UnitedHealth Group Incorporated

Shareholders of UnitedHealth Group Incorporated

UnitedHealth Group Incorporated is a widely held Delaware corporation listed on the New York Stock Exchange, so there is no public register of members and only holdings above the United States 5% reporting threshold are disclosed. The Form 10-K for 2025 records 907,675,839 shares of common stock issued and outstanding on 20 February 2026 and 8,734 holders of record on the same date; the proxy statement filed on 21 April 2026 records 908,213,180 shares outstanding and entitled to vote on the 2 April 2026 record date.

The five rows in the shareholder table on this page are a truncated extract from a market-data feed rather than a shareholder register, and their percentages should not be used as ownership. They are 5 of 18 rows, and each percentage appears to be calculated on a denominator of roughly 451 million shares – about half the shares actually in issue. Measured against the real share count, BlackRock Inc.’s 75,312,087 shares are approximately 8.3%, not the 16.68% displayed, and State Street Corporation’s 44,926,544 shares are approximately 4.95%, not 9.95%. The largest reported holder in the company’s own proxy statement, The Vanguard Group, does not appear in the extract at all.

Reported holdings above 5%

The proxy statement filed on 21 April 2026 lists two beneficial owners of more than 5% of the common stock as at the 2 April 2026 record date, both taken from Schedules 13G: The Vanguard Group, 91,802,960 shares or 10.11%, based on a Schedule 13G/A filed on 7 May 2025 reporting shared voting power over 1,101,193 shares, sole dispositive power over 87,465,543 shares and shared dispositive power over 4,337,417 shares; and BlackRock, Inc., 72,595,811 shares or 7.99%, based on a Schedule 13G/A filed on 6 February 2024 reporting sole voting power over 66,008,588 shares. The BlackRock figure was already two years old at the date of the proxy statement.

Three Schedules have been filed since that proxy table was compiled. On 27 March 2026 The Vanguard Group, Inc. filed a Schedule 13G/A with an event date of 13 March 2026 reporting nil shares and 0% of the class: following an internal realignment on 12 January 2026, it no longer has, or is deemed to have, beneficial ownership of securities held by various Vanguard subsidiaries and business divisions, which now report on a disaggregated basis. That nil filing is a change in which entity reports, not a disposal. On 30 April 2026 Vanguard Capital Management LLC filed a Schedule 13G with an event date of 31 March 2026 reporting 68,122,483 shares, 7.50% of the class, with sole voting power over 9,251,706 shares and sole dispositive power over 68,122,483 shares. On 7 August 2026 State Street Corporation filed a Schedule 13G with an event date of 30 June 2026 reporting an aggregate 45,684,412 shares, 5% of the class, with shared voting power over 24,261,527 shares and shared dispositive power over 45,633,267 shares.

Ultimate beneficial ownership

No ultimate beneficial owner of UnitedHealth Group Incorporated is identified in any filed document, and none can be derived from the record. Every holder reported above the 5% threshold is an asset manager or bank holding company reporting under Rule 13d-1(b) in respect of shares held for registered investment companies and managed client accounts, not a holder of the underlying economic interest, and no natural person is reported at or above the threshold. All current directors, executive officers and director nominees together – 16 individuals – beneficially held 1,708,073 shares, or 0.19% of the class, as at 2 April 2026. Percentages reported by these institutions are beneficial ownership under US securities law, which is not the same measure as registered shareholding, and they should not be added together or treated as a chain of control.

Data availability

Major shareholders only. United States disclosure covers beneficial owners of more than 5% of a registered class, plus directors and officers; the remaining share base is not itemised publicly, and the absence of a named beneficial owner reflects the disclosure regime rather than evidence that none exists. The stored provider rows are truncated (5 of 18), are drawn from market data rather than a register, and carry percentages that do not correspond to the shares in issue.

Sources

UnitedHealth Group Incorporated, Definitive Proxy Statement on Schedule 14A, filed 21 April 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000110465926046125/tm261387-6_def14a.htm

UnitedHealth Group Incorporated, Annual Report on Form 10-K for the year ended 31 December 2025, filed 2 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm

The Vanguard Group, Inc., Schedule 13G/A on UnitedHealth Group Inc, filed 27 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/102909/000010290926002526/primary_doc.xml

Vanguard Capital Management LLC, Schedule 13G on UnitedHealth Group Inc, filed 30 April 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/2100119/000210011926001233/primary_doc.xml

State Street Corporation, Schedule 13G on UnitedHealth Group Inc, filed 7 August 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/93751/000009375126000551/primary_doc.xml

Directors and officers of UnitedHealth Group Incorporated

The five officer rows stored against this record are 5 of 21 and should not be read as either the current board or the current executive team. None of the five is a director; all five carry corporate officer titles, none carries an appointment or resignation date, and the set is of mixed vintage – it resembles a snapshot of a corporate leadership page rather than an extract from a filing. One row describes Stephen J. Hemsley as “CEO & Non-independent Non-executive Chairman”, which is internally contradictory: he was Non-Executive Chair of the Board from November 2019 and was appointed Chief Executive Officer on 12 May 2025, holding both Chair and CEO roles since then. Rupert Bondy was a named executive officer for 2022 and 2023 according to the 2026 proxy statement and does not appear among the executive officers listed in the 2025 Form 10-K. Heather Cianfrocco was succeeded as Chief Executive Officer of Optum by Patrick Conway, M.D. in April 2025 and likewise does not appear in that list. Jennifer Smoter and Terry M. Clark appear in neither the 2025 Form 10-K executive officer list nor the 2026 proxy statement. Absent from the stored set are the Chief Financial Officer, the Chief Executive Officer of Optum, the Chief Executive Officer of UnitedHealthcare, the Chief People Officer and the Chief Accounting Officer.

