Elevance Health, Inc. (formerly known as Anthem) reported strong Second quarter 2023 profits with double-digit growth in profits and operating revenue. Elevance reported profits of $1.9 billion, an increase of 13.2% over the prior year quarter’s profits. Elevance’s second quarter revenues were also sharply up, growing 13% over the prior year quarter to $43.7 billion. These results beat analysts’ expectations.
These results followed strong first quarter 2023 earnings. For the first six months of 2023, Elevance reported $3.8 billion in profits, up 12.1% from the first half of 2022.
In addition, Elevance reported strong membership growth for the first half of the year, adding 938,000 members compared to the first half of 2022. At the end of the second quarter, Elevance had 48 million members, making it the largest health insurer in the United States. This growth was driven primarily by growth in its Medicare Advantage, Medicaid, and Affordable Care Act marketplace products.
Elevance is the largest Blue Cross and Blue Shield licensee, operating Blues plans in fourteen states. In addition, Elevance is in the process of acquiring Blue Cross and Blue Shield of Louisiana, which will be its fifteenth Blue state and is expected to add 1.6 million members and $4.5 billion in revenue in 2024.
As a result of its strong earnings report, Elevance raised its earnings forecast for 2023 to at least $32.85 a share.
Elevance’s press release announcing its second quarter 2023 results is linked here.