Exhibit 99.1

Health Net, Inc.

Unaudited Pro Forma Consolidated Financial Statements

The following unaudited pro forma consolidated financial information has been prepared to reflect the December 11, 2009 sale of all of the outstanding shares of capital stock of the Acquired Companies. At the closing of the transaction, affiliates of United also acquired membership renewal rights for the Health Net Life Insurance Company’s health care business in the states of Connecticut and New Jersey. The details of the disposition are described in Item 2.01 of this Current Report.

In connection with the closing of the disposition of the Company’s Northeast Operations, Health Net of the Northeast, Inc. (a wholly owned subsidiary of the Company) has entered into administrative services agreements with United and certain of its affiliates (collectively, the “ASA”). Under the terms of the ASA, the Company will continue to manage the business of the Acquired Companies until all members are either transitioned to legacy United entities or non-renewed. The ASA is expected to be in effect for approximately two years following the closing of the disposition (“Transition Period”). In compensation for the Company’s provision of ASA services, United will pay to the Company certain defined billable expenses incurred by the Company.

Pursuant to the Stock Purchase Agreement (“SPA”) dated July 20, 2009, United will pay the Company the Acquired Companies’ adjusted tangible net equity (“ATNE”) determined at the date of closing, plus $60 million referred to as the initial membership payment and additional contingent consideration based on the number of the legacy Company members that transfer to legacy United entities. Additionally, the SPA requires United and the Company to make quarterly payments to each other which are based on the Acquired Companies’ net income (loss) during the term of the ASA adjusted for certain specified items, including tax expenses (benefits), investment income and the profit (loss) related to the Acquired Companies’ Medicare product (“quarterly net payments”). The ATNE is estimated to be approximately $462 million at September 30, 2009. The fair value of the additional contingent consideration is estimated to be approximately $101 million.

In connection with the SPA, ASA and other related agreements, the Company identified and valued the following elements: (i) the Acquired Companies’ stock, (ii) a covenant not to compete, (iii) a guarantee of certain tax obligations, and (iv) the service obligations defined in the ASA. Based on the estimated fair values, the Company allocated approximately $60 million of the expected consideration to be received from United to the ASA service obligations and $5 million of the guarantee. The Company recorded the $60 million related to the ASA as deferred revenue and will recognize the deferred revenue as earned over the term of the ASA. The $5 million related to the fair value of the guarantee will be recognized as the fair value of the guarantee changes. The remaining expected consideration was allocated to the fair value of the Acquired Companies’ stock. For purposes of calculating the gain or loss resulting from the sale of the Acquired Companies, the Company’s policy is not to recognize contingent consideration until received; therefore, the fair value of the contingent consideration was excluded from the loss on sale and the contingent consideration will be recognized as received. The loss on sale at closing is estimated to be approximately $100 million and such estimate is subject to change.

At closing, the Company received $290 million of the estimated ATNE and will receive the remaining estimated $172 million in two installments to be paid by United annually on the first and second anniversary of the closing date. The $172 million was discounted at 16% (which was derived based on weighted average cost of capital) and the discount will be accreted to income on an effective yield basis based on the payment terms. The total discount was approximately $34 million. Also, at closing, the Company received the $60 million referred to as the initial membership payment. The estimated contingent consideration is expected to be received during the two year period subsequent to the closing.

During the three and nine month periods ended September 30, 2009 (“third quarter”), the Company determined that the disposition was probable and classified the Acquired Companies’ assets and liabilities as held for sale. In connection with the determination that the disposition was probable, the Company was required to reassess its operating and reporting segments and reallocate its goodwill. As a result of the reassessment, the Company determined it had three reporting segments versus the two previous segments. The three reporting segments are: West Operations, Northeast Operations and Government Contracts. The Company also determined that it was required to reallocate its goodwill based on the new reporting segments and assess whether the goodwill and other long lived assets in each of the new reporting segments was impaired. The Company determined that the goodwill in the Northeast Operations was impaired and recorded a charge of approximately $137 million. Additionally, during the third quarter, the Company recorded an impairment charge of approximately $23.4 million related to the equipment that will be used by the Company to administer the ASA and $4.2 million related to long-lived asset held for sale. And, during the third quarter, the Company recorded a $6 million charge related to the fair value of the assets and liabilities held for sale exceeding their carrying value.

The Acquired Companies will be deconsolidated from the Company; however, due to the Company’s significant continuing involvement required by the SPA and ASA, the initial deconsolidation of the Acquired Companies will not be accounted for and reported as discontinued operations.

The Company is continuing to evaluate the impact of the disposition on its operating results during the Transition Period, including the expected reduced profitability as a result of the wind down costs and severance costs expected to be incurred as the Company reduces its workforce and operations related to the administration of the ASA.

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Health Net, Inc.

Unaudited pro forma consolidated statement of operations

For the fiscal year ended December 31, 2008

(Amounts in thousands, except per share, PMPM and ratio data)

See accompanying notes to unaudited pro forma consolidated financial statements.

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Health Net, Inc.

Unaudited pro forma consolidated statement of operations

For the nine months ended September 30, 2009

(Amounts in thousands, except per share, PMPM and ratio data)

See accompanying notes to unaudited pro forma consolidated financial statements.

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Health Net, Inc.

Unaudited pro forma consolidated balance sheet

As of September 30, 2009

(Amounts in thousands, except per share information)

See accompanying notes to unaudited pro forma consolidated financial statements.

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Notes to unaudited pro forma consolidated financial statements:

The unaudited pro forma consolidated statements of operations for the fiscal year ended December 31, 2008 and the nine months ended September 30, 2009 give effect to the disposition as if it had occurred on January 1, 2008. The unaudited pro forma consolidated balance sheet as of September 30, 2009 is presented as if the disposition occurred on September 30, 2009.

The unaudited pro forma consolidated financial information has been prepared based upon available information and management estimates; actual amounts may differ from these estimated amounts. The unaudited pro forma consolidated financial information is not necessarily indicative of the financial position or results of operations that might have occurred had the disposition occurred as of the dates stated above. The pro forma adjustments are described in the notes below.

The unaudited pro forma consolidated financial information should be read in conjunction with the Company’s Current Report on Form 8-K, in which this presentation is included, dated December 17, 2009, the audited financial statements and notes and related Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and the Company’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2009.

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Use of proceeds

The Company is currently evaluating its options to maximize the return on the proceeds received from the disposition. Available options include share buyback, increased investment portfolio, debt pay-down, future acquisitions and other operational use. No pro forma adjustments related to the potential investment income on the cash proceeds are reflected in the pro forma results.

Transaction costs

Various transaction costs were incurred in connection with the disposition and were not included as part of the pro forma adjustments. Amounts incurred were $11.1 million and $0.9 million for the nine months ended September 30, 2009 and the year ended December 31, 2008, respectively

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