Exhibit 5.1
[Letterhead of Hogan Lovells US LLP]
December 17, 2018
Board of Directors
UnitedHealth Group Incorporated
UnitedHealth Group Center
9900 Bren Road East
Minnetonka, Minnesota 55343
Ladies and Gentlemen:
We are acting as counsel to UnitedHealth Group Incorporated, a Delaware corporation (the “Company”), in connection with the Underwriting Agreement, dated December 13, 2018 (the “Underwriting Agreement”), among the Company and J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc., as representatives (the “Representatives”) of the several underwriters named in the Pricing Agreement (as defined herein), and the Pricing Agreement, dated December 13, 2018 (the “Pricing Agreement”), among the Company and the Representatives relating to the proposed issuance by the Company of its (i) 3.500% Notes due February 15, 2024 in the aggregate principal amount of $750,000,000 (the “2024 Notes”), (ii) 3.700% Notes due December 15, 2025 in the aggregate principal amount of $300,000,000 (the “2025 Notes”), (iii) 3.875% Notes due December 15, 2028 in the aggregate principal amount of $850,000,000 (the “2028 Notes”) and (iv) 4.450% Notes due December 15, 2048 in the aggregate principal amount of $1,100,000,000 (the “2048 Notes,” and collectively with the 2024 Notes, the 2025 Notes and the 2028 Notes, the “Debt Securities”), pursuant to the Company’s automatic shelf registration statement on FormS-3 (No.333-216150) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”) on February 21, 2017. This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of RegulationS-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.
For the purposes of this opinion letter, we have assumed that (i) U.S. Bank National Association, as trustee (the “Trustee”) under the Indenture, dated as of February 4, 2008, between the Company and the Trustee, filed as Exhibit 4.1 to the Registration Statement (the “Indenture”), has all requisite power and authority under all applicable laws, rules, regulations and governing documents to execute, deliver and perform its obligations under the Indenture and has complied with all legal requirements pertaining to its status as such status relates to the Trustee’s right to enforce the Indenture against the Company, (ii) the Trustee has duly authorized, executed and delivered the Indenture, (iii) the Trustee is validly existing and in good standing in all necessary jurisdictions, (iv) the Indenture constitutes a valid and binding obligation, enforceable against the Trustee in accordance with its terms, (v) there has been no material mutual mistake of fact or misunderstanding or fraud, duress or undue influence in connection with the negotiation, execution and delivery of the Indenture, and the conduct of all parties to the Indenture has complied with