v2.4.0.6
Investments (Tables)
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12 Months Ended |
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Investments [Abstract] |
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Short-Term and Long-Term Investments |
| | | | | | | | | | | | | | | | | | (in millions) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 2,319 |
| | $ | 54 |
| | $ | — |
| | $ | 2,373 |
| State and municipal obligations | | 6,363 |
| | 403 |
| | (1 | ) | | 6,765 |
| Corporate obligations | | 5,825 |
| | 205 |
| | (23 | ) | | 6,007 |
| U.S. agency mortgage-backed securities | | 2,279 |
| | 74 |
| | — |
| | 2,353 |
| Non-U.S. agency mortgage-backed securities | | 476 |
| | 28 |
| | — |
| | 504 |
| Total debt securities - available-for-sale | | 17,262 |
| | 764 |
| | (24 | ) | | 18,002 |
| Equity securities - available-for-sale | | 529 |
| | 23 |
| | (8 | ) | | 544 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 166 |
| | 7 |
| | — |
| | 173 |
| State and municipal obligations | | 13 |
| | — |
| | — |
| | 13 |
| Corporate obligations | | 18 |
| | — |
| | — |
| | 18 |
| Total debt securities - held-to-maturity | | 197 |
| | 7 |
| | — |
| | 204 |
| Total investments | | $ | 17,988 |
| | $ | 794 |
| | $ | (32 | ) | | $ | 18,750 |
| | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 2,214 |
| | $ | 28 |
| | $ | (8 | ) | | $ | 2,234 |
| State and municipal obligations | | 6,007 |
| | 183 |
| | (42 | ) | | 6,148 |
| Corporate obligations | | 5,111 |
| | 210 |
| | (11 | ) | | 5,310 |
| U.S. agency mortgage-backed securities | | 1,851 |
| | 58 |
| | (6 | ) | | 1,903 |
| Non-U.S. agency mortgage-backed securities | | 439 |
| | 26 |
| | — |
| | 465 |
| Total debt securities - available-for-sale | | 15,622 |
| | 505 |
| | (67 | ) | | 16,060 |
| Equity securities - available-for-sale | | 508 |
| | 22 |
| | (14 | ) | | 516 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 167 |
| | 5 |
| | — |
| | 172 |
| State and municipal obligations | | 15 |
| | — |
| | — |
| | 15 |
| Corporate obligations | | 21 |
| | — |
| | — |
| | 21 |
| Total debt securities - held-to-maturity | | 203 |
| | 5 |
| | — |
| | 208 |
| Total investments | | $ | 16,333 |
| | $ | 532 |
| | $ | (81 | ) | | $ | 16,784 |
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Fair Value of Mortgage-Backed Securities by Credit Rating And Origination |
The fair values of the Company’s mortgage-backed securities by credit rating (when multiple credit ratings are available for an individual security, the average of the available ratings is used) and origination as of December 31, 2011 were as follows: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | AAA | | AA | | A | | Non-Investment Grade | | Total Fair Value | 2011 | | $ | 26 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 26 |
| 2010 | | — |
| | 3 |
| | — |
| | — |
| | 3 |
| 2007 | | 93 |
| | — |
| | — |
| | 3 |
| | 96 |
| 2006 | | 167 |
| | — |
| | — |
| | 10 |
| | 177 |
| 2005 | | 136 |
| | — |
| | — |
| | 3 |
| | 139 |
| Pre - 2005 | | 60 |
| | — |
| | 3 |
| | — |
| | 63 |
| U.S. agency mortgage-backed securities | | 2,353 |
| | — |
| | — |
| | — |
| | 2,353 |
| Total | | $ | 2,835 |
| | $ | 3 |
| | $ | 3 |
| | $ | 16 |
| | $ | 2,857 |
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Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity |
The amortized cost and fair value of available-for-sale debt securities as of December 31, 2011, by contractual maturity, were as follows: | | | | | | | | | | (in millions) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 2,629 |
| | $ | 2,641 |
| Due after one year through five years | | 5,631 |
| | 5,808 |
| Due after five years through ten years | | 4,439 |
