聯合健康 (UNH) 2026 Q2 法說會逐字稿

Good morning, and welcome to the UnitedHealth Group second quarter 2026 earnings conference call. A question-and-answer session will follow UnitedHealth Group's prepared remarks. As a reminder, this call is being recorded. Here are some important introductory information.

早安，歡迎參加聯合健康集團（UnitedHealth Group）2026 年第二季財報電話會議。在聯合健康集團的事先準備發言之後，將進行問答環節。提醒各位，本次電話會議將被錄音。以下為一些重要的開場資訊。

This call contains forward-looking statements under US federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings. This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amount is available on the financial and earnings reports section of the company's Investor Relations page at www.unitedhealthgroup.com.

本次電話會議包含依據美國聯邦證券法所定義的前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與歷史經驗或目前預期存在重大差異。部分風險與不確定性的說明可見於我們向美國證券交易委員會（SEC）提交的報告中，包括我們目前及定期申報文件所載的警示性聲明。本次電話會議亦將提及非 GAAP 金額。非 GAAP 與 GAAP 金額之調節表可於公司投資人關係網站 www.unitedhealthgroup.com 的「財務與財報」區取得。

Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated July 16, 2026, which may be accessed from the Investor Relations page of the company's website.

本次電話會議所呈現之資訊，載於我們今早發布的財報新聞稿，以及日期為 2026 年 7 月 16 日的 Form 8-K 文件中；上述資料可自公司網站之投資人關係頁面查閱。

I will now turn the conference over to the Chairman and Chief Executive Officer of UnitedHealth Group, Stephen Hemsley.

接下來我將把會議交給聯合健康集團董事長兼執行長 Stephen Hemsley。

Thank you. Good morning, everyone, and thank you for joining us. Our second quarter results and updated full year 2026 outlook demonstrate continuing progress toward delivering more consistent and dependable performance. They are a sign of stronger broad-based performance disciplines taking hold in each of our businesses and a restless desire to drive mission-aligned change across the enterprise and advance our social impact. UnitedHealthcare has improved performance in its Medicare businesses through thoughtful benefit planning and design, all while remaining respectful of persistently elevated medical costs.

謝謝。各位早安，感謝各位參與。我們第二季的業績與更新後的 2026 全年展望，顯示我們持續朝向提供更一致且更可靠的表現邁進。這反映出更強的、廣泛適用的績效紀律正在我們各項業務中落實，同時也展現我們不斷推動與使命一致的變革、推進企業整體社會影響力的強烈企圖心。UnitedHealthcare 透過審慎的福利規劃與設計，改善其 Medicare 業務表現，同時也持續尊重並因應居高不下的醫療成本。

Our Medicaid business is in line with expectations as we continue to work with states on ensuring appropriate rates. Our commercial benefits business, consistent with the broader and more diverse commercial market it serves, continues to experience higher-than-expected cost trends due to factors Tim Noel will discuss shortly.

我們的 Medicaid 業務符合預期，並持續與各州合作以確保費率適當。我們的商業保險福利業務，因其服務的商業市場更廣且更多元，仍持續面臨高於預期的成本趨勢；相關因素 Tim Noel 將在稍後說明。

At Optum, we're seeing building momentum from Optum Health as the business recenters back to its integrated value-based care delivery model. This resulted in another quarter of improved care management and greater operating discipline. OptumRx continues to perform to plan as transparency initiatives we announced early this year resonate well in the marketplace.

在 Optum 方面，隨著 Optum Health 重新聚焦回其整合式價值導向照護（value-based care）交付模式，我們看到動能正在累積。這帶來了另一個季度的照護管理改善與更高的營運紀律。OptumRx 仍按計畫推進；我們今年初宣布的透明化倡議在市場上獲得良好回響。

Optum Insight also on plan remains on a multiyear path of reinvestment and innovation as we bring modern, intelligent technologies and services the areas of various need in the health system. We believe Optum Insight is exceptionally well positioned to help modernize and simplify the health system as it brings AI-enabled tools and services to market.

Optum Insight 也按計畫推進，並持續走在多年期的再投資與創新路徑上，將現代化、智慧化的技術與服務帶到健康體系中各種需求領域。我們相信，Optum Insight 在協助健康體系現代化與簡化方面具備極佳的定位，並將 AI 賦能的工具與服務推向市場。

Across the enterprise, we're focused on serving consumers and care providers in ways that are reliable, affordable and transparent. That requires us to pay close attention to areas where the system isn't working well enough. Areas including care approvals, accuracy of information and speed of response, access and scheduling, digital services, care path navigation and more. We are committed to making the health system work better for all stakeholders by simplifying processes, by being clear, more consistent, and faster in the experience we offer and by redesigning and modernizing that experience altogether.

在整個企業層面，我們專注於以可靠、可負擔且透明的方式服務消費者與照護提供者。這要求我們密切關注體系中運作仍不夠好的環節。這些領域包括照護核准流程、資訊正確性與回應速度、就醫可近性與排程、數位服務、照護路徑導引等。我們致力於透過簡化流程、在所提供的體驗上更清楚、更一致、更快速，並全面重新設計與現代化該體驗，使健康體系對所有利害關係人運作得更好。

AI technology is helping us move faster. We're using it to improve service interactions, reduce administrative burden, and support better decision-making, always in service of improved experiences and outcomes for both patients and care providers. UnitedHealth Group has a long history of evolving to meet the needs of a constantly changing US health system.

AI 技術正在幫助我們加速前進。我們運用 AI 來改善服務互動、降低行政負擔，並支援更佳的決策制定；一切皆以提升病患與照護提供者的體驗與結果為依歸。聯合健康集團長期以來不斷演進，以因應持續變動的美國健康體系需求。

That evolution today includes a tech forward view actively and appropriately embracing an AI paradigm for our businesses. A management team with skills and vision to help in building a more advanced health system and an ever-evolving organizational structure and culture aligned to that system.

而今日的演進包含以科技為先的觀點，積極且適切地在我們的業務中擁抱 AI 典範。同時也包含具備能力與願景的管理團隊，以協助打造更先進的健康體系，以及與該體系相一致、持續演進的組織架構與文化。

Our operating structure today broadly reflects a set of highly regulated benefit businesses and a complementary set of products and services for patients, care providers and customers. We will continue to look to build and evolve ahead of the health system itself. We're making solid early progress both in how we better approach those we serve and in our results.

我們目前的營運架構大致反映為一組高度受監管的保險福利業務，以及一組互補的、面向病患、照護提供者與客戶的產品與服務。我們將持續致力於在健康體系本身之前先行建構並演進。無論是在我們如何更好地接觸並服務對象，或是在經營成果上，我們都已取得穩健的早期進展。

We have much more work ahead and need to continue to get better by focusing what matters most with solid management and execution disciplines aligned to our mission to better serve people and the health system itself.

我們前方仍有大量工作要做，並需要持續精進：聚焦最重要的事項，以穩健的管理與執行紀律，並與我們「更好地服務人們與健康體系本身」的使命一致。

With that, I'll turn it over to Tim Noel.

接下來我把時間交給 Tim Noel。

Thanks, Steve. The pricing benefit design and market actions we've taken over the past year have been central in supporting our second quarter results and improved full year outlook. As you have seen, UnitedHealthcare's overall performance in the second quarter exceeded expectations, driven by better results in Medicare Advantage, while commercial benefits remain pressured. I'll start with medical costs. Through the first half of the year, we are seeing divergence within our portfolio.

謝謝，Steve。過去一年我們採取的定價、福利設計與市場行動，是支撐第二季業績與改善全年展望的核心。如各位所見，UnitedHealthcare 第二季整體表現優於預期，主要由 Medicare Advantage 較佳的結果所帶動，而商業保險福利仍承受壓力。我先從醫療成本談起。在今年上半年，我們看到我們的組合內部出現分歧。

Medical cost trends in Medicare are still running well above historical levels, but below our expectations so far in 2026. The primary reason for trending below our expectations in Medicare is our own initiatives, including benefit design, care management models, and network curation. Other factors have an influence as well, including prior year development, a more favorable respiratory season and weather patterns.

Medicare 的醫療成本趨勢仍遠高於歷史水準，但在 2026 年迄今低於我們的預期。Medicare 趨勢低於預期的主要原因在於我們自身的措施，包括福利設計、照護管理模式與網絡（network）精選與配置。其他因素亦有影響，包括前一年度發展因素、較有利的呼吸道疾病季節以及天候型態。

We expect the 2026 Medicare medical cost trend to come in below our initial estimate of around 10%. Commercial costs are stubbornly high, rising above expectations, which we believe is consistent with what is being experienced across the sector.

我們預期 2026 年 Medicare 的醫療成本趨勢將低於我們最初約 10% 的估計。商業保險成本則仍然居高不下，並上升至高於預期；我們認為這與整個產業所經歷的情況一致。

Turning to the overall performance of our individual benefit offerings. Medicare delivered a strong second quarter. Membership retention was better than previously anticipated. We now expect full year Medicare Advantage enrollment to decline by approximately $1.1 million and Medicare margins to finish 2026, above 3%. Looking to our 2027 bids, our benefit planning remains disciplined and grounded in the current trend environment. We will continue to support program and margin stability through actions, including benefit adjustments and selective changes in market participation.

接著談我們各項個人保險福利產品的整體表現。Medicare 在第二季表現強勁。會員留存率優於先前預期。我們目前預期全年 Medicare Advantage 投保人數將約減少 110 萬人，且 Medicare 利潤率在 2026 年將高於 3%。展望 2027 年投標（bids），我們的福利規劃仍維持紀律，並以目前的趨勢環境為基礎。我們將持續透過各項行動支持方案與利潤率的穩定，包括福利調整與選擇性地調整市場參與。

In Medicaid, overall performance during the quarter, including cost trend was broadly in line with expectations. We are beginning to see early signs of improvement from initiatives, including those targeting elevated behavioral health cost trends, but we expect Medicaid margins to remain pressured for 2026. Our focus is on closing the gap between lagging reimbursement rates and underlying medical cost trends, while continuing to partner closely with states to support the long-term sustainability of Medicaid benefits and support them in identifying and reducing fraud, waste and abuse.

在 Medicaid 方面，本季整體表現（包括成本趨勢）大致符合預期。我們開始看到部分措施帶來的早期改善跡象，包括針對偏高的行為健康（behavioral health）成本趨勢的措施，但我們預期 2026 年 Medicaid 利潤率仍將承壓。我們的重點在於縮小落後的給付費率與基礎醫療成本趨勢之間的差距，同時持續與各州密切合作，以支持 Medicaid 福利的長期可持續性，並協助其辨識與降低詐欺、浪費與濫用。

Within our commercial offerings, as I noted, we are not yet seeing evidence of cost trend moderation. In fact, it is the opposite with medical cost trend modestly above 11% level we previously saw. The primary drivers of pressure from the independent resolution process under the No Surprises Act which applies only to commercial plans and more aggressive billing practices among providers, especially higher service and coding intensity and higher cost per encounter that result from the more fee-for-service orientation of commercial plans. At this distance, commercial margin recovery will remain a focus area longer than originally anticipated.

