Elevance Health posts $1.9B profit in Q2

Elevance Health posted double-digit revenue growth and beat investor expectations in the second quarter of 2023, according to the company's earnings report published July 19.

"Our focused efforts to optimize our mature businesses, invest in high-growth opportunities, and accelerate our growth through Carelon to meet the whole health needs of consumers positions us well for the rest of 2023 and beyond," President and CEO Gail Boudreaux said.

Total revenues in the second quarter were $43.7 billion, a 13 percent increase year over year.

Total expenses in the second quarter were $41.2 billion, a 12.9 percent increase since 2022.

Net income was $1.9 billion in the second quarter, up 13.2 percent from the same period last year. 

Adjusted net income is expected to be greater than $32.85 per share in 2023.

Carelon reported a total operating revenue of $11.9 billion in the second quarter, up 18.4 percent year over year. Operating gain was $632 million, up 6.8 percent.

The company's benefit expense ratio was 86.4 percent in the second quarter, a decrease of 70 basis points year-over-year due to premium rate adjustments. Days in claims payable was 46.5 days as of June 30.

Total medical membership at Elevance is 48 million as of June 30, an increase of 2 percent year-over-year. There are 11.8 million Medicaid members and 2.1 million Medicare Advantage members. 

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