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EXHIBIT 20
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The Board of Directors
PacifiCare Health Systems, Inc.
We have reviewed the accompanying condensed consolidated balance sheet of
PacifiCare Health Systems, Inc. as of June 30, 2000, and the related condensed
consolidated statements of operations for the three- and six-month periods ended
June 30, 2000 and 1999, and the condensed consolidated statements of cash flows
for the six-month periods ended June 30, 2000 and 1999. These financial
statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States,
which will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying condensed consolidated financial statements referred
to above for them to be in conformity with accounting principles generally
accepted in the United States.
We have previously audited, in accordance with auditing standards generally
accepted in the United States, the consolidated balance sheet of PacifiCare
Health Systems, Inc. as of December 31, 1999, and the related consolidated
statements of operations, stockholders' equity, and cash flows for the year then
ended (not presented herein) and in our report dated February 3, 2000, we
expressed an unqualified opinion on those consolidated financial statements. In
our opinion, the information set forth in the accompanying condensed
consolidated balance sheet as of December 31, 1999, is fairly stated, in all
material respects, in relation to the consolidated balance sheet from which it
has been derived.
ERNST & YOUNG LLP
Irvine, California
July 31, 2000
