007 was driven primarily by rate increases on the Medicare Advantage and Medicare supplement products, resolution of certain matters pertaining to Medicare population risk status and eligibility and continued growth in our Medicare Part D program. AmeriChoice premium revenues for the three and nine months ended September 30, 2007 of $1.1 billion and $3.2 billion, respectively, increased by $200 million, or 22%, and $508 million, or 19%, over the comparable 2006 periods due primarily to an increase in the number of individuals served by Medicaid products as well as rate increases. OptumHealth premium revenues for the three and nine months ended September 30, 2007 of $892 million and $2.6 billion, respectively, increased by $95 million, or 12%, and $262 million, or 11%, over the comparable 2006 periods. These increases were primarily due to strong growth in the number of individuals served by several OptumHealth businesses under premium-based arrangements as well as rate increases.

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Premium Revenues

Consolidated premium revenues for the three and six months ended June 30, 2007 of $17.4 billion and $34.8 billion, respectively, increased by $0.9 billion, or 6%, and $2.2 billion, or 7%, over the comparable 2006 periods.

UnitedHealthcare premium revenues for the three and six months ended June 30, 2007 of $8.5 billion and $17.0 billion, respectively, increased by $106 million, or 1%, and $293 million, or 2%, over the comparable 2006 periods. These increases were primarily driven by average net premium rate increases of 7% to 8% on UnitedHealthcare’s renewing commercial risk-based products and by premiums from businesses acquired since the beginning of 2006, partially offset by a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products. Ovations premium revenues for the three and six months ended June 30, 2007 of $6.7 billion and $13.6 billion, respectively, increased by $541 million, or 9%, and $1.5 billion, or 12%, over the comparable 2006 periods. These increases were driven primarily by rate increases on the Medicare Advantage and Medicare supplement products, resolution of certain matters pertaining to Medicare population risk status and eligibility and continued growth in our Medicare Part D program. Specialized Care Services premium revenues for the three and six months ended June 30, 2007 of $886 million and $1.7 billion, respectively, increased by $95 million, or 12%, and $167 million, or 11%, over the comparable 2006 periods. These increases were primarily due to the strong growth in the number of individuals served by several Specialized Care Services’ businesses under premium-based arrangements. The remaining premium revenue increase was primarily driven by AmeriChoice’s Medicaid programs which contributed premium revenue increases of $224 million, or 26%, and $308 million, or 18%, for the three and six months ended June 30, 2007, respectively, over the comparable 2006 periods due primarily to an increase in the number of individuals served as well as rate increases.

Premium Revenues

Consolidated premium revenues totaled $17.5 billion in the first quarter of 2007, an increase of $1.3 billion, or 8%, over the first quarter of 2006.

UnitedHealthcare premium revenues increased by $187 million, or 2%, to $8.5 billion in the first quarter of 2007. This increase was primarily driven by average net premium rate increases of 7% to 8% on UnitedHealthcare’s renewing commercial risk-based products and by premiums from businesses acquired since the beginning of 2006, partially offset by a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products. Ovations premium revenues increased by $932 million, or 16%, to $6.9 billion in the first quarter of 2007. The increase was driven primarily by an increase in the number of individuals served by Medicare Advantage and Medicare supplement products and the related rate increases on these products and continued growth in the Medicare Part D program. Specialized Care Services premium revenues increased by approximately $72 million, or 9%, in the first quarter of 2007 over the comparable period of 2006. The increase was primarily due to the strong growth in the number of individuals served by several Specialized Care Services’ businesses under premium-based arrangements. The remaining premium revenue increase was primarily driven by AmeriChoice’s Medicaid programs which contributed premium revenue increases of $84 million, or 10%, over the first quarter of 2006 due primarily to a combination of rate increases and an increase in the number of individuals served.

Premium Revenues

Consolidated premium revenues for the three and nine months ended September 30, 2006 of $16.5 billion and $49.1 billion, respectively, increased by $6.0 billion, or 57% and $18.1 billion, or 59%, over the comparable 2005 periods. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately $2.1 billion, or 20%, and $6.7 billion, or 22%, for the three and nine months ended September 30, 2006, respectively, over the comparable 2005 periods.

