Elevance Health posts $2B profit in Q1

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

"Elevance Health is off to a strong start in 2023, driven by our continued focus on whole health and advancing health beyond healthcare," President and CEO Gail Boudreaux said.

Total revenues in the first quarter were $42.2 billion, a 10.7 percent increase year over year.

Total expenses in the first quarter were $39.6 billion, a 10.5 percent increase since 2022.

Net income was $2 billion in the first quarter, up 12.6 percent from the same period last year. 

Carelon reported a total operating revenue of $11.3 billion in the first quarter, up 17.7 percent year over year. Operating gain was $721 million, up 20.6 percent.

The company's benefit expense ratio was 85.8 percent in the first quarter, a decrease of 30 basis points year-over-year due to commercial risk-based plans. Days in claims payable was 46 days as of March 31.

Total medical membership at Elevance is 48.1 million as of March 31, an increase of 1.3 million, or 2.9 percent year-over-year. There are 11.9 million Medicaid members and more than 2 million Medicare Advantage members. The company noted that commercial fee-based, Medicaid, MA, and ACA plans all grew, while there was attrition with its employer group risk-based business.

Adjusted net income is expected to be greater than $32.70 per share in 2023.

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