"In recent weeks ...

... growth expectations for individual exchange participation have tempered industry wide, co-operatives have failed, and market data has signaled higher risks and more difficulties while our own claims experience has deteriorated, so we are taking this proactive step [taking a $425 million write-down for the 4th quarter of 2015 to pay for losses on ACA's exchanges]. We continue to be pleased with the growth and overall performance of our company outside of the individual exchange products and look forward to strong, positive and broad based earnings growth across our enterprise in 2016."

— Stephen Hemsley, CEO of UnitedHealth, in a Nov. 19 statement to investors.