The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

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Employees say: "I find it unique that my company helps us when we're experiencing financial setbacks. It makes me feel like I don't have to go outside of the company for anything. I really appreciate the childcare reimbursement. The fact that the company gives us options for a food card, childcare, or transportation speaks volumes! Who does that? They all want us to succeed and be happy not only at work, but at home as well! I love it here and I plan to be here for a long time!"

Fortune 100 Best Companies to Work For

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

World's Most Admired Companies

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

GPTW_Women_Large_2024-Elevance Health_US1__20240830224000_1

Employees say:"I feel this company pays fairly and has great benefits. I'm treated well and feel like I'm listen to and heard. I feel accomplished when allowed to manage our team, make changes, and drive success. We are allowed to mentor and develop others."

100 Best Large Workplaces for Women

See which workplaces made this year's list.

© Robert Deitchler / Gensler

Employees say:"I love the emphasis and support for work/life balance as well as mental health. The opportunity for growth both through education and career advancement makes this a wonderful environment to foster success. The management team has been the best that I have ever worked for. I feel that management truly cares about me as a person and appreciates my value and contributions to the team and its success."

Best Large Workplaces in Health Care

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Fortune partners with global people analytics firm Great Place to Work to analyze survey feedback representing employees from companies across the U.S.

GPTW-Millennials-Large-2024-Elevance-Health

Employees say:"I love the emphasis and support for work-life balance as well as mental health. The opportunity for growth both through education and career advancement makes this a wonderful environment to foster success. The management team has been the best that I have ever worked for. I feel that management truly cares about me as a person and appreciates my value and contributions to the team and its success."

100 Best Large Workplaces for Millennials

Industries included in the sector are insurance and managed care, medical products and facilities, pharmacy services, and pharmaceutical companies.

Fortune Sector Leaders: Health Care

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Elevance Health

Elevance, formerly Anthem, calls itself the <a href="https://www.healthcaredive.com/news/elevance-health-us-largest-insurer-unitedhealthcare/634501/">largest</a> commercial insurer in the U.S., and contains the core brands of Anthem Blue Cross and Blue Shield, Carelon, and Wellpoint.The company developed its employee assistance program into the concierge service Associate CARE Service, which provides customized care for employees and their households, including support for mental illness, family distress, grief counseling, and substance abuse, all as part of associates’ benefits and at no extra cost.&nbsp;In 2022, the Elevance Health Foundation invested more than $84 million in grants and sponsorships, and associates volunteered 135,199 hours and generated an additional $12.5 million in community support. The foundation made a three-year commitment to invest $90 million in partnerships and programs addressing racial inequity in maternal-child health, substance abuse disorders, and food as medicine.

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

Building a culture of trust and transparency is essential to help everyone thrive, especially in rocky economic times.

100-best-companies-2023-elevance-health

Elevance Health, which says it’s the <a href="https://www.healthcaredive.com/news/elevance-health-us-largest-insurer-unitedhealthcare/634501/">largest commercial insurer in the U.S.</a> as of 2022, is known for having a culture that recognizes that it’s people who make the company great. 
<ul> 
 	<li>Elevance Health underwent a <a href="https://providers.anthem.com/docs/gpp/IN_CAID_ElevanceIntro.pdf?v=202206241915">corporate rebrand</a> in June 2022, after being previously known as Anthem.</li> 
 	<li>In 2022 the company laid off 642 employees, roughly 0.8% of its workforce.</li> 
 	<li>Recognizing that different employees have different needs and preferences, Elevance Health devised a hybrid strategy that features four distinct “flex workstyles” that managers and direct reports can use based on their individual team needs.</li> 
 	<li>In partnership with the She-Suite Brand Leadership Institute, Elevance Health launched a new program to advance high-potential women more quickly within the company.</li> 
 	<li>Elevance encourages employees to celebrate each other through the IMPACT recognition program. Colleagues can give out the Go Above award and the Go Beyond award for stellar performance.</li> 
</ul> 
 
 
&nbsp;

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-Elevance-Health

The 300 companies on this list are transforming industries from the inside out.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2023-Elevance Health

The health insurance provider’s board, including experts in the medical field and a who’s who of finance executives, also scores strongly in gender, racial, and age diversity. Its chair, Elizabeth Tallett, is a health care consultant and previously the CEO of pharmaceutical firm Transcell Technologies. Other board members include Elevance CEO Gail Boudreaux and Robert L. Dixon, former CIO of PepsiCo. Elevance’s stock is down 8% year to date, but the company plans to expand several care management programs and product offerings. Elevance hit a first-quarter profit of $2 billion, adding 1.3 million new members.

