Elevance Health 4Q Profit Slips While Revenue Grows

By Dean Seal

Elevance Health Inc. reported a smaller profit but higher revenue in its final quarter of the year as membership in Medicaid and Medicare Advantage grew.

The health insurer and Blue Cross Blue Shield owner, formerly known as Anthem Inc., reported a profit of $949 million, or $3.93 a share, compared with $1.14 billion, or $4.63 a share, in the same period a year ago.

Stripping out one-time items, adjusted earnings were $5.23 a share. Analysts polled by FactSet had been expecting $5.19 a share.

Total revenue grew to $39.93 billion from $36.58 billion last year. Analysts had been expecting $39.77 billion, according to FactSet.

Operating revenue rose 10.1% on membership growth in Medicaid, growth in Medicare Advantage and premium-rate increases that covered overall cost trends.

Shares edged slightly lower to $475.08 in premarket trading.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

01-25-23 0635ET