Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 92

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 2
Chunk 92
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7)%Net income attributable to noncontrolling interests(1)(1)(2)(4)— NM2 NMShareholders’ net income$1,743$2,300$3,926$4,546$(557)(24.2)%$(620)(13.6)%Average diluted shares outstanding225.8233.4226.5233.8(7.6)(3.3)%(7.3)(3.1)%Diluted shareholders’ earnings per share$7.72$9.85$17.33$19.44$(2.13)(21.6)%$(2.11)(10.9)%Effective tax rate23.9 %22.9 %22.8 %23.2 %100 bp3(40) bp3Benefit expense ratio288.9 %86.3 %87.7 %85.9 %260 bp3180 bp3Operating expense ratio410.1 %11.7 %10.5 %11.6 %(160) bp3(110) bp3Income before income tax expense as a percentage of total revenues4.6 %6.8 %5.2 %6.9 %(220) bp3(170) bp3Shareholders’ net income as a percentage of total revenues3.5 %5.2 %4.0 %5.3 %(170) bp3(130) bp3

Certain of the following definitions are also applicable to all other results of operations tables in this discussion:

NM    Not meaningful.

1    Includes interest expense and amortization of other intangible assets.

2    Benefit expense ratio represents benefit expense as a percentage of premium revenue. Premiums for the three months ended June 30, 2025 and 2024 were $41,271 and $35,416, respectively. Premiums for the six months ended June 30, 2025 and 2024 were $82,158 and $71,112, respectively. 

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

4    Operating expense ratio represents operating expense as a percentage of total operating revenue.

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024 

Total operating revenue increased primarily as a result of premium rate increases in our Health Benefits segment in recognition of medical cost trends, recent acquisitions