Elevance Health Files Q2 2024 10-Q

TL;DR

Elevance Health (formerly Anthem) dropped its Q2 10-Q. Check financials.

AI Summary

Elevance Health, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Anthem, Inc., is a major player in the hospital and medical service plans industry. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Elevance Health, crucial for understanding the company's health and market position in the healthcare sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new or elevated risks.

Key Players & Entities

• Elevance Health, Inc. (company) — Filer of the 10-Q
• Anthem, Inc. (company) — Former name of Elevance Health
• June 30, 2024 (date) — End of the reporting period
• 20240717 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value ELV New York Stock Exchange

Filing Documents

• elv-20240630.htm (10-Q) — 2013KB
• exhibit311-20240630q22024.htm (EX-31.1) — 10KB
• exhibit312-20240630q22024.htm (EX-31.2) — 10KB
• exhibit321-20240630q22024.htm (EX-32.1) — 5KB
• exhibit322-20240630q22024.htm (EX-32.2) — 5KB
• elv-20240630_g1.jpg (GRAPHIC) — 20KB
• 0001156039-24-000104.txt ( ) — 10465KB
• elv-20240630.xsd (EX-101.SCH) — 48KB
• elv-20240630_cal.xml (EX-101.CAL) — 87KB
• elv-20240630_def.xml (EX-101.DEF) — 228KB
• elv-20240630_lab.xml (EX-101.LAB) — 745KB
• elv-20240630_pre.xml (EX-101.PRE) — 509KB
• elv-20240630_htm.xml (XML) — 2057KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 2 Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity (Unaudited) for the Six Months Ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 52

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 52

RISK FACTORS

ITEM 1A. RISK FACTORS 52

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 53

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 53

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 53

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 53

EXHIBITS

ITEM 6. EXHIBITS 54

SIGNATURES

SIGNATURES 55 -1-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Elevance Health, Inc. Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share data) Assets Current assets: Cash and cash equivalents $ 6,497 $ 6,526 Fixed maturity securities (amortized cost of $ 29,834 and $ 30,446 ; allowance for credit losses of $ 4 and $ 4 ) 28,900 29,614 Equity securities 594 229 Premium receivables 8,040 7,902 Self-funded receivables 5,297 4,558 Other receivables 5,881 5,405 Other current assets 6,464 5,795 Assets held for sale 601 — Total current assets 62,274 60,029 Long-term investments: Fixed maturity securities (amortized cost of $ 867 and $ 890 ; allowance for credit losses of $ 0 and $ 0 ) 849 876 Other invested assets 6,810 6,107 Property and equipment, net 4,450 4,359 Goodwill 25,962 25,317 Other intangible assets 10,447 10,273 Other noncurrent assets 2,196 1,967 Total assets $ 112,988 $ 108,928 Liabilities and equity Liabilities Current liabilities: Medical claims payable $ 15,204 $ 16,111 Other policyholder liabilities 4,939 5,600 Unearned income 1,481 1,402 Accounts payable and accrued expenses 5,760 6,910 Short-term borrowings 225 225 Current portion of long-term debt 2,900 1,649 Other current liabilities 11,139 9,894 Liabilities held for sale 165 — Total current liabilities 41,813 41,791 Long-term debt, less current portion 24,561 23,246 Reserves for future policy benefits 295 778 Deferred tax liabilities, net 2,037 1,970 Other noncurrent liabilities 1,985 1,738 Total liabilities 70,691 69,523 Commitments and contingencies – Note 11 Shareholders' equity Preferred stock, without par value, shares authorized – 100,000,000 ; shares issued and outstanding – none — — Common stock, par value $ 0.01 , shares authorized – 900,000,000 ; shares issued and outstanding – 231,902,075 and 233,071,088 2 2 Additional paid-in capital 9,001 8,868 Retained earnings 34,575 31,749 Accumulated other

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) June 30, 2024 (In Millions, Except Per Share Data or As Otherwise Stated Herein) 1. Organization References to the terms "we," "our," "us" or "Elevance Health" used throughout these Notes to Consolidated Financial Statements refer to Elevance Health, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the "states" include the District of Columbia and Puerto Rico unless the context otherwise requires. Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving nearly 46 million medical members through our affiliated health plans as of June 30, 2024. As a lifetime, trusted health partner, we offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. We provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Health Benefits ("FEHB") Program. We provide an array of specialty services both to customers of our subsidiary health plans and also to unaffiliated health plans, including pharmacy services, dental, vision and supplemental health insurance benefits, as well as integrated health services. We are an independent licensee of the Blue Cross and Blue Shield Association ("BCBSA"), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield ("BCBS") licensee for Colorado, Connecticut,

View Full Filing

View this 10-Q filing on SEC EDGAR