Elevance Health, Inc. (ELV)

Elevance Health is one of the largest U.S. health insurers, serving approximately 47.5 million medical members as of December 31, 2022, through affiliated health plans across Individual, Group, Medicaid, and Medicare markets. The company operates as an independent licensee of the Blue Cross and Blue Shield Association, serving as the Blue Cross or BCBS licensee in 14 states, doing business under brands such as Anthem Blue Cross and Empire Blue Cross Blue Shield, while also operating through subsidiaries including Amerigroup, CareMore, HealthLink, MMM, Simply Healthcare, and Wellpoint. Beyond risk-based insurance products, Elevance provides fee-based managed care services (claims processing, stop loss insurance, provider network access, medical management, and administrative services), federal government services through its Federal Health Products & Services business administering the FEHB program, and specialty offerings including dental, vision, life, disability, and supplemental health insurance.

Its CarelonRx subsidiary (formerly IngenioRx) delivers pharmacy benefit management services, including formulary management, pharmacy networks, and mail-order capabilities, while delegating certain administrative functions to CVS Health under an agreement through 2024. The company is licensed to conduct insurance operations in all 50 states, the District of Columbia, and Puerto Rico. In 2022, Elevance managed operations through four segments—Commercial & Specialty, Government, CarelonRx, and Other—but restructured effective January 1, 2023, into Health Benefits (combining Commercial & Specialty and Government), CarelonRx, Carelon Services (health services focused on care delivery, behavioral health, and analytics), and Corporate and Other.

As part of its 2022 rebranding from Anthem to Elevance Health, the company is consolidating its brand portfolio into three go-to-market brands: Anthem Blue Cross/Blue Shield, Wellpoint, and Carelon. Approximately 28% of total consolidated revenues in each of 2022, 2021, and 2020 came from U.S. government agencies, primarily reflected in the Government segment. The company competes in the highly competitive managed care and PBM industries based on service quality, pricing, provider network access, digital capabilities, product breadth, and brand recognition, leveraging its BCBS brand strength, provider contracting strategies (including value-based and pay-for-performance models), and extensive medical management, care coordination, and wellness programs—such as its Sydney Health digital platform, 24/7 NurseLine, and CareMore and Aspire Health subsidiaries—to manage costs and improve member outcomes.