Company: ELV
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001156039-25-000057
Chunk: 47

Company: Elevance Health, Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 47
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010 $3,010 $10 $(2,974)$30,546 Cost of products sold— 7,373 — 7,373 — (3,548)$3,825 Operating expense4,471 171 709 880 201 (666)4,886 Operating gain (loss)$2,287 $523 $290 $813 $(84)$— $3,016 A reconciliation of reportable segments’ operating revenue to the amounts of total revenues included in our consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended  March 31 20252024Reportable segments’ operating revenue48,765 42,273 Net investment income590 465 Net losses on financial instruments(464)(161)Total revenues$48,891 $42,577 

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A reconciliation of reportable segments' operating gain to income before income tax expense included in our consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended  March 31 20252024Income before income tax expense2,797 2,939 Net investment income(590)(465)Net losses on financial instruments464 161 Interest expense344 265 Amortization of other intangible assets155 116 Reportable segments’ operating gain3,170 3,016 

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(In Millions, Except Per Share Data or as Otherwise Stated Herein)

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the accompanying consolidated financial statements and notes, as well as our consolidated financial statements and notes as of and for the year ended December 31, 2024 and the MD&A included in our 2024 Annual Report on Form 10-K. References to the terms “we,” “our,” “us,” or “Elevance Health” used throughout this MD&A refer to Elevance Health, Inc., an Indiana corporation, and, unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico, unless the context otherwise requires.

Results of operations, cost of care trends, investment