在我們的商業保險產品中，如我所提，目前尚未看到成本趨勢降溫的證據。事實上情況相反，醫療成本趨勢略高於我們先前看到的 11% 水準。壓力的主要驅動因素包括《無意外法案》（No Surprises Act）下的獨立爭議解決程序（independent resolution process，僅適用於商業保險計畫），以及醫療提供者更積極的帳單作法，特別是更高的服務量與編碼強度，以及因商業保險計畫較偏向按服務計費（fee-for-service）而導致的每次就診成本更高。就目前來看，商業保險利潤率的修復將會比原先預期更久，並仍是我們的重點領域。

Returning to UnitedHealthcare as a whole. We are confident in being able to deliver meaningful earnings growth in 2026 and into 2027. With the reinvestments we are making in the business to build a stronger, more durable foundation for 2027 and beyond. Of equal, if not more importance, we remain intent on modernizing essential healthcare experiences to improve how consumers and care providers experience the health system.

回到 UnitedHealthcare 整體。我們有信心在 2026 年以及進入 2027 年都能實現具意義的盈餘成長。同時，我們正對業務進行再投資，以為 2027 年及更長遠建立更強健、更具韌性的基礎。同等重要，甚至更重要的是，我們仍致力於現代化關鍵的醫療照護體驗，以改善消費者與照護提供者對健康體系的體驗方式。

For example, in the quarter, we committed to eliminating by the end of this year, 30% of prior authorization volume and nearly two-thirds of prior authorization requirements for pediatric care. We continue to take concrete steps to reduce complexity and increase speed by further simplifying prior authorization, increasing consumer responsive digital experiences providing greater support to rural hospitals and care providers, offering more consumer-centered product innovation and much more.

例如，在本季度，我們承諾在今年年底前，消除30%的事前授權量，並取消兒科照護中近三分之二的事前授權要求。我們持續採取具體措施，透過進一步簡化事前授權、提升以消費者回應為導向的數位體驗、為偏鄉醫院與照護提供者提供更多支持、提供更以消費者為中心的產品創新等，來降低複雜度並提升速度。

AI is both an enabler and accelerant to this effort. We're early in this work, but clearly on the path to improve the healthcare experience and strengthen relationships with our stakeholders, starting with consumers and care providers. And we're confident these efforts will bolster United Healthcare's long-term performance and market position.

AI既是推動者，也是加速器。我們在這項工作上仍處於早期階段，但已明確走在改善醫療照護體驗、並強化與利害關係人關係的道路上，首先從消費者與照護提供者開始。我們也有信心，這些努力將強化United Healthcare的長期表現與市場地位。

And now let me hand it to Patrick Conway.

現在讓我把時間交給Patrick Conway。

Thanks, Tim. As Steve noted, we are seeing positive momentum across Optum, with all three business segments performing in line or ahead of plan through the first half of the year. OptumHealth is intently focused on improving its clinical care and operational experience to better serve the 20 million people we care for through primary and specialist care, ambulatory surgery and home health. Over the last year, we have made significant changes in how we operate this business locally and nationally and are seeing the initial benefits of this approach. We are steadfast in our intent to optimize an integrated value-based care system that benefits patients, care providers, and taxpayers.

謝謝，Tim。如Steve所提到的，我們看到Optum各方面都呈現正向動能，三個業務部門在今年上半年皆依計畫進行或優於計畫。OptumHealth專注於改善其臨床照護與營運體驗，以更好地服務我們透過基層與專科照護、門診手術以及居家健康所照護的2,000萬人。過去一年，我們在地方與全國層面對這項業務的營運方式做出重大調整，並已看到此方法帶來的初步效益。我們堅定致力於優化一個整合式、以價值為基礎的照護體系，使病患、照護提供者與納稅人都能受益。

On the clinical side, we are advancing approaches that better support care providers and drive measurable improvements to patient care at lower costs. I'll offer a few examples. First, enhanced support for patients during key transitions of care has resulted in approximately 10% reduction in hospitalization since implementation late last year in the Western and Southern regions of OptumHealth.

在臨床面，我們正推進能更好支持照護提供者、並以更低成本帶來可衡量病患照護改善的方法。我舉幾個例子。第一，針對照護關鍵轉銜期間加強對病患的支持，自去年底在OptumHealth西部與南部地區導入以來，住院率約降低10%。

Second, home health initiatives to better support patients as they return home where they can be managed more comfortably and effectively have reduced readmissions. In pilots, the effort has driven a more than 20% improvement in timely care delivery alongside reductions in acute care utilization and shorter skilled nursing facility stays.

第二，居家健康計畫透過在病患返家後提供更好的支持，使其能在更舒適且更有效的環境中被管理，已降低再入院率。在試點中，該措施使及時照護交付改善超過20%，同時降低急性照護使用量並縮短專業護理機構（SNF）住院天數。

And third, in rural health we've expanded access to care by integrating house calls and home-based care capabilities, coupled with treat in-place offerings for patients with complex chronic and behavioral health conditions. Today, OptumHealth reaches nearly 90% of US counties and conducts approximately 2.5 million rural patient home visits annually. We will expand these programs across our OptumHealth footprint by the end of 2026.

第三，在偏鄉健康方面，我們透過整合到府看診與居家照護能力，並結合「就地治療」方案，擴大照護可近性，服務對象包括具有複雜慢性病與行為健康狀況的病患。目前，OptumHealth覆蓋美國近90%的郡（counties），每年約進行250萬次偏鄉病患到府訪視。我們將在2026年底前，於OptumHealth的服務版圖內擴大這些計畫。

On the operational side of Optum Health, we have established a clear regional and national management focus. This gives us greater and more timely visibility into performance, driving consistent best-in-class standards across the portfolio and deploying technologies to support clinicians and the important work they do. There is real progress on the rollout of AI-based ambient listening capabilities available to 70% of our employed providers today and on track to exceed 90% by year end.

在Optum Health的營運面，我們已建立清晰的區域與全國管理重點。這讓我們能更充分且更即時地掌握績效，推動整體投資組合採用一致的同級最佳標準，並部署技術以支持臨床人員及其重要工作。以AI為基礎的環境聆聽（ambient listening）能力推廣已有實質進展，目前已提供給我們70%的受僱提供者使用，並可望在年底前超過90%。

Collectively, these actions are yielding tangible results. Patient experience in our care delivery sites is up approximately 5% year over year, and patient access has expanded by nearly 200,000 and more patient-facing hours. We are in the early stages of these efforts.

整體而言，這些行動正帶來具體成果。我們照護交付據點的病患體驗年增約5%，病患可近性擴大近20萬人，且增加更多面向病患的服務時數。我們仍處於這些努力的早期階段。

Optum Health will build upon this foundation with additional investments in clinical workflow improvements and network performance, more deeply embedding AI and automation to further improve operational performance and clinician experience. Additionally, we entered the 2027 benefit planning season very differently than years past starting with much earlier proactive collaboration with all our payer partners. This will translate to greater care coordination for patients while more appropriate aligning rates and risk. As our plans and initiatives begin to mature and scale with disciplined execution, we expect margins to continue to steadily improve.

Optum Health將在此基礎上，進一步投資於臨床工作流程改善與網路績效，並更深度嵌入AI與自動化，以進一步提升營運績效與臨床人員體驗。此外，我們以與過往不同的方式進入2027年福利規劃季，從更早開始與所有付款方合作夥伴進行主動協作。這將轉化為更佳的病患照護協調，同時更適切地對齊費率與風險。隨著我們的計畫與倡議在嚴謹執行下逐步成熟並擴大規模，我們預期利潤率將持續穩步改善。

Turning to Optum Rx. For a few years now, we have been leading an industry-wide shift towards transparency and fee-based services, where we are delivering affordability and better outcomes regardless of pricing structure. That's why we continue to win new customers and retain existing ones with retention rates in the high 90s. In May, we announced a new pharmacy care approach based on a monthly per member fees with full PBM and GPO fee transparency and enhanced consumer tools. Client feedback has been positive and focused on how greater transparency and clinical alignment can address trend challenges shifting the conversation to affordable health outcomes versus economic guarantees.

接著談Optum Rx。過去幾年，我們一直引領全產業朝向透明化與按費用計價（fee-based）的服務轉型，在不論定價結構為何的情況下，提供可負擔性與更佳結果。這也是我們持續贏得新客戶並留住既有客戶的原因，留存率維持在接近90%後段（high 90s）。5月，我們宣布一項新的藥局照護模式，採每位會員每月收費，並提供PBM與GPO費用的完全透明，以及強化的消費者工具。客戶回饋正向，並聚焦於更高透明度與臨床一致性如何能應對趨勢挑戰，將對話轉向可負擔的健康結果，而非經濟保證。

This all builds on our industry-leading commitment last year to pass through 100% of manufacturer rebates to customers by the end of 2027. We are well on our way as we expect to end 2026 with more than 95% of clients on 100% pass-through.

這一切都建立在我們去年業界領先的承諾之上：在2027年底前，將100%的製藥商回饋（rebates）轉付給客戶。我們正穩步推進，並預期在2026年底時，超過95%的客戶將採用100%轉付模式。

Moving to Optum Insight. AI-enabled approaches continue to gain traction as more payer and provider customers seek differentiated capabilities to drive better performance. The emerging suite of products include solutions such as AI-enabled coating, real-time payer and provider interfaces and clinical quality and safety support. These products are driving real impact for customers, making healthcare simpler, faster, better and more affordable.

接著談Optum Insight。隨著更多付款方與提供者客戶尋求具差異化的能力以提升績效，AI賦能的方法持續獲得更多採用。新興的產品組合包括例如AI賦能的編碼（coding）、付款方與提供者的即時介面，以及臨床品質與安全支持等解決方案。這些產品正為客戶帶來實質影響，使醫療照護更簡單、更快速、更好且更可負擔。

For example, Value Connect is an AI-driven insights platform, integrated into provider workflows and electronic health records to improve value-based care performance. Early client results include a 17% reduction in pharmacy costs. Bringing this all together, halfway through the year, we have made steady progress in each of our Optum businesses and we'll continue to find ways to better serve patients, providers and customers.

例如，Value Connect是一個由AI驅動的洞察平台，整合進提供者工作流程與電子健康紀錄（EHR），以提升以價值為基礎的照護績效。早期客戶成果包括藥局成本降低17%。綜合而言，今年過半，我們在各項Optum業務上都取得穩健進展，並將持續尋找更好服務病患、提供者與客戶的方法。

I'll now turn it over to Wayne DeVeydt.

我現在把時間交給Wayne DeVeydt。

Thank you, Patrick, and good morning, everyone. I will briefly review second quarter results then discuss expectations for the remainder of the year as we refresh our 2026 guidance. Overall, the quarter and full year outlook reflect improved performance across our businesses with notable improvements in UnitedHealthcare and Optum Health.

謝謝你，Patrick，各位早安。我將簡要回顧第二季結果，接著在我們更新2026年指引之際，討論今年剩餘期間的預期。整體而言，本季與全年展望反映我們各項業務表現改善，其中UnitedHealthcare與Optum Health的改善尤為顯著。

UnitedHealth Group reported adjusted earnings per share of $6.38 compared to $4.08 in the prior year. Total revenues were $112 billion largely consistent with the prior year, while operating earnings of $8 billion grew 55% year over year. This improvement reflects product and portfolio actions taken over the past 12 months along with more focused and consistent management disciplines.

