Total revenues in the second quarter were $43.9 billion, a 0.5% increase year over year.
Total expenses in the second quarter were $40.9 billion, a 0.8% increase.
Net income was $2.3 billion in the second quarter, up 24.1% from the same period last year. The company’s operating margin was 6.4%.
Elevance affirmed its full-year earnings outlook to at least $37.20 in earnings per diluted share.
Carelon, the health services arm, reported a total operating revenue of $13.3 billion in the second quarter, up 10% year over year. Operating margin was 6.7%.
The company’s benefit expense ratio was 86.3% in the second quarter, an increase of 10 basis driven primarily by premium rate adjustments to cover medical costs. Days in claims payable was 45.3 days as of June 30.
Total medical membership at Elevance is 45.8 million as of June 30, a decrease of 4.6% year over year, primarily due to Medicaid redeterminations. There are 32.3 million commercial members, 9 million Medicaid members and 2 million Medicare Advantage members.
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