UnitedHealthcare premium revenues for the three and nine months ended September 30, 2006 increased by $1.9 billion, or 29%, and $5.9 billion, or 31%, to $8.4 billion and $25.0 billion, respectively, over the comparable 2005 periods. Excluding premium revenues from businesses acquired since the beginning of 2005, UnitedHealthcare premium revenues were essentially unchanged for both the three and nine months ended September 30, 2006. This was primarily due to average net premium rate increases of approximately 8% or above on UnitedHealthcare’s renewing commercial risk-based products offset by lower premium yields from new business due primarily to a larger portion of new customer sales coming from high-deductible lower-premium products (with correspondingly lower medical costs), as well as a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products, excluding the impact of acquisitions. Ovations premium revenues for the three and nine months ended September 30, 2006 increased by $3.9 billion and $11.6 billion to $6.2 billion and $18.3 billion, respectively, over comparable 2005 periods. Excluding the impact of acquisitions, Ovations premium revenues for the three and nine months ended September 30, 2006 increased by $2.1 billion, or 91%, and $6.3 billion, or 95%, respectively. The increases were driven primarily by the successful launch of the Medicare Part D program which had premium revenues of $1.4 billion and $4.5 billion for the three and nine months ended September 30, 2006, respectively, and an increase in the number of individuals served by Medicare Advantage and Medicare supplement products, as well as rate increases on these products. Specialized Care Services’ premium revenues increased by approximately $230 million and $780 million, respectively, for the three and nine months ended September 30, 2006 over comparable 2005 periods. This was primarily due to the PacifiCare acquisition and strong growth in the number of individuals served by several Specialized Care Services’ businesses under premium-based arrangements. The remaining premium revenue increase was from AmeriChoice’s Medicaid programs primarily driven by rate increases and an increase in the number of individuals served.

Premium Revenues

Consolidated premium revenues for the three and six months ended June 30, 2006 of $16.4 billion and $32.6 billion, respectively, increased by $6.1 billion, or 59%, and $12.2 billion, or 59% over the comparable 2005 periods. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately $2.3 billion, or 22%, and $4.6 billion, or 22%, over the comparable prior periods.

UnitedHealthcare premium revenues for the three and six months ended June 30, 2006 increased by $2.0 billion, or 31%, and $4.0 billion, or 31%, to $8.4 billion and $16.7 billion, respectively, over the comparable 2005 periods. Excluding premium revenues from businesses acquired since the beginning of 2005, UnitedHealthcare premium revenues were essentially flat for both the three and six months ended June 30, 2006. This was primarily due to average net premium rate increases of approximately 8% or above on UnitedHealthcare’s renewing commercial risk-based products offset by lower premium yields from new business due primarily to a larger portion of new customer sales coming from high-deductible lower-premium products (with correspondingly lower medical costs), as well as a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products, excluding the impact of acquisitions. Ovations premium revenues for the three and six months ended June 30, 2006 increased by $3.9 billion and $7.8 billion to $6.1 billion and $12.1 billion, respectively, over the comparable 2005 periods. Excluding the impact of acquisitions, Ovations premium revenues for the three and six months ended June 30, 2006 increased by $2.1 billion, or 96%, and $4.3 billion, or 98%, respectively. The increases were driven primarily by the successful launch of the Medicare Part D program which had premium revenues of $1.5 billion and $3.1 billion for the three and six months ended June 30, 2006, respectively, and an increase in the number of individuals served by Medicare Advantage and Medicare supplement products, as well as rate increases on these products. Specialized Care

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Services premium revenues for the three and six months ended June 30, 2006 of $791 million and $1.6 billion increased by approximately $270 million and $550 million, respectively, over comparable 2005 periods. This was primarily due to the PacifiCare acquisition and strong growth in the number of individuals served under premium-based arrangements. The remaining premium revenue increase was from AmeriChoice’s Medicaid programs primarily driven by rate increases and a slight increase in the number of individuals served.