The Form 10-K for 2025 lists seven executive officers as of 2 March 2026: Stephen Hemsley, Chair and Chief Executive Officer; Wayne DeVeydt, Chief Financial Officer; Patrick Conway, M.D., Chief Executive Officer of Optum; Erin McSweeney, Executive Vice President and Chief People Officer; Timothy Noel, Chief Executive Officer of UnitedHealthcare; Thomas Roos, Senior Vice President and Chief Accounting Officer; and Christopher Zaetta, Executive Vice President, Chief Legal Officer and Corporate Secretary. The 10-K states that the Board elects executive officers annually and that they serve until their successors are elected and qualified or until earlier death, resignation, removal or disqualification.

Nine directors were elected to one-year terms at the annual meeting held on 1 June 2026, as reported in the Form 8-K filed on 5 June 2026 under Item 5.07: Charles Baker, Timothy Flynn, Paul Garcia, Kristen Gil, Scott Gottlieb, M.D., Stephen Hemsley, F. William McNabb III, Valerie Montgomery Rice, M.D. and John Noseworthy, M.D. Support ranged from 89.68% of votes cast for Charles Baker to 98.96% for Kristen Gil. The 2026 proxy statement reports that 89% of directors are independent – eight of the nine, the exception being the Chair and Chief Executive Officer – and that the independent directors elected F. William McNabb III as Lead Independent Director in August 2025, succeeding Michele Hooper, who had held the role since October 2021 and did not stand for re-election in 2026.

Recent officer changes

Chief Accounting Officer. On 24 February 2026 the Board appointed Dennis Stankiewicz, the company’s Corporate Controller since 17 April 2023, as Chief Accounting Officer with effect from 2 March 2026. Thomas Roos, Chief Accounting Officer since August 2015, moved to Chief Financial Officer of Optum Insight with effect from the same date. Source: Form 8-K filed 2 March 2026. The executive officer list in the Form 10-K filed the same day still shows Mr Roos in the role, so the 8-K is the later record of the two.

Director appointment. Scott Gottlieb, M.D. was appointed an independent director with effect from 18 November 2025, as announced in the Form 8-K filed on 21 November 2025, and was subsequently elected by shareholders at the 2026 annual meeting.

Chief Financial Officer. Wayne DeVeydt joined the company as Chief Financial Officer on 2 September 2025, succeeding John Rex, who moved from President and Chief Financial Officer to a strategic adviser role. Source: 2026 proxy statement.

Two earlier changes in the same period, both from the 2026 proxy statement: Stephen Hemsley was appointed Chief Executive Officer on 12 May 2025 following Andrew Witty’s decision to step down, and Timothy Noel was promoted to Chief Executive Officer of UnitedHealthcare in January 2025, succeeding Brian Thompson, whose death the company reported in a Form 8-K filed on 4 December 2024.

Data availability

Partial. Delaware does not publish a register of directors or officers for a corporation, so the officer record for UnitedHealth Group Incorporated rests on SEC filings – the Form 10-K executive officer list, Forms 8-K under Item 5.02 and Item 5.07, and the annual proxy statement. Those filings disclose role, effective date and, for executive officers, age, but they do not disclose nationality, country of residence or date of birth. Nationality is therefore recorded as “Not disclosed” for every person named here, and country of residence is not disclosed either. Ages published in the Form 10-K are omitted from this summary. The stored provider rows are truncated (5 of 21), undated, of mixed vintage and confined to corporate officers – no director appears among them – so they should not be used to establish who currently holds office.

Sources

UnitedHealth Group Incorporated, Annual Report on Form 10-K for the year ended 31 December 2025, filed 2 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm

UnitedHealth Group Incorporated, Definitive Proxy Statement on Schedule 14A, filed 21 April 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000110465926046125/tm261387-6_def14a.htm

UnitedHealth Group Incorporated, Form 8-K (Item 5.07, results of the 2026 annual meeting), filed 5 June 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000138/unh-20260601.htm

UnitedHealth Group Incorporated, Form 8-K (Item 5.02, Chief Accounting Officer appointment), filed 2 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000064/unh-20260224.htm

UnitedHealth Group Incorporated, Form 8-K (Item 5.02, director appointment), filed 21 November 2025, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176625000314/unh-20251118.htm

UnitedHealth Group Incorporated, Form 8-K (Item 8.01), filed 4 December 2024, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176624000340/unh-20241204.htm

Group structure of UnitedHealth Group Incorporated

The data provider supplied no corporate-linkage data for this record at all: the group field holds a stub with no entities in it. That is an absence of data and nothing more. It is not evidence that UnitedHealth Group Incorporated is small, operates as a single entity, or has no branches or international presence – the company files consolidated financial statements covering a large number of subsidiaries, reported more than 390,000 employees at 31 December 2025 and is in the course of disposing of operations in South America. The structure set out below is taken from Exhibit 21.1 to the Form 10-K for 2025 and from the 2026 proxy statement, not from the provider.

