Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 45

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 45
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 our strategy to be a lifetime, trusted health partner.

• Our NEOs are provided with a shared set of goals designed to promote strong financial performance, as well as our achievement of other strategic measures.

• We continue to include Adjusted Net Income and Operating Revenue as our financial metrics to maintain a focus on our core operating results and top-line growth that is balanced against non-financial measures to ensure appropriate focus on our strategic goals.

• Additionally, how our growth compares to our peers is important. To ensure we focus on this, our AIP includes a modifier for relative performance that is applied based on our Adjusted Net Income growth and Total Revenue growth compared to our direct industry comparator group (collectively with us, our “Peer Modifier Group”).

• We continue to include non-financial strategic measures through our Star Ratings, Consumer Effort and Improving the Health of Humanity performance measures, which include goals that address health disparities, community engagement and provider collaboration.

• The Committee believes the AIP performance measures strengthen our focus on financial results and align with our business strategy.

• Finally, while the Company uses defined performance measures and weightings to determine an overall funding level for the Company’s AIP bonus pool, individual AIP awards are not purely formulaic. In determining the amount of the actual AIP award to be paid to each NEO, the Committee considers the CEO’s recommendations for each NEO (excluding the CEO) and the NEO’s individual contribution toward reaching our pre-determined enterprise goals.

#### Annual Incentive Award Calculation
The annual incentive award is calculated as follows for all NEOs.

| Base Salary         
 (Eligible Earnings) |     | × |     | Target Incentive 
 Percent          |     | × |     | Enterprise        
 Performance       
 Dashboard Results 
 as a % of Target  |     | × |     | Relative Peer 
 Modifier      |

<div align='center'>+/–</div>

| Individual Performance Modifier |

In the first quarter of each year, the Committee approves for each NEO an AIP target award expressed as a percentage of base salary actually paid during the year (eligible earnings). In setting the target award percentages for the NEOs, the Committee considers several factors, including comparator group market data, individual performance evaluations and internal equity. No changes were made to target award percentages in 2024 for any of the NEOs. Ms. Boudreaux's target award percentage remained at 200% and Mr. Kaye's, Mr. Haytaian's, Ms. Norwood's and