Elevance Health posted $856 million in net income during the fourth quarter, according to the company's year-end 2023 earnings report published Jan. 24.
Total revenues in the fourth quarter were $42.6 billion, a 6.8% increase year over year. In 2023, revenue totaled $171.3 billion, up 9.4%.
Net income was $856 million in the fourth quarter, down 1% from the same period last year. In 2023, the company posted a net income of nearly $6 billion, up 1.6%.
The insurance division reported a total operating revenue of $36.5 billion in the fourth quarter, up 4.4% year over year. Total operating revenue in 2023 was $170.2 billion, up 9.3%. The division's operating margin was 4.6% in 2023.
Carelon, the health services arm, reported a total operating revenue of $12.4 billion in the fourth quarter, up 14.1% year over year. Total operating revenue in 2023 was $41.4 billion, up 15.9%. The division's operating margin was 5.5% in 2023.
The company's benefit expense ratio was 89.2% in the fourth quarter and 87% in 2023. Days in claims payable was 47.3 days as of Dec. 31.
Total medical membership at Elevance is nearly 47 million as of Dec. 31, a decrease of 1.2% year over year due to Medicaid redeterminations and losses in the employer group business. There are 10.5 million Medicaid members and 2 million Medicare Advantage members.
The company's full-year 2024 guidance is $37.10 in earnings per share.