After UnitedHealth Group’s (NYSE:UNH) annual shareholder meeting, Bernstein analysts highlighted three vital priorities for newly reappointed CEO Steve Hemsley, indicating a necessary strategic reset for 2026. The foremost focus is on maintaining pricing discipline.

1. Core Pricing Discipline

The Bernstein report emphasized that maintaining pricing discipline—especially regarding Medicare Advantage bids and commercial health plans—must be Hemsley’s immediate focus. The firm forecasts that 2026 will be a “reset year” for UnitedHealth, where the internal goal shifts to “no growth at the expense of margin.”

Hemsley echoed this necessity, stressing the importance of intense central oversight of management processes, particularly concerning underwriting operations and financial forecasting within the U.S. healthcare landscape.

2. Restructured Leadership for Long-Term Goals

Hemsley has initiated changes within the executive management team, enhancing alignment between UnitedHealthcare (UHC) and Optum. Bernstein noted that these leadership adjustments aim to prepare both business segments to pursue long-term objectives, such as care delivery innovation and risk-based contracting.

Investors are closely monitoring these changes, recognizing that execution risk is significant in UnitedHealth’s capacity to maintain its market position in both insurance and services sectors.

3. Strategic Dilemma: Split or Scale?

A crucial strategic question remains—whether or not UnitedHealth should divide UHC and Optum into separate entities.

Though Hemsley did not provide a direct answer regarding a potential split, he expressed optimism about Optum Health’s future, describing it as in the “formative stages” of leading the U.S. healthcare system towards value-based care.

Such separation could unlock shareholder value but may also introduce complexity and regulatory challenges.

Final Perspective

Under Steve Hemsley, UnitedHealth’s path forward appears rooted in disciplined pricing, streamlined leadership, and a bold reassessment of the company’s dual-structure strategy. With Bernstein suggesting that 2026 could be a significant reset year, the healthcare giant must balance profitability with necessary transformations in a scrutinized sector.