UnitedHealth Group (UNH)

Specialized Care Services

Specialized Care Services had revenues for the three and six months ended June 30, 2007 of $1.2 billion and $2.3 billion, respectively, an increase of $172 million, or 17%, and $304 million, or 15%, over the comparable periods of 2006. These increases were principally driven by strong growth in the number of individuals served and rate increases.

Earnings from operations for the three and six months ended June 30, 2007 of $213 million and $418 million, respectively, increased $24 million, or 13%, and $52 million, or 14%, over the comparable periods of 2006 primarily due to strong growth in the number of individuals served and operational and productivity improvements within Specialized Care Services’ businesses. Specialized Care Services’ operating margin of 18.3% and 18.4% for the three and six months ended June 30, 2007, respectively, decreased from 19.1% and 18.6% in the comparable periods of 2006. The decrease in operating margin reflected a continued business mix shift toward higher revenue, lower margin products.

Specialized Care Services

Specialized Care Services had revenues of $1.1 billion in the first quarter of 2007, an increase of $132 million, or 13%, over the comparable 2006 period. This increase was principally driven by strong growth in the number of individuals served and rate increases.

Earnings from operations in the first quarter of 2007 of $205 million increased $28 million, or 16%, over the first quarter of 2006. Specialized Care Services’ operating margin improved to 18.4% in the first quarter of 2007 from 18.0% in the comparable 2006 period. This improvement was due to operational and productivity improvements within Specialized Care Services’ businesses, which more than offset a business mix shift toward higher revenue, lower margin products.

Specialized Care Services

Specialized Care Services had revenues of $998 million and $3.0 billion, respectively, for the three and nine months ended September 30, 2006, representing increases of $270 million, or 37%, and $917 million, or 45%, respectively, over the comparable 2005 periods. Excluding the impact of acquisitions, revenues increased by 18% and 22% over the prior year periods. These increases were principally driven by an increase in the number of individuals served and rate increases.

Earnings from operations for the three and nine months ended September 30, 2006 of $198 million and $564 million, respectively, represent increases of $58 million, or 41%, and $173 million, or 44% over the comparable 2005 periods. Specialized Care Services’ operating margins were 19.8% and 19.0% for the three and nine months ended September 30, 2006, respectively, from 19.2% and 19.0% in the comparable 2005 periods. These changes reflect a business mix shift toward higher revenue, lower margin products during 2006 offset by realized improvements in operating cost structure and benefits from the integration of PacifiCare specialty operations in the third quarter of 2006.

Specialized Care Services

Specialized Care Services had revenues of $981 million in the first quarter of 2006, an increase of $334 million, or 52%, over the comparable 2005 period. Excluding the impact of acquisitions, revenues increased by 26% over the prior year. This increase was principally driven by an increase in the number of individuals served and rate increases.

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Earnings from operations in the first quarter of 2006 of $177 million increased $57 million, or 48%, over the first quarter of 2005. Specialized Care Services’ operating margin decreased to 18.0% in the first quarter of 2006 from 18.5% in the comparable 2005 period. This decrease was due to a business mix shift toward higher revenue, lower margin products including the impact of the PacifiCare acquisition, partially offset by operational and productivity improvements within Specialized Care Services’ businesses.

Specialized Care Services

Specialized Care Services revenues of $2.8 billion increased by $510 million, or 22%, over 2004. This increase was principally driven by an 11% increase in the number of individuals served by its specialty benefit businesses, excluding the impact of acquisitions, and rate increases related to these businesses as well as businesses acquired since the beginning of 2004.

Earnings from operations in 2005 of $541 million increased $96 million, or 22%, over 2004. Specialized Care Services’ operating margin was 19.3% in 2005, down from 19.4% in 2004. This decrease was due to a business mix shift toward higher revenue, lower margin products, partially offset by continued gains in quality initiatives and operating cost efficiencies.

Specialized Care Services

Specialized Care Services had revenues of $991 million and $2.0 billion, respectively, for the three and six months ended June 30, 2006, representing increases of $313 million, or 46%, and $647 million, or 49%, respectively, over the comparable 2005 periods. Excluding the impact of acquisitions, revenues increased by 23% and 26% over the prior year periods. This increase was principally driven by an increase in the number of individuals served and rate increases.

Earnings from operations for the three and six months ended June 30, 2006 of $189 million and $366 million, respectively, represent increases of $58 million, or 44%, and $115 million, or 46%, over the comparable 2005 periods. Specialized Care Services’ operating margins decreased to 19.1% and 18.6%, respectively, for the three and six months ended June 30, 2006 from 19.3% and 18.9% in the comparable 2005 periods. This decrease was due to a business mix shift toward higher revenue, lower margin products including the impact of the PacifiCare acquisition, partially offset by operational and productivity improvements within Specialized Care Services’ businesses.

