Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 46

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 46
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 announced in 2022, over the next several years we are organizing our brand portfolio into the following core go-to-marketbrands:

| • |     | Anthem Blue Cross/Anthem Blue Cross and Blue Shield—represents our existing Anthem-branded and affiliated 
 Blue Cross and/or Blue Shield licensed plans;                                                             |

| • |     | Wellpoint—we are uniting select non-BCBSA licensed Medicare, 
 Medicaid and commercial plans under the Wellpoint name; and  |

| • |     | Carelon—this brand brings together our healthcare-related brands and capabilities, including our CarelonRx 
 and Carelon Services businesses, under a single brand name.                                                |

Our branding strategy reflects the evolution of our business from a traditional health insurance company to a lifetime, trusted health partner. Given this evolution, we reviewed and modified how we manage our business, monitor our performance and allocate our resources, and made changes to our reportable segments beginning in the first quarter of 2023. The results of our operations are now reported in the following four reportable segments: Health Benefits (aggregates our previously reported Commercial & Specialty Business and Government Business segments), CarelonRx, Carelon Services (previously included in our Other segment) 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). In 2022, we managed and presented our operations through the following four reportable segments: Commercial & Specialty Business, Government Business, CarelonRx and Other. Elevance Health is incorporated under the laws of the State of Indiana. Our principal executive offices are located at 220 Virginia Avenue, Indianapolis, Indiana 46204 and our telephone number is (833) 401-1577.We maintain a website at www.elevancehealth.comwhere general information about us is available. We are not incorporating the contents of the website into this prospectus or any prospectus supplement. If you would like to find more information about us, please see the sections entitled “ Where You Can Find More Information”and “Incorporation of Certain Documents by Reference” in this prospectus. RISK FACTORS Investing in our securities involves certain risks. Before acquiring any securities, you should carefully consider, among other things, the matters discussed under “Risk Factors” in Item 1A of our Annual Report on Form 10-Kfor the year ended December31, 2022, which are incorporated by reference herein, the risk factors described under the