Elevance Health posted $2.2 billion in net income during the first quarter, a nearly 13% increase compared to the same period last year, according to the company's earnings report published April 18.
"First quarter results reflect disciplined execution of our strategic initiatives during a dynamic time for our industry," President and CEO Gail Boudreaux said. "We are making significant progress expanding Carelon’s capabilities, scaling our flywheel for enterprise growth, and delivering results for all stakeholders. Given the solid start to the year, we have increased our outlook for full year earnings."
Total revenues in the first quarter were $42.6 billion, a 1% increase year over year.
Total expenses in the first quarter were $39.6 billion, a 0.2% increase.
Net income was $2.2 billion in the first quarter, up 12.9% from the same period last year.
Elevance raised its full-year earnings outlook to $37.20 in earnings per share.
Carelon, the health services arm, reported a total operating revenue of $12.1 billion in the first quarter, up 5.2% year over year. Operating margin was 6.7%.
The company's benefit expense ratio was 85.6% in the first quarter, an increase of 20 basis points year-over-year due to premium rate adjustments. Days in claims payable was 49 days as of March 31.
Total medical membership at Elevance is 46.2 million as of March 31, a decrease of 3.9% year over year, primarily due to Medicaid redeterminations. There are 32.3 million commercial members, 9.3 million Medicaid members and 2 million Medicare Advantage members.