Fortune Modern Board 25

GPTW Health Care Large 2023-Elevance Health

Employees say: 
 
"Elevance Health has a significant focus on culture, and the company's approach to culture is one of the primary reasons I love working here. Additionally, the flexibility that the company provides with work-at-home options is very desirable and contributes to a good work-life balance. I find the company to be very competitive with pay, and the company does a great job for rewarding associates based on performance."

GPTW Women 2023-Elevance Health

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly half a million U.S. employees.

GPTW Millennial Large 2023-Elevance Health

Employees say: 
 
"Management and executives are very understanding and empathetic—willing to accommodate life (things that come up like childcare, pickup, etc.) They promote good work- life balance, and that means the world to employees and engenders loyalty to the company."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Elevance Health continued its brisk recent pace of growth in 2022, boosted by acquisitions and by pandemic-related spending. Revenues rose 13% to $156.6 billion. 
<ul> 
 	<li>Elevance ended 2022 with 47.5 million members on its various health insurance plans. In the first quarter of 2023 it added another 1.3 million.</li> 
 	<li>The health insurance giant agreed to purchase Blue Cross and Blue Shield of Louisiana for a reported $2.5 billion in December 2022, adding roughly 1.9 million patients to its books.</li> 
 	<li>In June 2022 Elevance consolidated all of its health care services divisions, including prescriptions fulfillment, behavioral health, and at-home care, under the new Carelon brand.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

When it comes to supporting employees, flexibility, diversity, and a few extra paid days off go a long way.

100 Best 2022 Anthem,-Inc.

When the pandemic hit, insurance giant Anthem held listening sessions and developed fresh ways to support associates. The Associate CARE Community of Service was an online community—complete with 24/7 concierge service—that assisted employees in need of food, transportation, childcare, and more. (It has since been discontinued and replaced with other wellness benefits.) Anthem also realizes the value of self-care; during Mental Health Awareness Month in 2021, employees tallied 500,000 #MeMinutes—time spent doing things like meditating, listening to podcasts, or chatting with friends. Anthem’s interest in employee input doesn’t end with COVID-era programs. The company’s IdeaHub site allows staffers to share innovative ideas for the future. “The organization as a whole is transformational,” says one employee. “They are open to new ideas, and there is no discrimination based on who the idea comes from. This fosters a great work environment and allows everyone to be heard.”

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Elevance Health, formerly known as Anthem, experienced rapid growth during the public-health crisis created by COVID-19. In 2021, its profits increased by 33.5% compared with the prior year’s, and the company announced in early 2022 that it expects medical costs to remain at a high level in the near future owing to the pandemic. Meanwhile, the health insurer added about 30% more Medicare Advantage customers in 2021 than it did the previous year, enrolling 431,000 new members in the plans.

Employees say: 
 
“What makes this company a great place of work is that we all have a relationship as if we're one big family. Everyone is so kind, caring and helpful etc. My team members and managers are very responsive and always available help is needed. And for that, it makes everyone happy and the company flourish.”

GPTW Women 2022-Elevane Health

Employees say: 
 
“Having a CEO who is both a woman and an academic All-American athlete is highly inspirational, and her empathy and concern for our members and us, the Anthem associates, come across as very genuine. Gail also ensures her hiring practices for executive leadership are inclusive of women and people of color. On a separate note, Anthem worked hard to help us get through the pandemic, especially at the beginning stages, and supported both our physical and mental health. One thing that was especially helpful during that time, and that they have since continued, is our office fitness center vendor EXOS began leading video movement and stretch breaks: 15 minutes in the morning and 15 minutes in the afternoon, respectively.”

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 Anthem

Health-insurance provider Elevance Health experienced rapid growth during the public-health crisis created by COVID-19. In 2021, its profits increased by 33.5% compared with the prior year’s, and the company announced in early 2022 that it expects medical costs to remain at a high level in the near future owing to COVID. Meanwhile, Elevance Health added about 30% more Medicare Advantage customers in 2021 than it did the previous year, enrolling 431,000 new members in the plans.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Our 2021 list of the 100 best companies to work for, as ranked by their employees. See which companies made the list.

