UnitedHealth to sell operations in Brazil, expects to record $7B charge

In a regulatory filing, UnitedHealth Group disclosed that the company has entered into an agreement to sell its operations in Brazil to a private investor. The company expects to close the sale in the first half of 2024, subject to regulatory and other closing conditions. Upon closing the company expects to record a charge of approximately $7B, which will be excluded from adjusted earnings, the majority of which is non-cash and due to the cumulative impact of foreign currency translation losses. In connection with the action, the company’s 2024 net earnings outlook will be impacted by the expected charge, while the company is confirming the 2024 adjusted earnings outlook discussed at its November 29 Investor Conference.