Business Wire·Aug 28, 2026, 2:27 PM ET

AM Best Affirms Credit Ratings of UnitedHealth Group Incorporated and Its Subsidiaries

UNH

AM Best affirmed the Long-Term ICR of "a-" (Excellent) & Long/Short-Term IRs for UnitedHealth Group Incorporated.
AM Best affirmed the FSR of A (Excellent) & Long-Term ICR of "a+" (Excellent) for UnitedHealthcare subsidiaries.
AM Best affirmed the FSR of A (Excellent) & Long-Term ICR of "a" (Excellent) for Centurion Casualty Company.
The outlook for all affirmed ratings is stable.
UnitedHealthcare's strong balance sheet is supported by strong risk-adjusted capital, though capitalization moderated in 2025 due to lower operating earnings.
UnitedHealthcare's 2025 earnings decline was driven by elevated Medicare Advantage medical expenses, broader cost pressures, & funding challenges.
UnitedHealthcare's second-quarter 2026 operating margin improved to 4.6% from 2.4% in the prior-year period, prompting revised full-year guidance.
UnitedHealthcare shifted strategy in 2026 from membership expansion to operational discipline, margin recovery, & exiting underperforming markets.
Centurion Casualty reported a small loss in 2025 as it builds scale, but loss ratios align with expectations & premium growth is anticipated.
Centurion Casualty operates in 47 states & the District of Columbia, with additional state approvals expected.
UnitedHealth Group's consolidated operating earnings increased 19% in the first half of 2026, driven by improved performance in both UnitedHealthcare & Optum.
UnitedHealth Group's debt-to-capital ratio declined to approximately 41.3% at June 30, 2026, from 43.7% at year-end 2025.
UnitedHealth Group maintains strong liquidity supported by operating cash flows, a $21 billion revolving credit facility, & substantial non-regulated cash from Optum.