Elevance Health Q3 2024 10-Q Filing

TL;DR

Elevance Health's Q3 2024 10-Q is in. Check financials for the latest.

AI Summary

Elevance Health, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, comparing them to the same periods in 2023. Key financial metrics and operational details are provided in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Elevance Health, a major health benefits company.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 2024-10-17 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024 Q3 — Fiscal Quarter (Specifies the third quarter of the fiscal year 2024.)

Key Players & Entities

• Elevance Health, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241017 (date) — Filing date
• Anthem, Inc. (company) — Former company name
• WELLPOINT, INC (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• elv-20240930.htm (10-Q) — 2075KB
• exhibit311-20240930q32024.htm (EX-31.1) — 10KB
• exhibit312-20240930q32024.htm (EX-31.2) — 10KB
• exhibit321-20240930q32024.htm (EX-32.1) — 5KB
• exhibit322-20240930q32024.htm (EX-32.2) — 5KB
• elv-20240930_g1.jpg (GRAPHIC) — 20KB
• 0001156039-24-000122.txt ( ) — 10781KB
• elv-20240930.xsd (EX-101.SCH) — 49KB
• elv-20240930_cal.xml (EX-101.CAL) — 90KB
• elv-20240930_def.xml (EX-101.DEF) — 252KB
• elv-20240930_lab.xml (EX-101.LAB) — 774KB
• elv-20240930_pre.xml (EX-101.PRE) — 532KB
• elv-20240930_htm.xml (XML) — 2098KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 2 Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity (Unaudited) for the Nine Months Ended September 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 53

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 53

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 53

RISK FACTORS

ITEM 1A. RISK FACTORS 53

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 54

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 54

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 54

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 54

EXHIBITS

ITEM 6. EXHIBITS 55

SIGNATURES

SIGNATURES 56 -1-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Elevance Health, Inc. Consolidated Balance Sheets September 30, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share data) Assets Current assets: Cash and cash equivalents $ 7,866 $ 6,526 Fixed maturity securities (amortized cost of $ 28,739 and $ 30,446 ; allowance for credit losses of $ 2 and $ 4 ) 28,954 29,614 Equity securities 1,113 229 Premium receivables 7,209 7,902 Self-funded receivables 5,135 4,558 Other receivables 6,055 5,405 Other current assets 5,949 5,795 Assets held for sale 565 — Total current assets 62,846 60,029 Long-term investments: Fixed maturity securities (amortized cost of $ 883 and $ 890 ; allowance for credit losses of $ 0 and $ 0 ) 893 876 Other invested assets 9,394 6,107 Property and equipment, net 4,505 4,359 Goodwill 25,967 25,317 Other intangible assets 10,325 10,273 Other noncurrent assets 2,603 1,967 Total assets $ 116,533 $ 108,928 Liabilities and equity Liabilities Current liabilities: Medical claims payable $ 15,346 $ 16,111 Other policyholder liabilities 4,402 5,600 Unearned income 1,793 1,402 Accounts payable and accrued expenses 6,255 6,910 Short-term borrowings 360 225 Current portion of long-term debt 2,100 1,649 Other current liabilities 11,614 9,894 Liabilities held for sale 163 — Total current liabilities 42,033 41,791 Long-term debt, less current portion 24,688 23,246 Reserves for future policy benefits 248 778 Deferred tax liabilities, net 2,092 1,970 Other noncurrent liabilities 3,593 1,738 Total liabilities 72,654 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 – 231,929,643 and 233,071,088 2 2 Additional paid-in capital 9,105 8,868 Retained earnings 35,157 31,749 Accumulated

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) September 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 September 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, Co

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View this 10-Q filing on SEC EDGAR