UnitedHealth Group公布調整後每股盈餘為6.38美元，較去年同期的4.08美元為高。總營收為1,120億美元，與去年同期大致一致；營業利益為80億美元，年增55%。此改善反映過去12個月所採取的產品與投資組合行動，以及更聚焦且更一致的管理紀律。

Turning to medical costs. Our reported medical care ratio of 86.7% includes $860 million of net favorable prior period medical development, the majority of which is in year development. This compares to 89.4% in 2Q 2025. Days claims payable was 47 days, up approximately 2.5 days from a year ago.

接著談醫療成本。我們公布的醫療照護比率（medical care ratio）為86.7%，其中包含8.60億美元的前期期間醫療發展（prior period medical development）淨有利影響，且多數屬於當年度發展。相較之下，2025年第二季為89.4%。應付理賠天數（days claims payable）為47天，較一年前增加約2.5天。

The operating cost ratio was 12.7% for the quarter compared to 12.3% a year ago, as we continue to focus on operating discipline, while making targeted investments across technology, AI, care delivery enhancements, customer experience, and advance in healthier communities through the United Health Foundation.

本季營運成本比率為12.7%，高於一年前的12.3%；我們持續聚焦營運紀律，同時在科技、AI、照護交付強化、客戶體驗等方面進行精準投資，並透過United Health Foundation推動更健康的社區。

Moving to cash flows on our balance sheet. Operating cash flows in the quarter were approximately $11 billion or 1.9 times net income, reflecting timing of substantial government payments and strong earnings. This provides capital to strengthen the balance sheet, invest in growth and return value to shareholders. Through mid-July, we have deployed $4 billion for repurchases of 11.4 million shares.

接著談資產負債表上的現金流。本季營運現金流約為110億美元，約為淨利的1.9倍，反映大額政府付款的時點因素以及強勁獲利。這為我們提供資本，用以強化資產負債表、投資成長並回饋股東價值。截至7月中旬，我們已投入40億美元回購1,140萬股股份。

We now expect to complete total share repurchases of at least $5 billion in 2026 compared to initial guidance of $2.5 billion. During the quarter, we returned $2.1 billion to shareholders through our dividend which our Board increased to $9.28 per share on an annualized basis. And lastly, on July 2, we successfully closed the previously announced combination with Alegeus.

我們目前預期在2026年完成至少50億美元的股票回購，高於原先指引的25億美元。本季我們透過股利向股東返還21億美元；董事會已將年度化股利提高至每股9.28美元。最後，在7月2日，我們已成功完成先前公告與Alegeus的合併交易。

Our debt-to-capital ratio was 41.2% at the end of the quarter compared to 44.1% one year ago and 170 basis point sequential improvement from the first quarter of this year. We remain on track to reduce our debt-to-capital ratio to approximately 40% by the end of 2026. As you saw earlier this morning, we have updated our full year 2026 guidance to reflect performance through the first half of the year and a more mature understanding of expected membership mix and utilization patterns for the remaining six months.

本季末我們的負債對資本比率為41.2%，相較一年前的44.1%下降，且較今年第一季序列改善170個基點。我們仍按計畫在2026年底前將負債對資本比率降至約40%。如同您今天稍早所見，我們已更新2026全年指引，以反映上半年表現，以及對未來六個月預期會員組合與使用型態更成熟的理解。

We continue to be respectful of medical trend and we believe this refreshed outlook appropriately balances risk and investments with durable run rate earnings. A few areas of this outlook to highlight.

我們持續審慎看待醫療趨勢，並相信這次更新後的展望在風險與投資之間取得適當平衡，同時支撐可持續的常態化獲利水準。以下重點說明此展望中的幾個面向。

We're providing new adjusted earnings per share guidance range of $19.50 to $20 with slightly more earnings in 3Q relative to 4Q. We are increasing the full year operating earnings outlook for UnitedHealthcare to at least $12 billion and for Optum Health to at least $2.2 billion. These changes reflect operational improvement underway across the enterprise.

我們提供新的調整後每股盈餘指引區間為19.50至20.00美元，且相較第四季，第三季的獲利略多。我們將UnitedHealthcare全年營運獲利展望提高至至少120億美元，並將Optum Health提高至至少22億美元。這些變動反映出全企業範圍內正在進行的營運改善。

We now expect a full year medical care ratio of 88.1%, plus or minus 25 basis points. We expect the operating cost ratio to come in at the higher end of our previously discussed range as a result of investments in our people, communities, and AI.

我們目前預期全年醫療照護比率為88.1%，上下浮動25個基點。由於我們在員工、社區以及AI方面的投資，我們預期營運成本比率將落在先前討論區間的較高端。

The overall earnings cadence for the year remains consistent with prior expectations. UnitedHealthcare earnings continue to be weighted approximately 75% to the first half of the year. Similarly, we expect nearly all of Optum Health earnings to be recognized in the first half with modest profit in 3Q and offset by modest losses in the fourth quarter due to the seasonality of the risk-based businesses.

全年獲利的節奏整體仍與先前預期一致。UnitedHealthcare的獲利仍約有75%集中在上半年。同樣地，我們預期Optum Health幾乎所有獲利將在上半年認列；第三季有小幅獲利，而第四季因風險型業務的季節性因素，將以小幅虧損抵銷。

In contrast, Optum Insight and Optum Rx remain more heavily weighted towards the second half of the year. with each expected to generate approximately 55% of their full year earnings during the back half as client implementations, growth investments, and normal business seasonality progressed through the year. So overall, we're seeing a two-thirds, one-third first half to back half next.

相較之下，Optum Insight與Optum Rx仍更偏向下半年，預期各自約有55%的全年獲利將在下半年產生，因客戶導入、成長投資以及正常的業務季節性在年度進程中推進。因此整體而言，我們看到上半年與下半年的比例約為三分之二對三分之一。

Steve, back to you.

Steve，交回給你。

Thanks, Wayne. Over the last few quarters, this enterprise has undertaken a broad-based effort to improve how consumers and care providers experience the health system, while addressing the chronic cost trend issues driving the everyday challenges of access, affordability, and complexity. Our press release this morning has a sampling of these initiatives. Our efforts focus on essential themes: affordability, transparency, modernization, simplicity and convenience.

謝謝，Wayne。在過去幾個季度，這個企業已展開一項廣泛的努力，改善消費者與照護提供者對醫療體系的體驗，同時處理推動日常就醫可近性、可負擔性與複雜性挑戰的長期成本趨勢問題。我們今天早上的新聞稿列舉了其中一些措施。我們的努力聚焦於幾個核心主題：可負擔性、透明度、現代化、簡化與便利性。

As the US health system continues to evolve, we will evolve our approaches and our businesses as a scaled and diverse enterprise driving integrated value-based care anchored in the first principles of the right care at the right time and in the right setting. A system where incentives are aligned to those first principles and the better health and the better cost trends that drive.

隨著美國醫療體系持續演進，我們也將以具規模且多元的企業，推動以整合式價值型照護為核心的作法與業務演進；其根基在於第一原則：在正確的時間、以正確的方式、在正確的場域提供正確的照護。一個讓誘因與這些第一原則對齊的體系，並由此帶動更好的健康結果與更佳的成本趨勢。

Value-based care approaches are a key component of the effort to make healthcare more affordable by bending the cost trend by better aligning incentives for both consumers and care providers. Artificial intelligence technologies applied in practical ways that help people can be an accelerator to achieving that goal as we use them to literally reimagine our enterprise. You should expect us to continue along that path and pick up momentum as we better fulfill our mission with accountability to you and all stakeholders in health system.

價值型照護作法是讓醫療更可負擔的重要組成，透過更好地對齊消費者與照護提供者的誘因來扭轉成本趨勢。以務實方式應用、真正能幫助人的人工智慧技術，能加速達成該目標，因為我們正運用它們從根本上重新想像我們的企業。您應可預期我們將持續沿著這條路前進，並在我們以對您及醫療體系所有利害關係人負責的方式更好地實現使命時，進一步加快動能。

Now we'll go to questions. Thank you, operator.

接下來進入提問。謝謝，接線員。

(Operator Instructions) Justin Lake, Research.

(接線員指示) Justin Lake，Research。

Just wanted to touch on a couple of numbers. First, on Medicaid, you had talked to minus 1.1% to minus 1.7% margin. previously curious. It sounds like you're seeing some improvement there. Maybe you could give us some color on what you expect the year to end up.

我想先針對幾個數字簡單問一下。首先是Medicaid，你們之前提到利潤率為負1.1%到負1.7%。先前我有些好奇。聽起來你們在那裡看到一些改善。也許你們可以補充一下對全年結束時的預期。

And then on commercial, can you talk about the magnitude of the cost trend pressure you're seeing here versus that 11% expectations and maybe update us on how we should think about commercial margins this year and the trajectory versus the previous assumption? I think you assume you're going to get back to target in 2027.

另外在商業保險方面，你們能談談目前看到的成本趨勢壓力幅度，相較於11%的預期如何？也請更新一下我們今年應如何看待商業保險利潤率，以及相對於先前假設的走勢。我記得你們假設會在2027年回到目標水準。

Sure. Thanks, Justin. Mike, do you want to take the first one? Medicaid?

當然。謝謝你，Justin。Mike，你要先回答第一題嗎？Medicaid？

Thanks, Justin. Yes, our Q2 Medicaid performance was in line with expectations. The first half of the year has benefited from execution on affordability actions, including network curations, payment integrity actions, fraud waste and abuse and identification of operating cost disciplines.

謝謝，Justin。是的，我們第二季Medicaid表現符合預期。上半年受惠於可負擔性措施的執行，包括網絡優化、支付完整性措施、打擊詐欺浪費與濫用，以及強化營運成本紀律的辨識與落實。

Trend remains elevated versus prepandemic levels, but stable with continued pressure in specialty pharmacy, home and community-based services and behavioral healthcare services. We're also seeing a bit of an increase in trend in inpatient SNF costs as well for our complex populations.

趨勢仍高於疫情前水準，但保持穩定；專科藥局、居家與社區式服務，以及行為健康服務仍持續帶來壓力。對於我們的高複雜度族群，我們也看到住院後轉至專業護理機構（SNF）的成本趨勢略有上升。

An aggregate year-to-date rate actions through 71 accounting for approximately 80% of our annual revenue we're within our expected forecast. We continue to work with our state partners on-cycle and all cycle rate actions and are in active conversations for our [9/1 and 10/1] rates.

截至目前，涵蓋約80%年度營收的71項累計費率調整行動，整體仍在我們預期的預測範圍內。我們持續與各州合作夥伴就當期與非當期的費率調整行動推進，並正就我們[9/1與10/1]的費率進行積極討論。

We continue to believe annualized 2026 rate impact will be in the zone of around 6% to 7% and still lagging elevated medical trend. Overall, our '26 margins will be within our previously communicated range, as you've indicated, negative 1% to negative 1.7%, and we expect to hit that expectation for the year. Thank you for the question.

