Company: ELV
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001156039-25-000057
Chunk: 60

Company: Elevance Health, Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 60
---
 in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable segments). For additional information, see Note 15, “Segment Information,” of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. 

-42-

The following table presents a summary of the reportable segment financial information for the three months ended March 31, 2025 and 2024:

 Three Months Ended  March 31Three Months Ended March 31 2025 vs. 2024 Change20252024$%Operating RevenueHealth Benefits$41,431$37,258$4,173 11.2 %CarelonRx10,1168,0672,049 25.4 %Carelon Services6,5364,0092,527 63.0 %Corporate & Other16512738 29.9 %Eliminations (9,483)(7,188)(2,295)31.9 %Total operating revenue$48,765$42,273$6,492 15.4 %Operating Gain (Loss)Health Benefits$2,217$2,287$(70)(3.1)%CarelonRx60252379 15.1 %Carelon Services491290201 69.3 %Corporate & Other(140)(84)(56)66.7 %Total operating gain$3,170$3,016$154 5.1 %Operating MarginHealth Benefits5.4 %6.1 %(70) bpCarelonRx6.0 %6.5 %(50) bpCarelon Services7.5 %7.2 %30 bpTotal operating margin6.5 %7.1 %(60) bp

bp = basis point; one hundred basis points = 1%.

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Health Benefits

Operating revenue increased primarily as a result of higher premium yields driven by premium rate increases in all of our lines of business in recognition of medical cost trends and growth in our Medicare Advantage and Individual ACA membership.

Operating gain decreased primarily as a result of Medicaid rates being inadequate to cover medical cost trends, partially offset by