UnitedHealth Group's 2024 Revenue Grows to Reach $400.3 Billion

In 2024, UnitedHealth Group saw full year revenue grow 8% over 2023 to reach $400.3 billion. Adjusted earnings from operations, excluding costs related to last year’s cyberattack on Change Healthcare and the company’s sale of its South American operations, were $34.4 billion for full year 2024.

UnitedHealth Group reported a medical care ratio in 2024 of 85.5% compared with 83.2% in 2023. In a news release, company executives said this increase in the medical care ratio was due to CMS’s Medicare funding reductions, member mix and timing of Medicaid redeterminations. Other factors from the third quarter — increased hospital coding intensity and specialty medication prescribing — continued to impact the company in the fourth quarter.

2024 revenue for company’s health insurance division, UnitedHealthcare, increased 6% to $298.4 billion. The number of people served through the commercial plans grew by 2.4 million last year. In Medicare, the number of enrollees grew by 9.4 million, but in Medicaid enrollment “moderated,” according to the company because of eligibility redeterminations.

Within Optum Health, revenue grew 12% in 2024 over 2023, which the company said was led by Optum Rx and Optum Health.

Andrew Witty

Optum Rx, which provides pharmacy benefit services, saw revenue in 2024 increase by 15%. The number of adjusted scripts grew to 1.62 billion, compared with 1.54 billion in 2023

“The people of UnitedHealth Group remain focused on making high-quality, affordable health care more available to more people while making the health system easier to navigate for patients and providers, positioning us well for growth in 2025,” Andrew Witty, chief executive officer of UnitedHealth Group, said in the news release.