Company: ELV
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0001156039-25-000104
Chunk: 9

Company: Elevance Health, Inc.
Filing Date: 2025-06-24
Form: 11-K
Chunk 9
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 liability through corroboration with market data; and Level 3, unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions were used to determine the fair value of investments recorded at fair value in the statements of net assets available for benefits.

Elevance Health common stock: Valued at the closing price on the New York Stock Exchange on the last business day of the plan year.

Mutual funds: Valued at quoted market prices, which represent net asset value ("NAV") of shares held by the Plan.

Self-directed brokerage accounts: The self-directed brokerage account allows participants the opportunity to invest in a wide array of individual securities including stocks, mutual funds, exchange-traded funds, unit investment trusts, corporate bonds, U.S. Treasury securities, and certificates of deposits, which are primarily valued using quoted prices in active markets.

Collective investment trusts (CITs): Valued based on the NAV of the units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the trust less its liabilities. There are no restrictions on redemptions from the CITs and no unfunded commitments.

The following table set forth by level within the fair value hierarchy a summary of the Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2024:

| December 31, 2024                  |     | Total |                |     | Level 1 |             |     | Level 2 |           |     | Level 3 |        |
|:-----------------------------------|:----|:------|---------------:|:----|:--------|------------:|:----|:--------|----------:|:----|:--------|-------:|
| Elevance Health common stock       |     | $     |    408,045,086 |     | $       | 408,045,086 |     | $       |         — |     | $       |      — |
| Mutual funds                       |     |       |    329,248,156 |     |         | 329,248,156 |     |         |         — |     |         |      — |
| Self-directed brokerage accounts   |     |       |