100 Best Companies 2021-72-Anthem,-Inc.

A new addition to Fortune’s Best Companies list, health care insurance provider Anthem is no stranger to medical care crises. As the pandemic reared its ugly head, the company moved aggressively to help its employees work through the global shutdown. It offered 80 hours of additional paid leave to those who were ill or had children, and also paid for the cost of COVID testing and treatment in full.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-050-Anthem

America’s largest for-profit health insurance federation continues to roll on unabated, and, as with other industry titans, vertical integration has been its key to success in a tumultuous year. Controlling the length of a supply chain provides a bit of security in uncertain times, and Anthem’s pharmacy benefits arm IngenioRx has helped it do just that. The company’s 2020 revenue was just shy of $121 billion, a 17% increase over the previous year, assisted by a massive surge in Anthem’s Medicare Advantage business. The unit encompassing IngenioRx helped fuel a 9.3% year-over-year spike in first-quarter 2021 sales and is one of the company’s main focus areas going forward.

These companies foster supportive cultures, where employees find opportunities for growth with help from their colleagues.

Best Large Workplaces New York 2021-Anthem

Employees say: 
 
“One of the greatest perks of the company is the ability to work at home. I have worked at home my entire time with Anthem and the new technology such as Webex and Teams has allowed for connecting on a more personal level.”

35 Best Large Workplaces in New York

The best workplaces in financial services and insurance acted as generous corporate citizens amid a year of multiple crises.

Best-Workplaces-Financial-Services-Large-2021-Anthem,-Inc

Employees say: 
 
“As a female, I feel that equal pay, benefits, and advancements are better than most. I love the flexibility and work-from-home capabilities. I also appreciate the consistent yearly raises and bonuses, and I've always felt very appreciated by that.”

Best Large Workplaces in Financial Services and Insurance

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-23-Anthem

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-068-Anthem

Anthem is the largest for-profit health insurer in the sprawling Blue Cross Blue Shield federation—a compendium that includes 36 independent and locally operated companies. In 2019, the company seized on a growth opportunity by officially launching its new pharmacy benefits arm, IngenioRx. Anthem president and CEO Gail Boudreaux, who was appointed to the top perch in late 2017, has emphasized the importance of that move, citing it as the main driver for the firm’s nearly 13% increase in year-over-year operating revenue. However, as with most major health insurers, a special tax waiver for 2019 boosted Anthem’s numbers. The company has about 41 million insured members across more than two dozen states.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-029-Anthem

Anthem is the largest for-profit health insurer in the sprawling Blue Cross Blue Shield federation—a compendium that includes 36 independent and locally-operated companies. In 2019, the company seized on a growth opportunity by officially launching its new pharmacy benefits arm, IngenioRx. Anthem president and CEO Gail Boudreaux, who was appointed to the top perch in late 2017, has emphasized the importance of that move, citing it as the main driver for the firm’s nearly 13% increase in year-over-year operating revenue. However, as with most major health insurers, a special tax waiver for 2019 boosted Anthem’s numbers. The company has about 41 million insured members across more than two dozen states.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Elevance Health is a health benefits provider, offering health care coverage and specialty insurance, such as dental, vision, and life. It also operates a pharmacy service and prescription delivery business. Elevance Health was formerly known as Anthem, Inc., and does business under its Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon brands. It was the seventh-largest U.S. health care company by revenue as of 2023.

Q2 2025

Q1 2025

Q4 2024

Elevance Health (ELV): Company Profile, Stock Price, News, Rankings

legacy

Elevance Health

elevance health

Ladies and gentlemen, thank you for standing by, and welcome to the Elevance Health First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session where participants are encouraged to present a single question. As a reminder, today's conference is being recorded. I would now like to turn the conference over to the company's management.

Good morning, and welcome to Elevance Health's first quarter twenty twenty five earnings call. My name is Nathan Rich, Vice President of Investor Relations. With us this morning on the earnings call are Gail Boudreaux, President and CEO Mark Kaye, our CFO Pete Haitian, President of Carillon Morgan Kendrick, President of our Commercial Health Benefits business and Felicia Norwood, President of our Government Health Benefits business. Gail will begin the call with a review of the progress we've made against our strategic initiatives and a discussion of our first quarter performance. Mark will then discuss our financial results and outlook in greater detail.

After our prepared remarks, the team will be available for Q and A. During the call, we will reference certain non GAAP measures. Reconciliations of these non GAAP measures to the most directly comparable GAAP measures are available on our website, elevanthealth.com. We will also be making forward looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Elevance Health.

These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors discussed in today's press release and in our quarterly filings with the SEC. I will now turn the call over to Gail.

Good morning, and thank you for joining today's call. At Elevance Health, we began 02/2025 with focus, momentum, and a deep commitment to advancing our purpose to improve the health of humanity. Across our enterprise, this purpose is not an abstract mission. It's what drives how we serve our members, support care providers, and partner with communities. In the first quarter, we've seen that commitment come to life in powerful ways.

