UnitedHealth Group is the biggest health-care conglomerate in the U.S. based on market cap and revenue. It’s even bigger than JPMorgan Chase, the nation’s largest bank. Annual revenue has nearly doubled over the past decade when adjusted for inflation, from $144 billion in 2012 to $250 billion in 2022. The company’s growth was fueled by an acquisition strategy that has been largely free of regulatory scrutiny. Watch the video above to learn how UnitedHealth grew so big and what that means for U.S. health care.

Chapters:
0:00 Introduction
1:45 Growth strategy
4:57 Antitrust concerns
8:28 Becoming a utility?

Produced and Shot by: Charlotte Morabito
Additional Reporting by: Bertha Coombs
Additional Camera by: Mark Licea
Edited by: Nora Rappaport
Graphics by: Jason Reginato, Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images

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How UnitedHealth Grew Larger Than The Biggest U.S. Bank