Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 38

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 38
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 |     | Felicia F. Norwood                                               |     | C. Morgan Kendrick, Jr.                                                         |
| President and ChiefExecutive Officer(CEO) |     | Executive Vice      
 President and Chief 
 Financial Officer   
 (CFO)               |     | Executive VicePresident andPresident of Carelonand CarelonRx |     | Executive VicePresident andPresident ofGovernmentHealth Benefits |     | Executive Vice Presidentand President ofCommercial andSpecialty Health Benefits |

#### Executive Summary
Executive Compensation Philosophy and Program Objectives

The Committee oversees the compensation program for our executive officers, including our NEOs, and determines their compensation. Our executive compensation program, which we refer to as Total Rewards, is designed to:

• Attract, engage, motivate, retain and appropriately reward executives for their contributions to our business, our consumers, our associates and our shareholders.

• Closely align executive interests and rewards with the interests of our shareholders.

• Demonstrate the commitment of our Company and our Board to integrate the interests of our stakeholders (consumers, shareholders, providers and associates) with our practices and executive rewards.

• Drive the achievement of the Company’s purpose, values and strategy.

• Deliver compensation that is commensurate with Company and individual performance within the context of the external market.

| Our Total Rewards program is intended to be generally consistent in design and in aggregate size with market and good corporate governance practices |     | We consider both external competitiveness and internal equity in the operation and administration of our program |     | These objectives are extended beyond the executive ranks to include all associates and are intended to promote the Company’s culture, as well as enhance teamwork and equitable treatment |

A foundation of our strategy is to deliver on our commitments to those we serve as a lifetime, trusted health partner. It is important that pay for our most senior leaders reflects their performance in delivering on those commitments.

#### 2025 Proxy Statement41

#### Executive Compensation
To further these objectives, our Total Rewards program aligns to and emphasizes the long-term performance of the Company by focusing on our purpose, our strategy and our values:

| Purpose                          
 Improving the Health of Humanity |     |                                                                                                   |     |                                                                                                                                                       |     |                                                                                                                                               |     |                                                                                              |
|                                  |     | Strategy Framework                                                                                |     |                                                                                                                                                       |     |                                                                                                                                               |     |                                                                                              |
|                                  |     | Investing in our talent                                                                           |     | Transforming our business model                                                                                                                       |     | Executing on growth opportunities                                                                                                             |     | Enabling care providers