| | 4,763 |
| Due after ten years | | 1,808 |
| | 1,933 |
| U.S. agency mortgage-backed securities | | 2,279 |
| | 2,353 |
| Non-U.S. agency mortgage-backed securities | | 476 |
| | 504 |
| Total debt securities - available-for-sale | | $ | 17,262 |
| | $ | 18,002 |
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Amortized Cost and Fair Value of Held-to-Maturity Debt Securities by Contractual Maturity |
The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2011, by contractual maturity, were as follows: | | | | | | | | | | (in millions) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 43 |
| | $ | 43 |
| Due after one year through five years | | 124 |
| | 127 |
| Due after five years through ten years | | 21 |
| | 22 |
| Due after ten years | | 9 |
| | 12 |
| Total debt securities - held-to-maturity | | $ | 197 |
| | $ | 204 |
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Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position |
The fair value of available-for-sale investments with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | (in millions) | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | State and municipal obligations | | $ | 85 |
| | $ | (1 | ) | | $ | 21 |
| | $ | — |
| | $ | 106 |
| | $ | (1 | ) | Corporate obligations | | 1,496 |
| | (22 | ) | | 28 |
| | (1 | ) | | 1,524 |
| | (23 | ) | Total debt securities - available-for-sale | | $ | 1,581 |
| | $ | (23 | ) | | $ | 49 |
| | $ | (1 | ) | | $ | 1,630 |
| | $ | (24 | ) | Equity securities - available-for-sale | | $ | 24 |
| | $ | (7 | ) | | $ | 3 |
| | $ | (1 | ) | | $ | 27 |
| | $ | (8 | ) | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | U.S. government and agency obligations | | $ | 548 |
| | $ | (8 | ) | | $ | — |
| | $ | — |
| | $ | 548 |
| | $ | (8 | ) | State and municipal obligations | | 1,383 |
| | (40 | ) | | 18 |
| | (2 | ) | | 1,401 |
| | (42 | ) | Corporate obligations | | 949 |
| | (11 | ) | | 14 |
| | — |
| | 963 |
| | (11 | ) | U.S. agency mortgage-backed securities | | 355 |
| | (6 | ) | | — |
| | — |
| | 355 |
| | (6 | ) | Total debt securities - available-for-sale | | $ | 3,235 |
| | $ | (65 | ) | | $ | 32 |
| | $ | (2 | ) | | $ | 3,267 |
| | $ | (67 | ) | Equity securities - available-for-sale | | $ | 206 |
| | $ | (14 | ) | | $ | 11 |
| | $ | — |
| | $ | 217 |
| | $ | (14 | ) |
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Net Realized Gains, Included in Investment and Other Income |
Net realized gains included in Investment and Other Income on the Consolidated Statements of Operations were from the following sources: | | | | | | | | | | | | | | | | For the Year Ended December 31, | (in millions) | | 2011 | | 2010 | | 2009 | Total OTTI | | $ | (12 | ) | | $ | (23 | ) | | $ | (64 | ) | Portion of loss recognized in other comprehensive income | | — |
| | — |
| | — |
| Net OTTI recognized in earnings | | (12 | ) | | (23 | ) | | (64 | ) | Gross realized losses from sales | | (11 | ) | | (6 | ) | | (41 | ) | Gross realized gains from sales | | 136 |
| | 100 |
| | 116 |
| Net realized gains | | $ | 113 |
| | $ | 71 |
| | $ | 11 |
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Available for Sale Investments Classified by Contractual Maturity Date.
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Held to Maturity Investments Classified by Contractual Maturity Date.
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Mortgage-Backed Securities by Credit Rating and Origination.
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Tabular disclosure of realized gains and losses on investments reported in the statement of income.
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).
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