Elevance Health, formerly Anthem, saw its net income decrease 8.4 percent year over year, but the company exceeded expectations with its adjusted earnings, according to its second-quarter earnings report filed July 20.
"The disciplined execution of our strategy, and the balance and resilience of our diversified portfolio of businesses has enabled us to deliver another quarter of strong organic growth, and we have raised our outlook for 2022 earnings per share as a result," President and CEO Gail Boudreaux said. "Our recent name change to Elevance Health and the broader rebranding strategy underscores our transformation to a lifetime, trusted health partner and our diversified set of businesses that lend resilience in any business environment."
Seven things to know:
- Medical enrollment is 47.1 million members as of June 30, an increase of 2.7 million, or 6.1 percent year over year. Medical enrollment increased by 276,000 in the second quarter alone.
- Government business enrollment increased by 1.6 million lives year over year and was mostly driven by organic growth in Medicaid.
- Commercial and specialty business enrollment increased by 1.2 million year over year and was mostly driven by fee-based and risk-based sales.
- Premiums increased 16 percent year over year to nearly $33.1 billion.
- Total revenues in the second quarter were $38.6 billion, rising from $33.9 billion, or a 14.1 percent increase year over year.
- Total expenses in the second quarter were $36.5 billion, rising from $31.5 billion, or a 15.8 percent increase year over year.
- Net income in the second quarter was $1.65 billion, decreasing from $1.8 billion, or 8.4 percent year over year.