Premium Revenues

Consolidated premium revenues totaled $16.2 billion in the first quarter of 2006, an increase of $6.1 billion, or 60%, over the first quarter of 2005. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately $2.3 billion, or 23%, over the prior year.

UnitedHealthcare premium revenues increased by $2.0 billion, or 31%, to $8.3 billion in the first quarter of 2006. Excluding premium revenues from businesses acquired since the beginning of 2005, UnitedHealthcare premium revenues were essentially unchanged from the first quarter of 2005. This was primarily due to average net premium rate increases of 8% or above on UnitedHealthcare’s renewing commercial risk-based products offset by a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products, excluding the impact of acquisitions. Ovations premium revenues increased by $3.9 billion, or 181%, to $6.0 billion in the first quarter of 2006. Excluding the impact of acquisitions, Ovations premium revenues increased by $2.1 billion, or 99%, driven primarily by the successful launch of the Medicare Part D program which

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contributed $1.6 billion of first quarter 2006 premium revenues, and an increase in the number of individuals served by Medicare Advantage and Medicare supplement products, as well as rate increases on these products. Specialized Care Services premium revenues increased by approximately $280 million in the first quarter of 2006 from the comparable period of 2005. This was primarily due to the PacifiCare acquisition and strong growth in the number of individuals served by several Specialized Care Services’ businesses under premium-based arrangements. The remaining premium revenue increase was from AmeriChoice’s Medicaid programs primarily driven by rate increases and an increase in the number of individuals served.

Premium Revenues

Consolidated premium revenues totaled $16.2 billion in the first quarter of 2006, an increase of $6.1 billion, or 60%, over the first quarter of 2005. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately $2.3 billion, or 23%, over the prior year.

UnitedHealthcare premium revenues increased by $1.9 billion, or 31%, to $8.2 billion in the first quarter of 2006. Excluding premium revenues from businesses acquired since the beginning of 2005, UnitedHealthcare premium revenues increased by approximately 1% over the first quarter of 2005. This increase was primarily due to average net premium rate increases of 8% or above on UnitedHealthcare’s renewing commercial risk-based products offset by a decrease in the number of individuals served by UnitedHealthcare’s commercial risk-based products, excluding the impact of acquisitions. Ovations premium revenues increased by $3.8 billion in the first quarter of 2006. Excluding the impact of acquisitions, Ovations premium revenues increased by $2.1 billion, or 99%, driven primarily by the successful launch of the Medicare Part D program which contributed $1.6 billion of first quarter 2006 premium revenues, and an increase in the number of individuals served by Medicare Advantage and Medicare supplement products, as well as rate increases on these products. Specialized Care Services’ premium revenues increased by $282 million in the first quarter of 2006. Excluding the impact of acquisitions, premium revenues increased by $130 million, or 26%, mainly due to strong growth in the number of individuals served by several Specialized Care Services’ businesses under premium-based arrangements. The remaining premium revenue increase is from AmeriChoice’s Medicaid programs primarily driven by rate increases and a slight increase in the number of individuals served, excluding the impact of acquisitions.

Premium Revenues

Consolidated premium revenues for the three and nine months ended September 30, 2005 of $10.2 billion and $30.2 billion, respectively, increased by $1.3 billion, or 15% and $6.2 billion, or 26%, over the comparable 2004 periods. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately 11% for both the three and nine months ended September 30, 2005 over the comparable 2004 periods primarily driven by premium rate increases and an increase in the number of individuals served by our risk-based products.