Let me begin by highlighting just a few examples of the difference we're making. We believe the health care experience should be simpler, more affordable, and more human. That's why we've made sustained investments to fundamentally transform how people experience their care. In q one, our patient advocacy solutions supported over 6,000,000 members, delivering personalized guidance to navigate benefits, manage chronic conditions, and access behavioral health services. With a 95 satisfaction rate, it's become a valuable differentiator, especially among employers seeking holistic, proactive care for their employees.

We also continue to scale HealthOS, our digital platform that integrates clinical data and insights into provider workflows. It now supports more than 88,000 care providers and over 1,200 provider organizations, enabling real time decision making and seamless prior authorizations when documentation is accurate and complete. And for high performing providers, we've gone a step further, eliminating prior authorization requirements on more than 400 outpatient procedures to reduce administrative friction and speed up access to care. These efforts are helping us reduce complexity, rebuild trust, and create a more connected care experience for both members and care providers. Across every line of business, we're addressing the full spectrum of physical, behavioral, and social health to drive better outcomes and lower total cost of care.

We're expanding our value based oncology care model to Medicare Advantage this year following success in commercial last year with reduced inpatient admissions and higher adherence to treatment protocols. These are the kind of outcomes that matter most to members and care teams alike. Through Caroline's services, we continue to expand our external reach. In q one, we launched new post acute and behavioral health contracts with health plan clients, validating our ability to deliver risk based outcomes for complex populations and reinforcing Carillon's role as a scalable platform for whole person care. We also completed the acquisition of CareBridge at the end of last year, further strengthening our capabilities in home and community based services.

By integrating these offerings into our Medicaid and dual platforms, we're delivering high touch in home support to individuals with complex needs, helping to avoid ER visits and institutional stays. And as we scale our risk based care model, we're leveraging Carillon's advanced data driven capabilities to deepen collaboration with providers and close gaps in care. These value based arrangements are not only improving quality, but have also driven nearly $100 in per member per month savings across medical and pharmacy, highlighting the impact of our whole health approach. Now turning to our first quarter results. We delivered performance in line with our expectations, reflecting consistent execution and disciplined operations despite an elevated trend environment.

Across our businesses, we're staying focused on what we can control, delivering operational results, engaging proactively with partners, and advancing our long term strategy. In Medicaid, we continue to make progress on rate alignment with April adjustments coming in as expected and early discussions for the July cohort underway. These conversations reflect a shared understanding of the need to align reimbursement with the current level of acuity of our membership. At the same time, we're partnering with states to rethink care delivery. Our long term care model continues to deliver better outcomes at lower cost by integrating home based services, behavioral health, and care coordination.

Our recent acquisition of Centers Plan for Healthy Living in New York will expand our whole health approach to deliver improved care for members and greater value for the state. In Medicare Advantage, performance was consistent with expectations. Retention remained strong and growth was targeted and disciplined, supporting both margin and membership sustainability. We remain confident in the long term outlook for MA. Stronger retention not only improves member satisfaction, it's associated with better care coordination, fewer inpatient stays, and lower overall Medicare spending.

In commercial, we're seeing strong engagement with our integrated offerings. Employers increasingly value our differentiated approach, which brings together advocacy, behavioral health, pharmacy, and specialty care into a seamless experience, we're encouraged by the momentum we have heading into the 02/1926 selling season. And while individual ACA effectuation rates have been lower, we still expect solid growth in 02/2025. Our expansion into three new states supports our broader strategy to build lifetime value through coordinated ACA and Medicaid coverage. Carillon continues to be a strategic growth engine for Elevance Health.

In the first quarter, we significantly expanded our relationships with external payers, including many Blues plans for solutions in post acute, behavioral health, specialty care, and palliative, further validating Carillon's ability to deliver outcomes beyond our own membership. These relationships underscore the strength of Carillon's operating model and its alignment with what clients are asking for, solutions that drive outcomes, reduce cost, and simplify care. We're executing with consistency, advancing our strategy with discipline, and delivering measurable value across the enterprise. What sets Elevance Health apart is not just how we perform, but why we perform. Through a purpose driven model that focuses on whole person health, supports our partners, and delivers outcomes that matter.

Before I turn it over to Mark, I wanna thank our more than 100,000 associates. Their commitment and passion continues to define our culture, power our performance, and strengthen our impact. This quarter, Elevance Health was named once again to Fortune's 100 best companies to work for. Recognized as one of America's most innovative companies, and included in the Just 100 by Just Capital, reflecting both the values we uphold and the difference we strive to make every day. With that, I'll turn it over to our CFO, Mark Kaye, to take you through the financial results and outlook.