我們仍認為2026年年度化的費率影響將落在約6%到7%的區間，且仍落後於偏高的醫療趨勢。整體而言，我們2026年的利潤率將落在先前溝通的區間內，如你所提到的，負1%到負1.7%，我們預期今年將達成該預期。謝謝你的提問。

Thanks, Mike. Dan Kueter, do you want to comment on commercial?

謝謝，Mike。Dan Kueter，你要評論一下商業保險嗎？

Yes. Thanks, Steve. Justin, thanks for the question. Let me unpack a little bit for you what's going on in the commercial business is obviously a trend and margin are tied together. I think it's pretty straightforward.

好的。謝謝，Steve。Justin，謝謝你的問題。我先為你拆解一下商業保險業務目前的狀況；很明顯，趨勢與利潤率是連動的。我認為這相當直觀。

First on trend, modestly above 11% that we were expecting, as Tim shared. There are multiple drivers. First, the ineffective IDR process that's associated with the No Surprises Act is being exploited by select providers in select geographies. It's contributing 50 basis points or so of incremental trend in 2026. And now totaling at least 100 basis points of total cost.

先談趨勢，略高於我們原先預期的11%，如Tim所分享。背後有多項驅動因素。首先，與《無意外法案》（No Surprises Act）相關的IDR程序效能不彰，正被特定地區的部分提供者所利用。這在2026年帶來約50個基點的額外趨勢。而目前累計至少已造成100個基點的總成本影響。

Additionally, provider coding intensity with office visits, emergency departments and selective other care sites, being the primary drivers is also contributing incremental trend to last year and to our expectations. Some consistent drivers continue to be pharmacy costs, I'd highlight specialty drugs, reflecting both higher net costs and growth of newly covered indications. Anti-inflammatory and GLP-1s are part of that mix, as you would expect. And lastly, we're on the utilization and care patterns, we're not seeing any other areas of meaningful offset or pull back in those categories. So now the impact of that trend environment on our margins.

此外，提供者在門診就醫、急診部門以及部分其他照護場域的編碼強度提升（為主要驅動因素），也使趨勢相較去年及我們的預期進一步上升。一些持續性的驅動因素仍包括藥局成本，我會特別指出專科藥物，反映淨成本更高以及新納入給付適應症的成長。抗發炎藥物與GLP-1也在其中，這如你所預期。最後，在使用量與照護型態方面，我們沒有看到在這些類別中有任何其他具意義的抵銷或回落。因此，接下來談這樣的趨勢環境對我們利潤率的影響。

We came into '26 planning for margin expansion as you highlighted. And simply put, we're not yielding the full margin expansion for which we planned in 2026. I see '26 as a delay to that margin recovery trajectory, not a setback. So the sticky nature of the persistent and elevated trend is extending the timeframe for full margin recovery past 2027, as we've previously discussed and you highlighted. We remain on a multiyear journey.

如你所強調的，我們在進入 2026 年時是以擴大利潤率為規劃前提。簡單來說，我們在 2026 年並未實現原先規劃的全部利潤率擴張。我將 2026 年視為利潤率回升軌跡的延後，而非挫折。因此，這種持續且偏高趨勢的黏著性，正把全面利潤率回復的時間表延伸到 2027 年之後，正如我們先前討論過、也如你所指出的。我們仍在一段跨多年的旅程中。

We remain confident that, that journey will result in a return to our historic margin performance of 7% or greater for the commercial group business. That performance is pacing and that recovery is built on a few things: improved administrative cost efficiency AI-enhanced fraud waste and abuse efforts and diligent focus, as always, on medical cost affordability. So thanks for the question.

我們仍然有信心，這段旅程將使商業團體業務回到我們歷史性的利潤率表現——7% 或更高。目前的表現節奏與復甦，建立在幾個因素之上：提升行政成本效率、以 AI 強化的詐欺／浪費／濫用（FWA）防治作為，以及一如既往地專注於醫療成本可負擔性。所以謝謝你的提問。

Thanks, Dan. It's an area we're clearly focusing on going forward.

謝謝你，Dan。這顯然是我們未來會持續聚焦的領域。

AJ Rice, UBS.

UBS 的 AJ Rice。

Obviously, the turnaround from a year ago when you came back, Steve, and restructured the team has progressed very nicely. As you sort of assess here a year into all of this, maybe just broadly, where is the turnaround pretty much done, where they're still in your mind opportunities and -- because I have to ask you a numbers question, how about the thought of getting back to the 13% to 16% earnings growth trajectory. I know the goal had been to do that by 28%. Do you feel like you're going to do, obviously, better than that this year. Do you think you're on a sustainable track now to have that 13% to 16% growth going forward?

顯然，相較於一年前你回來之後（Steve）並重整團隊時的狀況，這次的扭轉已經推進得非常順利。當你在這一切進行一年後回頭評估，或許從更宏觀的角度來看：哪些扭轉工作基本上已經完成？哪些在你心中仍有機會——另外，因為我得問一個數字問題：回到 13% 到 16% 的獲利成長軌跡這件事，你怎麼看？我知道目標原本是到 28%（應為 2028 年）前達成。你覺得今年顯然會做得比那更好。你認為未來能否走在一條可持續的軌道上，持續維持 13% 到 16% 的成長？

Yes. I would say basically two things in that. I would say we'll probably never -- we'll remain restless. We are never going to not be an improvement and urgency mode. So I don't see this kind of approach really changing.

是的。我會說基本上有兩點。我會說我們可能永遠不會——我們會一直保持不安於現狀。我們永遠不會離開改善與緊迫感的模式。所以我不認為這種做法會真正改變。

And I think everybody is aligned with that. And so we have a great deal of work to do in front of us. This is not just about returning to a growth rate. This is also about making this company perform in levels and in areas and spaces consistent with its mission and to really provide a positive impact to all those we serve and across the health system. So that broader mission is a restless one.

而且我認為大家都對此一致。因此我們面前還有大量工作要做。這不只是回到某個成長率而已。這也關乎讓這家公司在各個層面、各個領域與各個場域的表現，與其使命一致，並真正對我們所服務的所有人以及整個醫療體系帶來正向影響。所以那個更宏觀的使命，是一個不會停歇的使命。

It's a journey, and that's not going to stop. The second is in terms of the growth rate, I don't ever believe I ever didn't believe in the 13% to 16% long-term growth rate. We will have moments along the way when we don't perform to our potential. But if you take a look, I think, at this business approach and the challenges in the healthcare system, I think that we can grow in that growth rate, particularly recognize that it includes productivity gains and use of capital. And if anything, those things have -- particularly on the technology side, the opportunities there are even greater than they have been in the past.

這是一段旅程，而且不會停止。第二點，關於成長率，我從來不覺得、也從來沒有不相信 13% 到 16% 的長期成長率。我們在過程中會有一些時刻，表現不如我們的潛力。但如果你看看這種業務方法以及醫療體系的挑戰，我認為我們可以達到那個成長率，尤其要認知其中包含生產力提升與資本運用。而且如果說有什麼不同，這些事情——特別是在科技面——機會甚至比過去更大。

So we continue to be in that mindset of that 13% to 16%. I definitely believe we can perform in that range. really never believed otherwise. We did obviously have challenges in the last couple of years, but we are addressing those challenges and returning to a form, and that's kind of the way we think of it. Is that enough for response?

所以我們仍然維持 13% 到 16% 的這種心態。我確實相信我們能在那個區間內表現；我從未相信過其他情況。過去幾年我們確實遇到挑戰，但我們正在處理這些挑戰並回到應有的狀態，而這就是我們的思考方式。這樣回答夠嗎？

Stephen Baxter, Wells Fargo.

Wells Fargo 的 Stephen Baxter。

I wanted to ask about cost trend in the Medicare Advantage business. You bid for 2026 cost trends to be 100 basis points above 2025 level. So I heard you in the prepared remarks saying that trend is coming in kind of below where you bid to, but trying to understand where you see trends sitting versus 2025, at least in the first half of the year.

我想問 Medicare Advantage（聯邦醫療保險優勢計畫）業務的成本趨勢。你們在 2026 年的投標中，將成本趨勢設定為比 2025 年水準高 100 個基點。我聽到你在事先準備的發言中說，實際趨勢似乎低於你們投標時的假設，但我想了解，至少在上半年，你們看到的趨勢相對於 2025 年是處於什麼位置。

And then just as we think about what you assumed in the bids that you finalized a month or so ago, was that closer to the first half experience for trend or something closer to what you saw in 2025 or expected to see, I guess, going into 2026.

另外，當我們思考你們大約一個月前左右定案的投標假設時，那個假設更接近上半年的趨勢經驗，還是更接近你們在 2025 年看到的、或你們認為進入 2026 年時會看到的趨勢？

Sure. Tim Noel, can you comment on that?

當然。Tim Noel，你可以評論一下嗎？

Stephen, thanks for the question. So I'm going to just start off with just a high-level view kind of across UHC and then turn it over to Bobby for a little bit more supplemental detail on Medicare.

Stephen，謝謝你的提問。我先從 UHC 整體、跨各業務線的高層次觀點開始，然後再交給 Bobby 補充一些關於 Medicare 的更詳細內容。

So to start, trend remains very high across the board within UHC all product lines when you compare to historical levels. As you know, in our benefit planning, pricing and forecasting, we broadly planned for a continuation of what we saw last year. And as noted in my opening remarks, how this is playing out across the businesses is a little different when you think about commercial, Medicare and Medicaid.

首先，與歷史水準相比，UHC 內所有產品線的趨勢在各方面仍然非常高。如你所知，在我們的福利規劃、定價與預測中，我們大致上是以延續去年所見情況來做規劃。而如我在開場發言所提到的，當你把商業、Medicare 與 Medicaid 放在一起看時，這在各業務中的呈現方式略有不同。

Dan highlighted some of the drivers leading us modestly above the 11% we're seeing there. Medicaid, again, largely in line with expectations. And for Medicare trend is coming in lower than our planning assumptions. However, it's really important to note this does not represent an inflection point in trend, we're continuing at those high levels, but it's coming in lower than our benefit planning assumptions.

Dan 強調了一些驅動因素，使我們在那邊看到的水準略高於 11%。Medicaid 方面，同樣大致符合預期。而 Medicare 的趨勢則低於我們的規劃假設。不過，非常重要的是，這並不代表趨勢出現拐點；我們仍維持在那些高水準，只是低於我們在福利規劃中的假設。

One of the key point before turning over to Bobby that I wanted to raise, is on our exchange business, our exchange business is coming in better than our planning expectations as well. However, it has no financial impact inside of the quarter or the full year because we've made the pledge to return our profits to consumers for 2026. But that is separate from the commercial trends that we've been talking about of the greater than the 11% that we historically had been guiding to.

在交給 Bobby 之前，我想提出的一個重點是：我們的交易所（exchange）業務表現也優於我們的規劃預期。然而，這對本季或全年沒有任何財務影響，因為我們已承諾在 2026 年把利潤回饋給消費者。但這與我們一直在談的商業趨勢（高於我們過去指引的 11%）是分開的。

So with that, I'll just turn it over to Bobby for some detail and color on Medicare.

那麼，我就把時間交給 Bobby，請他提供一些關於 Medicare 的細節與補充說明。

Yes. All right. Thanks, Stephen. So maybe to go one click deeper on the Medicare piece. So important to remember how we built up the 2026 medical trend, Steve and I'll maybe frame it in three ways for you.