For the three and nine months ended September 30, 2005, UnitedHealthcare premium revenues increased by $793 million and $4.4 billion, to $6.5 billion and $19.1 billion, respectively. Excluding premium revenues from businesses acquired since the beginning of 2004, UnitedHealthcare premium revenues increased by approximately 8% and 9%, respectively, for the three and nine months ended September 30, 2005. This increase is primarily due to average net premium rate increases of approximately 8% to 9% on UnitedHealthcare’s renewing commercial risk-based products and a slight increase in the number of individuals served by UnitedHealthcare’s commercial risk-based products. For the three and nine months ended September 30, 2005, Ovations premium revenues increased by 18% and 23%, respectively. Excluding the impact of acquisitions, Ovations premium revenues increased by approximately 16% for both the three and nine months ended September 30, 2005 driven primarily by an increase in the number of individuals served by Medicare Advantage products and by Medicare supplement products provided to AARP members, as well as rate increases on these products. Premium revenues from AmeriChoice’s Medicaid programs for the three and nine months ended September 30, 2005 increased by $49 million, or 6%, and $226 million, or 10%, respectively, over the comparable 2004 periods driven primarily by rate increases and a slight increase in the average number of individuals served during the period. The remaining premium revenue increase is due mainly to strong growth in the number of individuals served by several Specialized Care Services’ businesses.

Premium Revenues

Consolidated premium revenues for the three and six months ended June 30, 2005 of $10.1 billion and $19.9 billion, respectively, increased by $2.3 billion, or 29%, and $4.9 billion, or 32%, over the comparable 2004 periods. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately 11% for both the three and six months ended June 30, 2005 over the comparable 2004 periods primarily driven by premium rate increases and an increase in the number of individuals served by our risk-based products.

For the three and six months ended June 30, 2005, UnitedHealthcare premium revenues increased by $1.6 billion and $3.6 billion, to $6.4 billion and $12.7 billion, respectively. Excluding premium revenues from businesses acquired since the beginning of 2004, UnitedHealthcare premium revenues increased by approximately 9% and 10%, respectively, for the three and six months ended June 30, 2005. This increase is primarily due to average net premium rate increases of approximately 8% to 9% on UnitedHealthcare’s renewing commercial risk-based products and an increase in the number of individuals served by UnitedHealthcare’s commercial risk-based products. Ovations premium revenues increased by 26% for both the three and six months ended June 30, 2005 over the comparable 2004 periods. Excluding the impact of acquisitions, Ovations premium revenues increased by approximately 16% for both the three and six months ended June 30, 2005 driven primarily by an increase in the number of individuals served by Medicare supplement products provided to AARP members and by Medicare Advantage products, as well as rate increases on these products. Premium revenues from AmeriChoice’s Medicaid programs for the three and six months ended June 30, 2005 increased by $73 million, or 10%, and $177 million, or 12%, respectively, over the comparable 2004 periods primarily driven by an increase in the number of individuals served and rate increases. The remaining premium revenue increase is due mainly to strong growth in the number of individuals served by several Specialized Care Services’ businesses.

Premium Revenues

Consolidated premium revenues totaled $9.9 billion in the first quarter of 2005, an increase of $2.6 billion, or 36%, over the first quarter of 2004. Excluding the impact of acquisitions, consolidated premium revenues increased by approximately 11% over the prior year.

UnitedHealthcare premium revenues increased by $2.0 billion, or 46%, to $6.3 billion in the first quarter of 2005. Excluding premium revenues from businesses acquired in 2004, UnitedHealthcare premium revenues increased by approximately 10%. This increase is primarily due to average net premium rate increases of approximately 8% to 9% on UnitedHealthcare’s renewing commercial risk-based products and an increase in the number of individuals served by UnitedHealthcare’s commercial risk-based products. Ovations premium revenues increased by 26% in the first quarter of 2005. Excluding the impact of acquisitions, Ovations premium revenues increased by 16% driven primarily by an increase in the number of individuals it serves through Medicare Advantage products, as well as rate increases on these products. Premium revenues from AmeriChoice’s Medicaid programs increased by $104 million, or 15%, over the first quarter of 2004 primarily driven by an increase in the number of individuals served and rate increases. The remaining premium revenue increase is due mainly to strong growth in the number of individuals served by several Specialized Care Services’ businesses.