Specialized Care Services

Specialized Care Services had revenues of $980 million in the first quarter of 2006, an increase of $333 million, or 51%, over the comparable 2005 period. Excluding the impact of acquisitions, revenues increased by 26% over the prior year. This increase was principally driven by an increase in the number of individuals served by several of its specialty benefit businesses and rate increases related to these businesses.

Earnings from operations in the first quarter of 2006 of $182 million increased $58 million, or 47%, over the first quarter of 2005. Specialized Care Services’ operating margin decreased to 18.6% in the first quarter of 2006 from 19.2% in the comparable 2005 period. This decrease was due to a business mix shift toward higher revenue, lower margin products including the impact of the PacifiCare acquisition, partially offset by operational and productivity improvements within Specialized Care Services’ businesses.

Specialized Care Services

Specialized Care Services revenues during 2004 of $2.3 billion increased by $417 million, or 22%, over 2003. This increase was principally driven by an increase in the number of individuals served by its behavioral health benefits business, its dental services business and its vision care benefits business; rate increases related to these businesses; and incremental revenues related to businesses acquired since the beginning of 2003 of approximately $100 million.

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Earnings from operations in 2004 of $485 million increased $100 million, or 26%, over 2003. Specialized Care Services’ operating margin increased to 21.1% in 2004, up from 20.5% in 2003. This increase was driven primarily by operational and productivity improvements within Specialized Care Services’ businesses and consolidation of the production and service operation infrastructure to enhance productivity and efficiency and to improve the quality and consistency of service, partially offset by a business mix shift toward higher revenue, lower margin products.

Specialized Care Services

For the three and nine months ended September 30, 2005, Specialized Care Services revenues of $728 million and $2.1 billion, respectively, increased by $148 million, or 26%, and $346 million, or 20%, over the comparable

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2004 periods. These increases were principally driven by an increase in the number of individuals served by several of its specialty benefit businesses and rate increases related to these businesses.

Earnings from operations for the three and nine months ended September 30, 2005 of $148 million and $420 million, respectively, increased $24 million, or 19%, and $64 million, or 18%, over the comparable 2004 periods. Specialized Care Services’ operating margin for the three and nine months ended September 30, 2005 of 20.3% and 20.5% decreased from 21.4% and 20.9%, respectively, in the comparable prior year periods due to a business mix shift toward higher revenue, lower margin products, largely offset by continued gains in quality initiatives and operating cost efficiencies.

Specialized Care Services

For the three and six months ended June 30, 2005, Specialized Care Services revenues of $678 million and $1.3 billion, respectively, increased by $105 million, or 18%, and $198 million, or 18%, over the comparable 2004 periods. These increases were principally driven by an increase in the number of individuals served by several of its specialty benefit businesses and rate increases related to these businesses.

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Earnings from operations for the three and six months ended June 30, 2005 of $139 million and $272 million, respectively, increased $20 million, or 17%, and $40 million, or 17%, over the comparable 2004 periods. Specialized Care Services’ operating margin for both the three and six months ended June 30, 2005 of 20.5% was down slightly from the prior year periods due to a business mix shift toward higher revenue, lower margin products, largely offset by continued gains in quality initiatives and operating cost efficiencies.

Specialized Care Services

Specialized Care Services had revenues of $647 million in the first quarter of 2005, an increase of $93 million, or 17%, over the comparable 2004 period. This increase was principally driven by an increase in the number of individuals served by several of its specialty benefit businesses and rate increases related to these businesses.

Earnings from operations in the first quarter of 2005 of $133 million increased $20 million, or 18%, over the first quarter of 2004. Specialized Care Services’ operating margin increased to 20.6% in the first quarter of 2005, up from 20.4% in the comparable 2004 period. This increase was driven primarily by operational and productivity improvements within Specialized Care Services’ businesses and consolidation of the production and service operation infrastructure to enhance productivity and efficiency and to improve the quality and consistency of service, partially offset by a business mix shift toward higher revenue, lower margin products.

Specialized Care Services

Specialized Care Services revenues during 2003 of $1.9 billion increased by $369 million, or 24%, over 2002. This increase was principally driven by an increase in the number of individuals served by United Behavioral Health, its behavioral health benefits business; Dental Benefit Providers, its dental services business; and Spectera, its vision care benefits business; as well as rate increases related to these businesses.

Earnings from operations in 2003 of $385 million increased $99 million, or 35%, over 2002. Specialized Care Services’ operating margin increased to 20.5% in 2003, up from 19.0% in 2002. This increase was driven primarily by operational and productivity improvements at United Behavioral Health.