好的。好。謝謝你，Stephen。那我就把 Medicare 這一塊再往下講一層。Steve，重要的是要記得我們是如何建立 2026 年的醫療趨勢假設；我大概用三個面向幫你框架。

First, we saw elevated levels of core utilization in '25. We talked a lot about that, and we assume that, that would continue into 2026. That was kind of the foundation. Second, we adjusted for no year-over-year increases in things like the fee schedule changes and calendar impacts. And then third, we accommodated for some level of potential unknown risk elements. So we've mentioned tariffs and other things of that nature.

第一，我們在 2025 年看到核心醫療使用率處於偏高水準。我們談了很多這件事，也假設這種情況會延續到 2026 年。那是基礎。第二，我們針對像是費率表（fee schedule）變動與日曆因素等，調整為不出現年對年增加。第三，我們也納入一定程度的潛在未知風險因素。我們提過關稅以及其他類似性質的事項。

Now there are a few things I'd point to in terms of why trends to date are a bit lower than our original expectation. First, we've had some positive claims experience as well as any year benefit from things like the lighter food and respiratory season and winter storm impacts that Tim mentioned in the prepared remarks.

至於為什麼截至目前的趨勢比我們原先預期略低，我會指出幾點。第一，我們的理賠經驗出現一些正向表現，另外也受惠於像 Tim 在事先準備發言中提到的：較輕的腸胃與呼吸道季節，以及冬季風暴影響等因素帶來的年內效益。

And we've also not seen the full emergence of material unknown elements at this stage. However, it's also really important and highlight that while medical trends remain high versus the historical levels the improvement we're seeing is also the result of targeted actions that we've taken. And we've done that through benefit design, product positioning that's resulted in a more favorable membership mix. We've had network curation activities focused on high-quality, low-cost opportunities with providers for our membership. We've had broad affordability initiatives, and then we continue to invest in aligned provider models like value-based care.

而且在這個階段，我們也尚未看到重大未知因素的全面浮現。不過，同樣非常重要的是要強調：雖然醫療趨勢相較於歷史水準仍然偏高，但我們目前看到的改善也是我們所採取的精準行動所帶來的結果。我們透過給付設計、產品定位，促成更有利的會員結構組合。我們也進行了網絡（network）精選與管理，聚焦於為會員與醫療服務提供者合作的高品質、低成本機會。我們推動了廣泛的可負擔性（affordability）措施，並持續投資於與提供者一致的模式，例如價值導向照護（value-based care）。

So overall, I feel good about our assumptions for '26, where we currently sit versus our expectations and yet remain intensely focused on affordability given the still elevated levels of medical trend versus the historical baseline.

因此整體而言，對於我們對於’26年的假設，我對目前相較於原先預期的狀況感到樂觀；但鑑於醫療趨勢相較於歷史基準仍處於偏高水準，我們仍會高度聚焦在可負擔性上。

And then to your question on '27, still probably a little bit too early to talk a lot of specifics there. But at the highest level, we did plan reflective of our current experience with appropriate adjustments then for things like fee schedule updates and other natural year-over-year changes, but foundationally not expecting a meaningful deviation from the still elevated underlying core trends.

至於你問到’27年，我想現在可能還稍微太早去談很多具體細節。但在最高層級來看，我們的規劃是反映目前的實際經驗，並就像費率表（fee schedule）更新以及其他自然的年度變動等項目做出適當調整；但在基礎面上，我們並不預期會明顯偏離仍然偏高的核心基礎趨勢。

Kevin Fischbeck, Bank of America.

Kevin Fischbeck，美國銀行（Bank of America）。

Great. Maybe just kind of following back up on an earlier question about the growth rates. As we think about 13% to 16% is kind of being, I guess, like a North Star growth rate for you guys. I mean, the outperformance this year was -- is pretty dramatic. And just want to make sure that it's not something that we should be adjusting out of this baseline.

很好。我想接續追問一下先前關於成長率的問題。當我們思考13%到16%大概是你們的「北極星」成長率。我的意思是，今年的超預期表現——相當顯著。我只是想確認，這不是我們應該從這個基準中調整剔除的因素。

Is this a good baseline to be thinking about for 2027 if you kind of assume normal growth from here? Or is there anything we should be thinking about either whether it was prior period development or outperformance that in MA that gets rebid to next year? How should we be thinking about that?

如果你假設從現在起回到正常成長，這會是思考2027年的一個好基準嗎？或者我們還需要考量任何因素，例如前期期間發展（prior period development），或是在MA（Medicare Advantage，聯邦醫療保險優勢計畫）上的超預期表現，會在明年重新競標（rebid）？我們應該如何看待這件事？

I think the quality of earnings is exceptional. Wayne, maybe you want to comment?

我認為獲利品質非常出色。Wayne，也許你想補充一下？

Yes. Kevin, let me start by saying I do think, as Steve highlighted, the earnings are quite durable. And we do think the $19.50 to $20 is the right stepping off point, albeit it reflects prior period development. We would say as well that as Steve commented on the 13% to 16% growth algorithm we personally have never deviated from. And we believe that is the right starting point as you think about our stepping off point.

是的。Kevin，我先說，我確實認為如Steve所強調的，這些獲利相當具有持續性。我們也認為19.50到20美元是正確的起跳點（stepping off point），儘管其中反映了前期期間發展（PPD）。同時我們也會說，正如Steve對13%到16%成長算法（growth algorithm）的評論，我們個人從未偏離過。我們相信，當你思考我們的起跳點時，這就是正確的起始點。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通（JPMorgan）。

Kind of following up on that question. Throughout your prepared comments, you've talked about investment spending, the SG&A of -- in the quarter. How much of that is potentially onetime and where you could see a benefit to that going into 2027? How should I think about the investments that you're making and the benefits that you could see? And again, to your point, Wayne, is there anything that's onetime in nature?

我想延續剛才那個問題。在你們的事先準備發言中，你們談到投資支出，以及本季的SG&A（銷售、一般及行政費用）。其中有多少可能是一次性（onetime）的？以及在走向2027年時，你們可能在哪些地方看到因此帶來的效益？我應該如何看待你們正在進行的投資，以及你們可能看到的效益？再一次，Wayne，是否有任何屬於一次性性質的項目？

Lisa, similar to the PPD while that benefited us in one direction, we continue to invest in our foundation, which you could argue is one time. We don't believe that's onetime though. I think one of the things that we are targeting as a team is continuing to build that foundation out over time. We are now up to $1 billion in the foundation, which is a very important part of our commitment to our communities.

Lisa，類似於PPD，雖然它在某個方向上對我們有利，但我們仍持續投資於我們的基礎建設（foundation），你可以說那是一次性的。但我們不認為那是一次性。我認為我們團隊正在鎖定的一件事，是隨時間持續把這個基礎建設擴大、做深。我們目前在這個基礎建設上的投入已達10億美元，這是我們對社區承諾中非常重要的一部分。

That being said, Lisa, we have a number of positive momentum items, but the durability of the underlying run rate is strong, and you can see that in our cash flow. So I don't think there's anything you should be carving out in either direction. I think the $19.50 to $20 is the right baseline. And I think you should be thinking about the growth algorithm from that point forward.

話雖如此，Lisa，我們有多項正向動能，但底層的持續性運行水準（run rate）的耐久度很強，你也可以從我們的現金流看得出來。因此我不認為你需要在任何方向上把什麼項目剔除。我認為19.50到20美元是正確的基準。而且我認為你應該從那個點開始去思考成長算法。

And I think as you heard, recovery on commercial is going to be a little bit longer than we had anticipated, but that should be a tailwind that we are reflecting in the future as well, along with many of our other businesses that are still not at the optimal margins.

另外，我想如你所聽到的，商業保險（commercial）的復甦會比我們原先預期的稍微久一些，但這也應該會成為我們未來反映在展望中的一項順風因素；同時，我們其他許多業務目前仍未達到最佳利潤率水準。

Andrew Mok, Barclays.

Andrew Mok，巴克萊（Barclays）。

Wanted to follow up on the commercial market comments. The IDR process has been in place for a number of years now. So can you help us understand why costs are accelerating now? Is that a function of win rates, dispute volume or resolution timing? And is IDR something that you have confidence that you can price for? Or are there idiosyncratic considerations that make it harder to incorporate in pricing?

我想追問你們對商業市場的評論。IDR流程已經實施好幾年了。所以你能否協助我們理解，為什麼成本現在才在加速上升？這是勝訴率（win rates）、爭議量（dispute volume）或解決時點（resolution timing）的因素嗎？以及，IDR是否是你們有信心可以納入定價（price for）的項目？或者是否存在一些特殊（idiosyncratic）的考量，使得它更難納入定價？

Dan.

Dan。

Andrew, Dan Kueter again. Thanks for the question. As I said earlier, the IDR process as part of the NSA is ineffective, and we think there's multiple reasons behind it. It has existed for some time, but it continues to accelerate in the volume of disputes and that has highlighted the deficiencies of the IDR process. Just a couple of things to point to upwards of 40% of all claims that enter the IDR process are ineligible for one reason or another.

Andrew，我是Dan Kueter，再次回答。謝謝你的問題。如我先前所說，作為NSA（No Surprises Act，無意外法案）一部分的IDR流程是無效的，我們認為背後有多個原因。它存在已久，但爭議案件量仍持續加速，這也凸顯了IDR流程的缺陷。舉幾點來說，進入IDR流程的所有理賠中，有高達40%因各種原因不具資格。

So as volume has increased, obviously, this creates cost and delay for all involved. Roughly 60% of all arbitration cases are brought by one of just five entities. That, again, is a recent concentration of disputes in a narrow number of entities that is different than it has been in the years past.

因此，隨著案件量增加，顯然會為所有相關方帶來成本與延遲。大約60%的所有仲裁案件，是由僅僅五個實體中的某一個提出。這同樣是近期爭議集中在少數實體的現象，與過去幾年的情況不同。

And then I guess further evidence of the weaknesses of the IDR process, and some of the things that continue to evolve, making it dynamic and why it's changed from what it's been in the past. The average payout from arbiters when they side with out-of-network providers is now 11 times what Medicare would pay with some of those decisions ranging up to 30 times what Medicare would pay.

再者，我想這也進一步證明IDR流程的弱點，以及一些仍在演變、使其具有動態性、也解釋為何它與過去不同的因素。當仲裁人支持網外（out-of-network）提供者時，其平均給付金額如今已是Medicare會支付金額的11倍；其中部分裁決甚至高達Medicare會支付金額的30倍。

So these numbers continue to evolve. They have accelerated. There are, of course, geographic variations to that as in certain states, their process supersedes the federal process for insured business. So it's variable across the country, but these trends in the aggregate apply to the federal IDR process associated with the NSA. So Hopefully, that's clear evidence.

所以這些數字仍在持續變動。它們已經加速上升。當然也存在地理差異，因為在某些州，對於已投保業務（insured business），其州內流程會凌駕於聯邦流程之上。因此全國各地情況不一，但整體而言，這些趨勢適用於與NSA相關的聯邦IDR流程。所以希望這是清楚的證據。

It is certainly to employers of all sizes that the IDR process is not working. Certainly not as Congress intended it, and it needs to be reformed. So those are some of the inside numbers and their accelerations into this year and where we think it needs to go.

