Company: ELV
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001156039-25-000010
Chunk: 143

Company: Elevance Health, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 143
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 valuation of incurred but not paid claims.How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s actuarial process for estimating the liability for incurred but not paid claims. These audit procedures included among others, testing management review controls over completion and trend factor assumptions and the review and approval processes that management has in place for estimating the liability for incurred but not paid claims.To test the Company’s liability for incurred but not paid claims, our audit procedures included, among others, testing the completeness and accuracy of the underlying claims and membership data recorded in the source claims processing and disbursement systems to the data used by management in developing completion and trend factor assumptions and agreeing a sample of incurred and paid claims to source documentation. With the support of actuarial specialists, we evaluated the methodologies applied by the Company in determining the actuarially determined liability and management's actuarial assumptions, including trend and completion factor assumptions, used in their analysis based on historical claim experience and independently calculated a range of reasonable reserve estimates for comparison to management’s best estimate of the liability for incurred but not paid claims. Additionally, we performed a review of the prior period liabilities for incurred but not paid claims to subsequent claims development.

                                    /s/ Ernst & Young LLP

We have served as the Company’s auditor since 1944.

Indianapolis, Indiana

February 20, 2025

 -69-

Elevance Health, Inc.

Consolidated Balance Sheets

December 31,2024December 31,2023(In millions, except share data)  AssetsCurrent assets:Cash and cash equivalents$8,288 $6,526 Fixed maturity securities (amortized cost of $25,879 and $30,446; allowance for credit losses of $6 and $4)25,201 29,614 Equity securities1,192 229 Premium receivables8,011 7,902 Self-funded receivables5,044 4,558 Other receivables6,016 5,405 Other current assets4,700 5,795 Assets held for sale490 — Total current assets58,942 60,029 Long-term investments:Fixed maturity securities (amortized cost of $1,049 and $890; allowance for credit losses of $0 and $0)1,035 876 Other invested assets9,749 6,107 Property and