Elevance Health, Inc. (formerly known as Anthem) reported strong third quarter 2023 profits of $1.3 billion, beating analysts’ expectations. Operating gain, excluding adjustment items, grew 12.6% year over year to $2.5 billion. Elevance also reported strong third quarter operating revenues, which grew 7.2% over the prior year quarter to $42.5 billion. In its health benefits segment, Elevance posted $36.7 billion in operating revenue.
In addition, Elevance reported total medical membership of 47.3 million as of September 30, 2023, with membership growth driven primarily by growth in BlueCard, Affordable Care Act, and Medicare Advantage plans.
In a press release announcing its third quarter earnings, Elevance CEO Gail Boudreaux stated: “Elevance Health delivered another quarter of solid performance reflecting the strength and balance of our diversified portfolio of businesses….” As a result of its strong earnings report, Elevance raised its earnings forecast for 2023 to at least $33 per share.
Elevance is the largest Blue Cross and Blue Shield licensee, operating Blues plans in fourteen states.
Elevance’s press release announcing its third quarter 2023 results is linked here.