對各種規模的雇主而言，IDR流程確實沒有發揮作用。當然也不是國會原本的立法意圖，它需要改革。以上就是一些內部數據，以及它們在今年加速的情況，還有我們認為它需要走向的方向。

Ann Hynes, Mizuho Securities.

Ann Hynes，瑞穗證券（Mizuho Securities）。

I just want to circle back on Medicare. I know you -- in the original guidance, you said trend was 10%. And if you break out the levels, I believe that like that elevated core utilization assumption was around 7.5%. And had just regulatory changes like the doc fix, which was like another 1.5% and then you had maybe 100 basis points of unknown risk. And I think you said that unknown risk is not happening, which is probably a tailwind for you.

我想回到Medicare的問題。我知道你們——在最初的指引中，你們說趨勢是10%。如果把各項水準拆開來看，我相信偏高的核心使用量（core utilization）假設大約是7.5%。另外還有一些監管變動，例如doc fix，大約再增加1.5%，然後你們可能還有約100個基點的未知風險。而我想你們說那個未知風險並沒有發生，這對你們來說可能是一個順風因素。

But I just want to focus on that first part, that 7.5% versus 2025. Can you give us what that's tracking after the first half of 2026? And I'm not sure if I missed it, but I know your original guidance had 10% cost run in MA. What does the new guidance assume?

但我只想聚焦在第一部分，也就是 7.5% 相對於 2025 年。你們能否說明在 2026 年上半年之後，這個指標目前追蹤到什麼水準？另外我不確定是否我漏聽了，但我知道你們原先的指引在 MA 的成本趨勢（cost run）是 10%。新的指引假設是什麼？

Tim, do you want to start?

Tim，你要先開始嗎？

Yes. Thanks for the question, Ann. So you're right, anchoring to the 7.5%, which is what we saw in 2025. And how that has restated somewhat favorably. In Bobby's remarks, he did acknowledge that we did have an accommodation for some unknowns with respect to the environment that we saw last year as we planned for 2026.

好的。謝謝你的問題，Ann。所以你說得沒錯，我們以 7.5% 作為錨點，也就是我們在 2025 年看到的水準。而且這個數字後來也有一些較為有利的重述。在 Bobby 的發言中，他確實提到，當我們規劃 2026 年時，針對去年所見的環境不確定性，我們做了一些預留（accommodation）。

Things like tariffs. We haven't needed the full accommodation for that in 2026 so far but we're still only about halfway through the year. So we're going to wait to provide a new point estimate around the 2026 trend, probably until the next call. when we've seen more of the year develop. But I think the bottom line is that we are seeing trend that's a little lower than what those planning expectations were.

例如關稅。到目前為止，在 2026 年我們還不需要用到全部的預留，但今年也才大約過了一半。因此，我們會等到對 2026 年趨勢有新的點估計（point estimate）再提供，可能要到下一次電話會議，等我們看到更多年度進展之後。但我想重點是，我們看到的趨勢略低於當初規劃時的預期。

I mean we are also -- feel good about our ability to take actions both in benefit planning and some of the other elements that Bobby talked about, to influence that and to manage that and to promote affordability in this key program. But we'll -- more to come on specific point estimates as we pace through the year.

我的意思是，我們也——對於我們能採取行動感到有信心，無論是在福利規劃（benefit planning）或 Bobby 提到的其他一些要素上，去影響並管理這個趨勢，並在這個關鍵計畫中促進可負擔性。但——隨著我們在今年推進，關於具體點估計，後續會再提供更多資訊。

Lance Wilkes, Bernstein.

Bernstein 的 Lance Wilkes。

I wanted to talk about Optum Health. And could you just talk a little about where you're seeing margins for your capitated higher value-based care portion of that business sort of a run rate level this year? Is that a trough? Or is that up a little from last year?

我想談談 Optum Health。你能否稍微談一下，今年你們在該業務中「按人頭付費（capitated）」且較高價值的價值型照護（value-based care）部分，其利潤率大致的年化運行水準（run rate level）在哪裡？那是谷底嗎？還是比去年略有上升？

And then what are the actions you're taking as you're moving forward into the second half in '27 to improve upon that as far as changes in contracting changes in risk taking or footprint?

另外，當你們往前看、進入 27 年下半年時，為了改善這點，你們正在採取哪些行動——例如合約調整、風險承擔的變化或據點版圖（footprint）的調整？

And then in general, how are you refining that model there? Are you seeing a different demand for services from maybe the employer segment other managed care companies as well.

更一般地說，你們如何在那裡精煉（refine）這個模式？你們是否看到服務需求出現不同變化——例如來自雇主客群（employer segment）或其他受管理式醫療公司（managed care companies）？

Krista.

Krista。

Yes. Thanks for the question, Lance. A couple of things in there. First, I'll just start with your first question around just our value-based care kind of risk margins. Overall, I think the performance in the first half of the year has been strong and slightly better than we expected.

是的。謝謝你的問題，Lance。裡面有幾個點。首先，我先回答你第一個問題，關於我們價值型照護的風險利潤率（risk margins）。整體而言，我認為今年上半年表現強勁，且略優於我們的預期。

Maybe I'll just kind of provide some drivers of that. The first is just overall medical. You heard in our prepared remarks, us talk about the work we're doing on care management and clinical management. the efforts that we launched in the West that we talked about last quarter, scaling, maturing, and expanding into other regions. Those efforts continue to provide meaningful improvement in the business.

我或許可以提供一些驅動因素。第一個是整體醫療成本（medical）。你在我們事先準備的發言中聽到，我們談到在照護管理與臨床管理上所做的工作；我們在西部啟動的那些努力（上季也提到），正在擴大規模、走向成熟，並擴展到其他地區。這些努力持續為業務帶來顯著改善。

And kind of to your question around second half, those things will continue. That was just really one example that's providing about a 10% reduction in inpatient admissions, but there are a handful of other initiatives that we continue to deploy to improve care management and medical performance.

至於你問到下半年，這些作法會持續。那只是其中一個例子，帶來約 10% 的住院入院（inpatient admissions）降低；但我們還有其他幾項計畫持續推進，以改善照護管理與醫療表現。

Another driver is our operating performance. And again, we talked about that in the prepared remarks, but it's worth noting all the investments we're making to improve whether it's provider productivity, scheduling enhancements, access to care, we've expanded patient-facing hours by 200,000 hours in the first part of the year. We've again, expanding access, while we're also improving patient satisfaction.

另一個驅動因素是我們的營運表現。同樣地，我們在事先準備的發言中也談到，但值得一提的是，我們正在投入各項投資來改善——不論是醫療提供者生產力（provider productivity）、排程強化、照護可近性（access to care）；今年前半段我們把面向病患的服務時數擴增了 200,000 小時。我們再次擴大可近性，同時也提升病患滿意度。

Our patient satisfaction is up about 5%. And then we've also increased patient engagement with our high-risk population about 6%. So a handful of items that -- again, I would just say we'll continue in the second half of the year. So our value-based care margins performing in line, but slightly better than what we would have expected. It's really coming through in our medical performance, and our operating discipline.

我們的病患滿意度提升約 5%。此外，我們也把高風險族群的病患互動（patient engagement）提高約 6%。所以有幾個項目——我再強調一次——我們會在下半年持續推進。因此，我們的價值型照護利潤率表現符合預期，但略優於我們原先預估。主要反映在醫療表現，以及我們的營運紀律上。

Those items will continue. I think you also just asked about efforts with our payers and our contracting. So those continue to go very well. I'm most pleased with their commitment to value-based care. I think we are very strategically aligned with our payer partners, that value-based care improves quality. It lowers the total cost of care. It improves the experience for our patients, and it improves the experience for our clinicians.

這些項目會持續。我想你也問到我們與付款方（payers）的合作與合約（contracting）方面的努力。這些進展也非常順利。我最滿意的是他們對價值型照護的承諾。我認為我們與付款方夥伴在策略上高度一致：價值型照護能提升品質。它能降低整體照護成本（total cost of care）。它能改善病患體驗，也能改善臨床人員的體驗。

So through those commitments, the first half of the year, we focused on 2027 benefit planning making sure we're aligned on footprint, on rates, on benefit designs. Our contracting efforts are going really, really well with the vast majority of those addressable for '27 really complete. But the second half of the year is really going to be focused on some of those post bid strategies and making sure that we're aligned on how we go to market for '27. Thanks so much for the question.

因此，基於這些承諾，今年上半年我們聚焦在 2027 年的福利規劃，確保我們在據點版圖、費率與福利設計上保持一致。我們的合約洽談進展非常、非常順利；就 27 年可洽談的部分而言，絕大多數基本已完成。但下半年將主要聚焦在一些投標後（post bid）的策略，並確保我們在 27 年的市場推進方式（go to market）上保持一致。非常感謝你的提問。

George Hill, Deutsche Bank.

Deutsche Bank 的 George Hill。

I kind of have two quick ones. I guess, number one is, could you talk about the surgical volumes that you guys are seeing in outpatient surgical volumes as that seems to be a trend that has concerned investors across the space?

我有兩個很快的問題。第一個是，你們能否談談你們看到的手術量，尤其是門診手術量（outpatient surgical volumes）？因為這似乎是整個產業讓投資人擔憂的一個趨勢。

And I had a quick follow-up on the Optum Insight business. which is where you guys -- at least our expectations pretty handily in the quarter, but guidance didn't kind of increase commensurate with the beat, would you be interested in comments on cadence as it relates to Optum Health.

另外我想快速追問 Optum Insight 業務：你們——至少在本季——表現明顯超出我們的預期，但指引並沒有隨著超預期幅度相應上調；想請你們評論一下節奏（cadence），以及它與 Optum Health 的關聯。

So Krista, do you want to take the first?

Krista，你要先回答第一個嗎？

Yes. I think specifically to the question on surgical volumes, again, those actually are pacing in line with our expectations. I think just as I spoke about the operating performance in the business and the last question, the work we're doing around operating discipline, I think, is not just in our risk-based business, but it also applies to our fee-for-service businesses.

好的。就手術量這個問題而言，實際上目前的進度（pacing）符合我們的預期。我想如同我在上一題談到業務的營運表現，我們在營運紀律上的工作，不僅適用於我們的風險型業務，也同樣適用於我們的按服務計費（fee-for-service）業務。

And again, a reminder, all of our fee-for-service businesses are really pointed towards and operated at higher value sites of care like ASCs which are generally about a third of the cost of hospital-based procedures. And again, inside that ASC business specifically, earnings are growing in line with expectations. Volumes are in line, physician recruitment, provider productivity and really our mix of services is all in line to slightly better than what we would have expected.

再提醒一下，我們所有按服務計費的業務，實際上都聚焦並運作於較高價值的照護場域（sites of care），例如 ASC（門診手術中心），其成本通常約為醫院手術的三分之一。同樣地，在 ASC 業務內部，獲利成長符合預期。手術量符合預期，醫師招募、醫療提供者生產力，以及我們的服務組合（mix of services）都符合預期，甚至略優於我們原先預估。

Thank you. Sandeep?

