Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 96

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 2
Chunk 96
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%118 11.6 %Carelon Services400208891498192 92.3 %393 78.9 %Corporate & Other(71)(85)(211)(169)14 (16.5)%(42)24.9 %Total operating gain$2,425$2,765$5,595$5,781$(340)(12.3)%$(186)(3.2)%Operating MarginHealth Benefits3.8 %5.8 %4.5 %6.0 %(200) bp(150) bpCarelonRx5.0 %5.7 %5.5 %6.1 %(70) bp(60) bpCarelon Services5.4 %4.6 %6.4 %5.8 %80 bp60 bpTotal operating margin4.9 %6.4 %5.7 %6.8 %(150) bp(110) bp

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

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 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, recently closed acquisitions and growth in our Medicare Advantage membership, partially offset by lower Medicaid membership.  

Operating gain decreased primarily as a result of Medicaid and Affordable Care Act health plan rates being inadequate to cover medical cost trends, partially offset by a favorable out-of-period settlement from a value-based care provider. 

CarelonRx

Operating revenue increased primarily due to higher prescription volume associated with growth in pharmacy membership and revenue related to recent acquisitions.

The increase in operating gain was primarily driven by the growth of product revenue, partially offset by expenses associated with the launch of additional services by CarelonRx.

-48-

Carelon Services

Operating revenue increased primarily due to the acquisition of CareBridge in December 2024 and the continued expansion of risk-based capabilities in our specialty care solutions and behavioral health services. 

The increase in operating gain was primarily driven by improved performance in our post-acute care, specialty care solutions and behavioral health services, as well as the acquisition of CareBridge.

Corporate & Other

Operating revenue increased primarily due to higher affiliated revenues.

Operating loss decreased primarily due to operating expense leverage.

Six Months Ended June 30, 2025 Compared to the Six Months Ended