Leaked: UnitedHealth's 'talking points' to appease worried investors

UnitedHealth Group drafted a secret internal document ahead of its most recent shareholder meeting, downplaying negative sentiment of its business practices and attempting to assure investors that the company will return to previous levels of growth and profitability. 

The memo, reviewed by STAT, is likely a response to a recent lawsuit filed by investors, who accuse the company of hiding its anticonsumer practices—such as unethical medical claims denials—that were drivers of profit. The outlet said it was "accidentally" sent the document by someone at UnitedHealth, and in short, it contains "talking points" for representatives to follow while speaking to disgruntled shareholders at a recent meeting. 

Those angry shareholders—seemingly in disagreement—claim the company changed course and began being more conservative with claims denials after Brian Thompson, the CEO of its insurance subsidiary UnitedHealthcare, was murdered in New York City last year. 

His death sparked a public conversation about how the company allegedly used artificial intelligence to mass-deny claims.

UnitedHealth has denied any wrongdoing and vowed to continue operating its business in a manner similar to Thompson. Furthermore, as mentioned in the lawsuit filed by the coalition of shareholders, the company did not change its 2025 prospectus.

After missing many Q1 targets, that has now changed—UnitedHealth announced that its investor guidance is no longer valid, citing rising costs of care that have eroded profits.

With company veteran Stephen Hemsley taking over as CEO, leadership at UnitedHealth hopes to assuage investor concerns. An 18-page document, which STAT reported was labeled “privileged and confidential” and dated May 29, details how Hemsley is shaking things up by making major changes to staffing and business processes during his brief, month-long second tenure as CEO.

STAT said the document mostly contains “manicured talking points apparently intended to coordinate the response to shareholders’ questions,” but its existence offers a rare insight into how large companies manage investor relations alongside public relations.

One of the key sticking points the company sought to downplay was the newly approved $60 million compensation package for Hemsley, which comes at a time when UnitedHealth’s stock is at a five-year low. The full package includes a $1 million annual base salary and a one-time $60 million stock bonus.

The pay rate was approved in a shareholder vote earlier this week. According to a filing with the Securities and Exchange Commission, it is locked in for three years, after which Hemsley will be eligible for another bonus.

With a return to its traditional leadership style, the company believes the compensation paid to the new CEO will be worth the upfront cost.

For more on the document, read STAT’s full feature at the link below.