謝謝。Sandeep？

Thank you, George. And you're right. We -- at Optum Insight, we are slightly ahead of expectations for Q2. But overall, we remain on track for our full year guidance. Q2 performance was driven by strong operational execution.

謝謝你，George。你說得沒錯。在 Optum Insight，我們第二季（Q2）略優於預期。但整體而言，我們仍按計畫達成全年指引。第二季的表現主要由強勁的營運執行所帶動。

Some of that actually due to the early AI investments we made in AI efficiency gains. But there's also some client transaction volume that moved earlier into the year from H2 to H1 more than we expected. And then we continue to invest even in the back half of this year into new AI products and services where we see early positive momentum from customers.

其中一部分其實來自我們早期在 AI 上的投資所帶來的 AI 效率提升。此外，也有一些客戶交易量（client transaction volume）比我們預期更多地從下半年（H2）提前到上半年（H1）。然後我們在今年下半年仍會持續投資新的 AI 產品與服務；我們看到客戶端已出現早期的正向動能。

So a combination of all this, we remain confident in our full year guidance. Overall, Optum insight remains on a multiyear path of reinvestment and innovation and we're looking forward to the future with excitement.

綜合以上所有因素，我們仍對全年指引充滿信心。整體而言，Optum Insight 仍處於一條為期多年的再投資與創新路徑上，我們也對未來充滿期待。

Erin Wright, Morgan Stanley.

Erin Wright，摩根士丹利。

Great. Can you speak a bit more specifically on AI? And can some of your AI initiatives actually accelerate or drive upside to the long-term margin targets, for instance, across Optum Health, in particular, are some of that more of the near-term blocking and tackling that you're doing there?

很好。你能更具體談談 AI 嗎？另外，你們的一些 AI 計畫是否真的能加速或推動長期利潤率目標的上行空間？例如在 Optum Health 方面，特別是，你們在那裡做的一些是否更偏向短期的基礎工作與執行層面的改善？

And just are those benefits from an AI perspective, is that -- I would assume that, that builds into 2027, and it's more material in 2028 and beyond? Or I guess, how should we think about those efforts driving even more upside relative to your long-term targets?

還有，從 AI 的角度來看，這些效益——我會假設——會納入 2027 年，並在 2028 年及之後變得更為顯著嗎？或者說，我們應該如何看待這些努力相對於你們的長期目標，進一步帶來更多上行空間？

Sure. Well, we'll take this one like -- we'll take this as a team activity because actually, AI is a very core initiative for us we are really thinking of it in terms of reimagining our entire enterprise, virtually everything that we do, and we see it basically as the operating infrastructure of the future. And so it really is occurring across the spectrum of our businesses.

當然。這題我們會——把它當作團隊共同回答，因為 AI 對我們而言是一項非常核心的倡議；我們確實是以重新想像整個企業的角度來思考它，幾乎涵蓋我們所做的一切，我們基本上把它視為未來的營運基礎設施。因此，它確實正在我們各項業務的全範圍內發生。

And as you are suggesting in your question, this is the beginning, but it will have compounding effects as we make these investments. We continue to get this change driven into our business. And it's also a real catalyst and a real opportunity in terms of the Optum Insight business to take everything that we're doing here and bringing commercial versions to the marketplace.

正如你在問題中所提到的，這只是開始，但隨著我們進行這些投資，它將產生複利效應。我們持續把這種變革推動到業務之中。同時，對 Optum Insight 業務而言，這也是一個真正的催化劑與機會：把我們在這裡所做的一切，推出商業化版本到市場上。

So maybe I'll start on the UnitedHealthcare side with Tim Noel, but then we'll move to Optum and also to talk -- maybe Wayne will comment a little bit at the corporate group level. So Tim?

所以我可能先從 UnitedHealthcare 這邊開始，請 Tim Noel 來談，接著我們會轉到 Optum；另外也會——或許 Wayne 會在企業集團層級補充一些看法。Tim？

Yes. So deployment of AI and other advanced technologies like it are a key and critical focus area across UHC, also a big enabler of our modernization agenda that we're advancing rapidly. It's unlocking a lot of game-changing opportunities to improve consumer and care providers experiences and make the system operate a lot more efficiently at the same time.

是的。在 UHC 全面部署 AI 與其他類似的先進技術，是一個關鍵且重要的重點領域，同時也是我們正在快速推進的現代化議程的一大推動力。它正在釋放許多具顛覆性的機會，能同時改善消費者與照護提供者的體驗，並讓整個系統運作得更有效率。

And I agree with your kind of commentary on the pacing where we're going to see that accelerate into 2027 and even go deeper in terms of the efficiencies provided kind of across the board into 2028. But as we're focused on this, you would imagine that we obviously have large-scale capital projects that we're deploying, but perhaps more importantly and significantly, we're infusing AI across all of our administrative activities.

我也同意你對節奏的評論：我們將在 2027 年看到加速，並在 2028 年進一步在各方面更深入地體現所帶來的效率提升。但在我們聚焦這件事時，你可以想像我們當然有在部署大規模的資本專案；不過也許更重要、影響更顯著的是，我們正把 AI 注入到所有行政作業之中。

And a couple of examples just to kind of bring that to light across UnitedHealthcare. First, virtually every provider and consumer interaction uses AI. AI gives us the ability to empower our advocates with predictive insights, real-time data which all leads to more productive interactions and importantly, also lend itself to translating some of those experiences in the digital experiences that are oftentimes and most times come with better provider and consumer satisfaction as well. Also key to our ability to proactively identify members that are in distress and reach out to them with concierge-like service models to help them through those moments.

我舉幾個例子，讓大家更具體理解在 UnitedHealthcare 的應用。第一，幾乎每一次與提供者或消費者的互動都會使用 AI。AI 讓我們能以預測性洞察與即時資料賦能我們的服務專員，進而帶來更高效的互動；更重要的是，也有助於把部分體驗轉化為數位化體驗，而這往往——多數時候——也會帶來更高的提供者與消費者滿意度。此外，它也是我們主動辨識處於困境中的會員並主動聯繫、以類禮賓式服務模式協助他們度過關鍵時刻的關鍵能力。

Second area is it's providing step function enhancements in our core operations, things like very complex claims that we never before thought we would be able to automate. We're able to automate those and process those with higher accuracy than we have been able to before which eliminates cost and also increases turnaround times, which is very important.

第二個領域是，它正在為我們的核心營運帶來階躍式的提升，例如一些非常複雜、我們過去從未想過能自動化的理賠案件。我們現在能把這些自動化，並以比以往更高的準確度處理，這不僅降低成本，也縮短處理週期，這非常重要。

And a very encouraging element to all of this is this is facilitating interoperability with health systems and care providers. And we've seen a really great appetite on four health systems to partner with us in these efforts, and it's providing the opportunity on both sides to eliminate latency with some of this real-time information sharing that's now enabled and now going on.

而這一切中一個非常令人鼓舞的要素是：它正在促進與醫療體系與照護提供者之間的互通性（interoperability）。我們看到有四個醫療體系非常有意願與我們合作推動這些工作，並為雙方提供機會，透過目前已啟用且正在進行的即時資訊共享，消除其中一些延遲。

That all comes to light in our commitment to process 80% of our prior authorizations in real time by the end of 2027. And in doing so, it creates kind of a touchless environment, which eliminates a lot of the back and forth between health systems, care providers, and health plans which not only improves experiences, but you can imagine the elimination of the abrasion unlocks a lot of operational efficiencies for both health systems and health plans.

這些都體現在我們的承諾：在 2027 年底前，讓 80% 的事前授權（prior authorizations）能以即時方式處理。而在此過程中，它會打造一種近乎無接觸（touchless）的環境，減少醫療體系、照護提供者與健康保險計畫之間大量的往返溝通；這不僅改善體驗，你也可以想像，摩擦的消除將為醫療體系與健康保險計畫雙方釋放大量營運效率。

And the last area to note is it's giving us the ability to provide better data insights because we're able to, in a more real-time basis, look at data sets far broader than what we've been able to look at in the past. This gives us better understanding around our business performance and also lends itself to things like real-time underwriting across both our commercial and Medicare business.

最後一個值得一提的領域是，它讓我們能提供更好的資料洞察，因為我們能以更即時的方式，檢視比過去更廣泛的資料集。這讓我們更了解業務表現，也有助於例如在商業保險與 Medicare 業務中進行即時核保（underwriting）等工作。

And as we think about our modernization agenda, one of our focus here is to focus on outlier activity and be able to customize our utilization management programs to reduce prior authorizations and other programs for the broad population because we have the ability to more customize some of those approaches.

當我們思考現代化議程時，其中一個重點是聚焦異常（outlier）活動，並能更客製化我們的利用管理（utilization management）方案，以便針對廣大族群減少事前授權與其他方案，因為我們有能力更客製化其中一些做法。

A couple of key reminders though, as we think about how we're approaching this and UHC is, number one, clinicians will always be involved in these processes. If services are not authorized, that decision will ultimately be made by a clinician.

不過，有幾個關鍵提醒，談到我們在 UHC 的做法：第一，臨床人員永遠會參與這些流程。如果某項服務未獲授權，最終的決定將由臨床人員做出。

And the second thing to note and remind folks of is that our contact centers are getting far more efficient, but they will never be fully automated. Engaging with the healthcare system that we play an important role in will always be deeply personal. We see great opportunity to invest some of the savings that we're getting from these efficiencies and actually enhanced and more concierge service like models. So we're going to always have options for human interactions as we approach this.

第二點要提醒大家的是，我們的聯絡中心正變得更有效率，但永遠不會完全自動化。與我們在其中扮演重要角色的醫療體系互動，永遠都會是高度個人化的。我們看到一個很大的機會：把從這些效率提升中取得的部分節省，再投資到更強化、也更接近禮賓式的服務模式上。因此，在我們推進這些工作時，永遠都會保留人與人互動的選項。

So maybe Patrick, do you want to just comment briefly and then maybe Sandeep comment because I don't want to spend that much time on this.

所以，Patrick，你要不要簡短補充一下，然後也請 Sandeep 補充？因為我不想在這題上花太多時間。

Yes. So on Optum I'd call out AI in a few ways. First, it is transformational durable way to change our business. Maybe most importantly, though, I'd call out, and the modernization frame is we use AI, it delivers better patient experience, better experience and results for our customers, and a better experience for clinicians and care providers. So I'll hit on a few examples there because it's really about helping the health system work better for all stakeholders.

好的。就 Optum 而言，我會從幾個面向談 AI。第一，它是一種具變革性且可持續的方式來改變我們的業務。不過也許最重要的是，在現代化的框架下，我們使用 AI 能帶來更好的病患體驗、為客戶帶來更好的體驗與成果，也為臨床人員與照護提供者帶來更好的體驗。所以我會舉幾個例子，因為這本質上是要讓醫療體系對所有利害關係人都運作得更好。

So I'll call out two areas and then I'll let Sandeep call products and services, so the third area. First area I'll call out is administrative efficiency, where we're using AI to summarize cases, for example, for care managers makes it 40% faster for that nurse care manager more efficient also allows him her to spend more time with patients, more time delivering care in the home or whatever the setting may be.