Thank you, and good morning, everyone. As you just heard from Gail, we're encouraged by our strong start to 2025 delivering results that are aligned with the expectations we laid out at the beginning of the year. In the first quarter and as we reported on our Form eight ks filing last week, GAAP diluted earnings per share was $9.61 and adjusted diluted earnings per share was $11.97 reflecting year over year growth of more than 10% underscoring the resilience of our diversified business and disciplined execution across our strategic initiatives. We ended the first quarter with 45,800,000.0 medical members, up 99,000 from year end, driven primarily by targeted expansion and better than expected retention rates in Medicare Advantage. While our individual ACA membership grew approximately 11% sequentially, we anticipate a moderation in membership during the second quarter as effectuation rates on renewing members are tracking below our initial expectations.

Operating revenue in the quarter was 48,800,000,000.0 an increase of over 15%, principally driven by higher premium yields in our Health Benefits segment, growth in our Medicare Advantage and individual ACA membership and CalonRx product revenue. In addition, our revenue result reflects contributions from recent acquisitions, particularly in pharmacy services and home health, two areas critical to advancing our whole health strategy. These investments strengthen our ability to deliver more connected care, and we are actively integrating these assets across our health benefits and Careline platforms to improve outcomes for members and accelerate our enterprise flywheel. Our consolidated benefit expense ratio was 86.4%, an increase of 80 basis points year over year. The increase was due to higher cost trend in our Medicaid business, partially offset by out of period Medicaid premium taxes that had no material impact on operating gain.

The ratio also benefited from favorable seasonality in Medicare Part D, specifically related to the Inflation Reduction Act changes. Overall, utilization patterns in our health benefit segment remain elevated but consistent with the assumptions embedded in our full year guidance. In our Medicare Advantage business, the first quarter developed in line with expectations that high cost trends would persist in 2025 and we have maintained a prudent posture in our outlook appropriate for this early stage of the year. The adjusted operating expense ratio stood at 10.7%, an improvement of 60 basis points reflecting our commitment to disciplined expense management and thoughtful prioritization of strategic investments. Health Benefits operating gain of $2,200,000,000 declined slightly on higher Medicaid costs, partly offset by operating efficiencies.

Calon's operating gain of $1,100,000,000 grew 34% driven by growth in pharmacy volumes and the improved performance of deployed risk based capabilities. Net investment income exceeded our expectations for the first quarter. The factors driving this outperformance were incorporated in our full year guidance though the timing was earlier than anticipated. As such, we continue to expect our 2025 net investment income to align closely with our initial guidance. Turning to our balance sheet, we ended the quarter with a debt to capital ratio of approximately 41% preserving flexibility for strategic investments and future capital deployment.

Days in claims payable were forty four days as of March 31 when adjusted for the acquisition of CareBridge. The increase in DCP of zero point five days sequentially reflects our consistent and prudent approach to reserving. We continue to expect DCP to trend towards the low 40s over time. Operating cash flow totaled $1,000,000,000 and reflected timing related items that negatively impacted working capital in the quarter. Importantly, we expect these timing items to reverse as the year progresses with our outlook for operating cash flow of approximately $8,000,000,000 remaining unchanged.

We continue to approach the pacing of share repurchases opportunistically. In the quarter, we repurchased 2,200,000.0 shares of common stock for approximately $880,000,000 demonstrating our confidence in the intrinsic value of our shares. Overall, we are pleased with our start to the year and are reiterating our guidance for adjusted diluted earnings per share to be in the range of $34.15 to $34.85 Regarding earnings seasonality, we continue to expect more than 60% of adjusted earnings per share to be realized in the first half of the year. And with that operator, please open the call for questions.

You. For our first question, we'll go to the line of AJ Rice from UBS. Please go ahead.

Hi, everybody, and thanks for the question. Maybe just try to flush out some of the issues that have been raised regarding Medicare Advantage. I know it's not as large a business as for you as it is for some others, but, certainly, there's been some discussion about group MA. Are you seeing anything unusual there? There's concern about the IRA impact.

How is that shaping up so far relative to the changes and how you've incorporated them in your outlook? And then I know you said you've got an elevated trend that seems to be in the individual market tracking your expectations. Is is, do you feel like you got a good read on it, or do we really need to get the second quarter before, we have full visibility on how that's all trending?

Elevance Health (ELV) Q1 2025 Earnings Call Transcript

Company Participants