Elevance Health reported double-digit revenue growth and beat investor expectations in 2022, but posted a slight dip in profits year-over-year, according to the company's fourth quarter earnings report published Jan. 25.
"Last year marked the fifth consecutive year in which we met or exceeded our long-term adjusted earnings per share growth target, and we are well-positioned to do it again in 2023," President and CEO Gail Boudreaux said.
The company said Jan. 23 it intends to purchase BCBS Louisiana, the 15th state where the company would operate an Anthem BCBS plan.
Elevance Health's total revenues in 2022 were $156.6 billion, a 13 percent increase year over year. In the fourth quarter, revenues were $39.9 billion.
The company's total expenses for 2022 were $148.8 billion, a 13.9 percent increase since 2021. Fourth quarter expenses were $38.8 billion.
In the fourth quarter, net income was $949 million, down 16.5 percent from the same period last year. Year-end net income was over $6 billion, down 1.3 percent from 2021.
The company's benefit expense ratio was 89.4 percent in the fourth quarter, and 87.4 percent for 2022, a decrease of 10 basis points year-over-year. Days in claims payable was 47.7 days as of Dec. 31.
Total medical membership at Elevance is 47.5 million as of Dec. 31, an increase of 2.2 million, or 4.8 percent year-over-year. There are 31.4 million commercial and specialty members, 11.6 million Medicaid members, nearly 2 million Medicare Advantage members and 947,000 Medicare supplement plans.
Elevance expects adjusted net income to be greater than $32.60 per share in 2023.