UnitedHealth Group Incorporated is the ultimate parent of the group. It is a widely held Delaware corporation listed on the New York Stock Exchange; no parent company and no controlling shareholder is reported in its 2026 proxy statement, in which the two disclosed holders above 5% are institutional asset managers.

Exhibit 21.1, stated as at 31 December 2025, lists ten significant subsidiaries within the meaning of Rule 1-02(w) of Regulation S-X and expressly excludes subsidiaries that did not meet that test, so it is not a complete subsidiary list. The Delaware-domiciled entities are Optum, Inc.; UnitedHealthcare, Inc.; OptumHealth Holdings, LLC; OptumRx Group Holdings, Inc.; OptumRx Holdings I, LLC; UHIC Holdings, Inc., which trades as OneNet PPO; and Collaborative Care Holdings, LLC. Outside Delaware the exhibit lists United HealthCare Services, Inc. (Minnesota), which carries a long list of registered trading names including UnitedHealthcare, AmeriChoice, United Resource Networks and UHC Management Company; UnitedHealthcare Insurance Company (Connecticut), which trades as UnitedHealthcare Community Plan; and OptumRx Administrative Services, LLC (Texas). The exhibit gives no ownership percentages and no registration numbers, so ownership percentage is not disclosed for any of these relationships and no indirect percentage can be calculated.

The operating businesses are separately licensed and separately regulated, and that distinction matters for due diligence. The 2025 Form 10-K states that the company’s insurance and HMO subsidiaries must be licensed by, and are subject to regulation in, each jurisdiction in which they conduct business; that states require periodic financial reports and enforce minimum capital or restricted cash reserve requirements; that the health plans and insurance companies are regulated under state insurance holding company laws, which generally require prior regulatory approval of acquisitions and material affiliated transfers of assets; and that those requirements restrict the ability of the regulated subsidiaries to pay dividends to their parent holding companies. Connecticut is identified as the company’s lead insurance regulator for the annual risk and solvency self-assessment report, with additional reporting to New York. Licences, licence numbers, statutory accounts and regulator relationships therefore belong to the individual licensed companies and must not be attributed to UnitedHealth Group Incorporated; equally, the parent’s consolidated figures must not be attributed to any subsidiary. “Optum” and “UnitedHealthcare” are segment and brand names under which several distinct legal entities trade, and are not themselves legal entities.

Recent structural changes

Agreement to sell the remaining South American operations. In the fourth quarter of 2025 the company entered into an agreement to sell its remaining South American operations. The 2025 Form 10-K states that the sale is expected to close in the second half of 2026 subject to regulatory and other customary closing conditions, so this is a signed agreement rather than a completed disposal.

Sale of the Brazil operations. During 2024 the company completed the sale of its Brazil operations, recording a loss of $7.1 billion, of which $4.1 billion related to cumulative foreign currency translation losses previously held in accumulated other comprehensive loss, together with a further $1.2 billion loss on reclassifying the remaining South American operations as held for sale.

Acquisitions during 2025. The company completed several business combinations during the year ended 31 December 2025 for total consideration of $4.8 billion, of which $4.3 billion was recognised as goodwill and $425 million related to nonredeemable noncontrolling interests. The Form 10-K does not name the acquired entities, so no individual acquisition can be verified from it.

Data availability

Partial. No corporate-linkage data was supplied by the provider for this record, and neither the Delaware Division of Corporations nor the SEC publishes a complete subsidiary register: Exhibit 21.1 covers significant subsidiaries only and omits ownership percentages, registration numbers and intermediate holding chains, so the relationships above are verified in existence but not in extent. Entity-level detail for the licensed insurers and health plans sits with the individual state insurance departments that license them rather than in any single federal source.

Sources

UnitedHealth Group Incorporated, Exhibit 21.1 (Significant Subsidiaries) to the Form 10-K for the year ended 31 December 2025, filed 2 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unhex21112312025.htm

UnitedHealth Group Incorporated, Annual Report on Form 10-K for the year ended 31 December 2025, filed 2 March 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm

UnitedHealth Group Incorporated, Definitive Proxy Statement on Schedule 14A, filed 21 April 2026, retrieved 30 September 2026 – https://www.sec.gov/Archives/edgar/data/731766/000110465926046125/tm261387-6_def14a.htm

Global Legal Entity Identifier Foundation, LEI record 549300GHBMY8T5GXDE41, retrieved 30 September 2026 – https://search.gleif.org/#/record/549300GHBMY8T5GXDE41