Elevance Health, Inc. (ELV)

Elevance Health is a large U.S. health company that provides managed care health insurance and related health services, with the stated aim of delivering integrated, whole health solutions across the care journey through medical, pharmacy and behavioral health offerings. As of December 31, 2025, it served approximately 45.2 million medical members through its affiliated health plans. It earns revenue from risk-based premiums, administrative fees from self-funded employers, and pharmacy and health service fees through its Carelon businesses. About 32% of 2025 consolidated revenues came from U.S. government agencies.

The company reports four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. Health Benefits offers Individual, Employer Group (risk-based and fee-based), BlueCard, Medicare, Medicaid and Federal Employee Program plans. Products include PPO, HMO, consumer-driven, indemnity and point-of-service plans, Medicare Advantage, Medicare Supplement, and Medicaid managed care. Specialty offerings include stop loss, dental, vision and supplemental health insurance, and the segment also acts as a Medicare Parts A and B administrative contractor. CarelonRx provides pharmacy services such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks and rebate administration. It also operates ambulatory infusion centers added through the 2024 Paragon Healthcare acquisition. Carelon Services, through Carelon Health and Carelon Insights, integrates physical, behavioral, pharmacy and social-care capabilities, including in-home and virtual care for chronic and complex populations. It includes CareBridge, acquired at the end of 2024. Corporate & Other holds businesses below the segment thresholds plus unallocated corporate expenses.

Customers include individuals, employer groups from small to large national employers, educational and public entities, labor groups, federal employees, and state-run Medicaid programs, along with unaffiliated health plans that buy specialty and pharmacy services. Products reach customers through direct marketing, independent agents, brokers, retail partnerships, an in-house sales force and digital platforms. The company is an independent licensee of the Blue Cross and Blue Shield Association. It operates as the Blue Cross licensee in California and the Blue Cross and Blue Shield licensee in Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, most of Missouri, Nevada, New Hampshire, New York, Ohio, most of Virginia, and Wisconsin. It also serves members under the Wellpoint, Carelon, MMM and Simply Healthcare brands. It is licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico, and it provides Medicaid services in 24 states, the District of Columbia and Puerto Rico. Public Exchange coverage expanded in 2025 into select areas of Florida, Maryland and Texas. An immaterial amount of revenue comes from outside the U.S. and Puerto Rico.

Operationally, the company contracts with hospitals, physicians and other providers to build care networks, and it promotes value-based payment models. It also draws on other BCBS licensees' networks through the BlueCard program. CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, a CVS Health subsidiary, under an agreement running through December 31, 2027, with an option for a three-year extension. The company will stop offering Medicare Part D plans in 2026. Its results depend on managing healthcare costs, CMS Star Ratings, and the federal and state regulatory environment. The text does not name its headquarters or specific competitors.