我會先點出兩個領域，然後第三個領域我會讓 Sandeep 談產品與服務。第一個領域是行政效率：例如我們用 AI 來摘要個案，提供給照護管理人員，讓護理個案管理師的作業速度提升 40%，更有效率，也讓他／她能把更多時間花在病患身上、花在到府照護或任何可能的照護場域中提供照護。

Second, in the Optum Insight business, digital prior authorization powered by AI, producing 96% first pass approval, so now enabling humans. And as Tim said, same on the Optum is a UHG principle. If something is not approved, we have a human look at that, but 96% first pass approval using AI, making the system simpler, better, faster for the people involved, the providers and the patients.

第二，在 Optum Insight 業務中，由 AI 驅動的數位事前授權，首次送審即核准率達 96%，因此現在是在賦能人員。而如 Tim 所說，Optum 也是如此——這是 UHG 的原則。如果某件事未獲核准，我們會由人工審視；但透過 AI 達到 96% 的首次送審核准率，讓系統對相關人員——提供者與病患——而言更簡單、更好、更快。

The second area I'll call out is clinical support. This is AI supporting humans and clinicians delivering care. We talked about ambient clinical documentation and the uptake of 70% in employed Optum health clinicians today going to 90% by year end.

我還要點出的第二個領域是臨床支援。這是 AI 支援人員與臨床醫師提供照護。我們談到環境式臨床文件（ambient clinical documentation），目前在 Optum Health 受雇臨床人員中的採用率已達 70%，並將在年底前提升至 90%。

Let me give you a stat on burnout, 90% reduction using AI and the cognitive burnout for the clinicians. So when you go visit these clinicians and they talk about how it helps them deliver care better to patients, incredibly meaningful. And then the scheduling, which Krista talked about, we're using AI to make sure that people get access to specialist care in a timely fashion. So an example of improving access using AI.

我給你一個關於倦怠的數據：使用 AI 可讓臨床人員的認知倦怠降低 90%。所以當你去拜訪這些臨床人員，聽他們談到這如何幫助他們為病患提供更好的照護時，真的非常有意義。另外在排程方面，正如 Krista 提到的，我們正在使用 AI 來確保人們能及時獲得專科照護。這就是一個使用 AI 改善可近性的例子。

I'll turn it over to Sandeep to hit the products and services, which is the third major area.

我把時間交給 Sandeep，請他談談產品與服務，也就是第三個主要領域。

Yes. And really one quick example that probably strings through everything that Tim Noel and Patrick described is that about a third of our investments this year are going into commercializing all these internal use cases to external products.

是的。我想用一個很快的例子，串起 Tim Noel 和 Patrick 所描述的一切：我們今年大約三分之一的投資，正投入在把這些內部使用案例商業化，轉成對外產品。

The prior example that Tim described that Patrick described has been converted into our digital prior auth product, which we launched about a quarter ago under the Optum Real family of products. And year-to-date, it has for external entities to UHG, processed about 69,000 prior auths and processed about 0.5 million prior auths and saved 69,000 administrative hours.

Tim 與 Patrick 先前提到的那個例子，已經轉化為我們的數位事前授權（prior auth）產品；我們大約在一季前以 Optum Real 產品家族的一員推出。截至目前，對 UHG 以外的外部客戶而言，它已處理約 69,000 件事前授權、累計處理約 50 萬件事前授權，並節省了 69,000 小時的行政工時。

So this is in real life in real-time and internal use case, which we are investing in giving us internal efficiencies that is being converted into a commercial external product helping improve the system and making it better for everyone.

所以這是在真實世界、即時運作的內部使用案例；我們投入資源以提升內部效率，並將其轉化為對外的商業產品，協助改善整個系統，讓每個人都受益。

And the only thing I'll say at the group level is every function, HR, finance, legal, everything is really being reimagined in an AI context, which we think will drive much greater precision, greater efficiencies, responsiveness. We think there are significant opportunities there. So thank you for the question.

另外我在集團層級想說的是：每一個職能——人資、財務、法務等——都正在以 AI 的脈絡重新想像，我們認為這將帶來更高的精準度、更高的效率與更快的回應能力。我們認為那裡有顯著的機會。謝謝你的提問。

Whit Mayo, Leerink Partners.

Whit Mayo，Leerink Partners。

I just wanted to take your temperature on stars. I'm not sure if you can comment on expectations or what you know at this point in time or just any thoughts on the recent industry lawsuits?

我想了解一下你們對星級（Stars）的看法。我不確定你們此時是否能評論預期或目前掌握的情況，或是對近期產業訴訟有任何想法？

Sure. Good question. Bobby.

當然。好問題。Bobby。

Yes, thanks for the question. So maybe just to start. Like I've said before, we view quality is absolutely critical and we never take anything for granted with stars. We're restless when it comes to seeking opportunities to differentiate, and we're always focused on delivering the greatest quality experiences and outcomes for our members.

是的，謝謝你的提問。我先從一點開始。如同我之前說過的，我們認為品質絕對至關重要，而在星級（Stars）方面我們從不把任何事視為理所當然。我們在尋找差異化機會上永不滿足，並始終專注於為會員提供最高品質的體驗與成果。

As you can appreciate and as you kind of alluded to, given where we sit in the current cycle as well as the ongoing industry activity, it wouldn't really be appropriate to speculate on final start year '26 results or what might happen for start year '27 or further into the future.

如你所理解、也如你剛才所提到的，考量我們目前所處的週期位置以及產業持續的動態，此時並不適合去推測 2026 星級年度的最終結果，或 2027 星級年度可能發生什麼，或更長遠的未來。

It's also worth noting the stars program has continued to get more challenging in recent years as evidenced by 2026 industry scores at the lowest level in about a decade. So as we navigate through the next few months, our preferred approach is to continue to partner with CMS as we appreciate the challenging situation here to balance many critical priorities. And we want to help identify solutions that ensure program stability, clarity for industry and, of course, the best outcome for beneficiaries. And we do believe there are solutions that can meet those objectives.

另外也值得注意的是，星級計畫近年來持續變得更具挑戰性；從 2026 年全產業分數降至約十年來最低水準即可見一斑。因此在接下來幾個月我們推進的同時，我們偏好的做法是持續與 CMS 合作；我們理解在此需要在多項關鍵優先事項間取得平衡的挑戰。我們也希望協助找出解決方案，以確保計畫的穩定性、為產業提供清晰度，當然也要為受益人帶來最佳結果。而我們確實相信有解方能達成這些目標。

All that said, I want to be really clear that we remain fully committed to our quality agenda, and we're investing in that more than ever, including in the second half of this year. And we're going to do that to support our various quality programs and initiatives for our members and our providers.

話雖如此，我想非常清楚地表示：我們仍然完全致力於我們的品質議程，而且我們在這方面的投資比以往任何時候都更多，包括今年下半年。我們會這麼做，以支持我們針對會員與提供者的各項品質計畫與倡議。

Dave Windley, Jefferies.

Dave Windley，Jefferies。

I wanted to ask a question on Optum Health profitability and the progress you're making there. The margins were pretty comparable sequentially, but well ahead of what the market was expecting. I think there was some expectation that margins would seasonally decline through the year.

我想問一個關於 Optum Health 獲利能力以及你們在這方面進展的問題。利潤率在序列上相當接近，但明顯高於市場預期。我想市場原本有些預期，利潤率會在一年中因季節性因素而下滑。

And I wondered if you could comment on what did happen or perhaps what didn't happen in 2Q to allow those margins to hold up. And as part of that, I noticed that the, call it, the subtraction in your reported to adjusted margin bridge for the PDR appeared to decline.

我想請你們評論一下，第二季究竟發生了什麼——或是沒有發生什麼——讓利潤率得以維持。另外，我也注意到你們在「申報」到「調整後」利潤率橋接中，PDR 的扣減項似乎下降了。

And I wondered if that had some influence on the margin in the quarter.

我想知道這是否對本季的利潤率有一些影響。

Sure, Krista?

當然，Krista？

Yes. I'll point to just a couple of things that are maybe just different this year. As we've talked in the past, the seasonality really mirrors a risk business. So the majority -- vast majority of our earnings are going to be in the first half of the year versus the second. But a couple of elements that are a little bit different.

是的。我先指出幾個今年可能比較不同的地方。如同我們過去談過的，季節性其實很像風險型業務的節奏。因此我們的大部分——絕大部分——獲利會落在上半年，而不是下半年。但有幾個因素稍有不同。

First is just the timing of our restructuring efforts. So in the fourth quarter, we laid out plans to restructure the business. We had originally assumed a significant portion of those will be complete in the first half of the year. And there are a couple of those, one in particular, that is really shifting into the second half of the year. That does create an impact in second half versus first half.

第一是我們重整（restructuring）工作的時點。在第四季，我們提出了重整業務的計畫。我們原先假設其中相當大一部分會在上半年完成。但其中有幾項——尤其有一項——實際上正移到下半年。這會造成下半年相對於上半年的影響。

The second thing I would point to is just investments in the business. as we're launching new clinical or operational initiatives as we see those successful, we are investing in technology, workflow enhancements to make sure that those are actually durable and scaled across the infrastructure. So some investments in the second half of the year.

第二點是對業務的投資。當我們推出新的臨床或營運倡議，並看到它們成功時，我們會投資於技術與流程（workflow）強化，以確保這些做法能夠持久，並在整個基礎設施上規模化推廣。因此下半年會有一些投資。

And then third is just, I think, really being respectful of the trend environment, even though we're seeing some of that moderate in the first half of the year and medical performing slightly better than we would have expected. Trends are still well above historical levels, and we're being respectful of that.

第三點是，我認為我們確實對趨勢環境保持審慎；即使我們看到上半年部分趨勢有所緩和，且醫療表現略優於我們的預期。但趨勢仍遠高於歷史水準，我們對此保持審慎。

Wayne, PDR?

Wayne，PDR？

Dave, thanks for the question on the PDR. No, it did not impact the durable margins that we're seeing. The one thing I would remind investors to consider is that as we are divesting items that we had in our year-end charge, we'll move the PDR associated with that item along with the benefit that would have been unwound from that. So as we continue to execute on that, you'll see that number kind of slowly edge downward, but I don't expect it to change. And our goal is to show you what real durable earnings are, which is why we do the adjustment.

Dave，謝謝你關於 PDR 的提問。不，它並未影響我們所看到的可持續利潤率。我想提醒投資人考量的一點是：當我們剝離（divest）那些已納入年末一次性費用的項目時，我們會把與該項目相關的 PDR 一併移出，同時也會把原本會回轉（unwind）的利益一併移除。因此隨著我們持續執行，你會看到那個數字會慢慢往下移，但我不預期它會有本質性的改變。我們的目標是讓你看到真正可持續的獲利，這也是我們做調整的原因。

Thanks, Wayne, and thank you all for joining us today. We appreciate your time and your trust in us as we continue to both improve our performance and modernize our company. And I can assure you, we will stay restless and urgent as we go forward. Thanks for joining us.

謝謝 Wayne，也謝謝各位今天加入我們。我們感謝你們的時間，以及在我們持續提升表現並推動公司現代化的過程中對我們的信任。我可以向各位保證，未來我們會持續保持不滿足與緊迫感。謝謝各位參與。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。感謝各位的參與。