Company: ELV
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001156039-25-000057
Chunk: 84

Company: Elevance Health, Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 2
Chunk 84
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$%Total operating revenue$48,765$42,273$6,492 15.4 %Net investment income590465125 26.9 %Net losses on financial instruments(464)(161)(303)188.2 %Total revenues$48,891$42,577$6,314 14.8 %Benefit expense35,31230,5464,766 15.6 %Cost of products sold4,9833,8251,158 30.3 %Operating expense5,3004,886414 8.5 %Other expense1 499381118 31.0 %Total expenses46,09439,6386,456 16.3 %Income before income tax expense2,7972,939(142)(4.8)%Income tax expense613690(77)(11.2)%Net income$2,184$2,249$(65)(2.9)%Net income attributable to noncontrolling interests(1)(3)2 NMShareholders’ net income$2,183$2,246$(63)(2.8)%Average diluted shares outstanding227.2234.2(7.0)(3.0)%Diluted shareholders’ earnings per share$9.61$9.59$0.02 0.2 %Effective tax rate21.9 %23.5 %(160) bp3Benefit expense ratio286.4 %85.6 %80 bp3Operating expense ratio410.9 %11.6 %(70) bp3Income before income tax expense as a percentage of total revenues5.7 %6.9 %(120) bp3Shareholders’ net income as a percentage of total revenues4.5 %5.3 %(80) 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 March 31, 2025 and 2024 were $40,887 and $35,696, 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 March 31