Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 76

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 76
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 Health Care Index, the same peer group as reported in Part II, Item 5 in our Form 10-K.

(4) Our 2021 and 2022 Net Income was recast in 2023 to include the impact of the Accounting Standards Update 2018-12 Adoption. Therefore, the 2021 and 2022 Net Income reported in these disclosures has been adjusted to reflect the recast amounts.

(5) Our Company-selected measure is “ Adjusted Net Income," calculated as GAAP Shareholders' Net Income, as adjusted for those items set forth in Annex Ato this Proxy Statement, and further adjusted for those items that the Committee believes distort the view of management performance and that, if not adjusted, might misalign management incentives under the AIP. For 2024, these additional adjustments included a $17.3 million decrease related to 2024 acquisitions. For 2023, these additional adjustments included a $29.3 million net decrease to exclude 2023 acquisitions and other non-material administrative adjustments. For 2022, these additional adjustments included a $131.0 million increase to exclude the impact of the Accounting Standards Update 2018-12 Adoption and a $50.8 million net decrease to exclude 2022 acquisitions and other non-material administrative adjustments. For 2021, these additional adjustments included a $54.0 million decrease to exclude the impact of the Accounting Standards 2018-12 Adoption and a $111.0 million net decrease to exclude 2021 acquisitions and other non-material administrative adjustments. For 2020, these additional adjustments included a $267.3 million increase related to our response to the COVID-19 pandemic.

#### Relationship between Pay and Performance
As shown in the following charts, Net Income and Adjusted Net Income have generally increased or remained approximately flat year-over-year since 2020, while the PEO and other NEOs’ Compensation Actually Paid has varied significantly each year. This is primarily due to the significant emphasis we place on equity-based compensation, which is sensitive to changes in our stock price and is more closely aligned with our Total Shareholder Return.

| Most Important Measures for Determining NEO Pay |     |                      |
| Adjusted Net Income                             |     | Operating Revenue    |
| Adjusted Net Income Growth                      |     | Total Revenue Growth |

#### 2025 Proxy Statement69
Audit Committee Matters

| PROPOSAL 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 Ratification of the Appointment of Independent Registered Public Accounting Firm