Sector: Healthcare|Industry: Healthcare Plans|Market Cap: $84.94B|Employees: 104.9K
Elevance Health, Inc. is a leading health company that offers a variety of health plans and services, including medical, pharmacy, and behavioral health. The company operates as an independent licensee of the Blue Cross and Blue Shield Association, serving members across multiple states. Elevance Health's core business model focuses on providing managed care solutions to individuals, employers, and government-sponsored programs.
Total operating revenue increased to $42.273B, a 0.9% increase YoY, primarily due to premium rate increases across all lines of business, partially offset by declines in Medicaid membership. Product revenue also contributed to the increase.
Net income increased to $2.249B, a 12.2% increase YoY, primarily driven by improved operating gain performance and increased net investment income, partially offset by increased income tax expense and net losses on financial instruments.
Operating cash flow decreased from $6.469B to $1.978B YoY, primarily due to the timing of CMS payments received in the prior year quarter, with the April 2023 premium payments being received in the first quarter of 2023.