UnitedHealth (UNH) 10-K 2005 FY Annual report

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

Dollars in millions

	December 31, 2005		December 31, 2004		December 31, 2003		December 31, 2002		December 31, 2001
Earnings:
Earnings from Continuing Operations	$	5,373	$	4,101	$	2,935	$	2,186	$	1,566
Add back:
Fixed charges		294		173		137		131		135
Total earnings	$	5,667	$	4,274	$	3,072	$	2,317	$	1,701
Fixed Charges:
Interest, capitalized and expensed	$	241	$	128	$	95	$	90	$	94
Interest component of rental payments		46		41		40		39		40
Amortization of debt discount and debt expense		7		4		2		2		1
Total fixed charges	$	294	$	173	$	137	$	131	$	135
Ratio of Earnings to Fixed Charges		19.3		24.7		22.4		17.7		12.6

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized, the interest factor in rental expense plus amortization of debt discount and debt expense.

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Dollars in millions

	December 31, 2005		December 31, 2004		December 31, 2003		December 31, 2002		December 31, 2001
Earnings:
Earnings from Continuing Operations	$	5,373	$	4,101	$	2,935	$	2,186	$	1,566
Add back:
Fixed charges		294		173		137		131		135
Total earnings	$	5,667	$	4,274	$	3,072	$	2,317	$	1,701
Fixed Charges:
Interest, capitalized and expensed	$	241	$	128	$	95	$	90	$	94
Interest component of rental payments		46		41		40		39		40
Amortization of debt discount and debt expense		7		4		2		2		1
Convertible Preferred Stock Dividends		—		—		—		—		—
Total fixed charges	$	294	$	173	$	137	$	131	$	135
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		19.3		24.7		22.4		17.7		12.6

For purposes of computing this ratio, earnings represent income from continuing operations. Fixed charges represent interest expense including amounts capitalized, the interest factor in rental expense plus amortization of debt discount and debt expense and any preferred stock dividend requirements, adjusted to a pretax basis.