Company: ELV
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0001156039-25-000136
Chunk: 34

Company: Elevance Health, Inc.
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 34
---
 Ceded medical claims payable, end of period44 9 Gross medical claims payable, end of period$16,868 $15,185 At September 30, 2025, the total of net incurred but not reported liabilities plus expected development on reported claims was $15,223, $1,258 and $343 for the claim years 2025, 2024, and 2023 and prior, respectively.The favorable development recognized in the nine months ended September 30, 2025 resulted from trend factors in late 2024 developing more favorably than originally expected as well as a smaller contribution from faster than expected development of completion factors from the latter part of 2024.The favorable development recognized in the nine months ended September 30, 2024 resulted from faster than expected development of completion factors during the latter part of 2023, as well as trend factors in late 2023 developing more favorably than originally expected.

-24-

The reconciliation of net incurred medical claims to benefit expense included in our consolidated statements of income for the nine months ended September 30, 2025 and 2024 is as follows:20252024Net incurred medical claims with medical claims payable$103,923 $91,105 Performance-based risk arrangements without medical claims payable3,234 — Total net incurred medical claims107,157 91,105 Quality improvement and other claims expense3,001 2,962 Benefit expense$110,158 $94,067         Net incurred medical claims under certain performance-based risk arrangements that include gain or loss sharing components do not require a medical claim payable liability.The reconciliation of the medical claims payable reflected in the tables above to the consolidated ending balance for medical claims payable included in the consolidated balance sheets, as of September 30, 2025 is as follows:TotalNet medical claims payable, end of period$16,824 Ceded medical claims payable, end of period44 Insurance lines other than short duration280 Gross medical claims payable, end of period$17,148 

10.     Debt

We generally issue senior unsecured notes for long-term borrowing purposes. At September 30, 2025 and December 31, 2024, we had $31,897 and $30,843, respectively, outstanding under these notes.On September 15, 2025, we issued $750 aggregate principal amount of 4.000% Notes due 2028 (the “