Total revenues in the fourth quarter were $45.4 billion, a 6.6% increase year over year. In 2024, revenue totaled $175.2 billion, up 2.9%.
Net income was $418 million in the fourth quarter, down 50.3% from the same period last year.
The insurance division reported a total operating revenue of $37.6 billion in the fourth quarter, up 2.8% year over year. Total operating revenue in 2024 was $150.3 billion, up 1.1%. The division’s operating margin was 4.2% in 2024.
Carelon, the health services arm, reported a total operating revenue of $14.7 billion in the fourth quarter, up 19% year over year. Total operating revenue in 2024 was $53.9 billion, up 12%. The division’s operating margin was 5.4% in 2024.
The company’s benefit expense ratio was 92.4% in the fourth quarter and 88.5% in 2024. Days in claims payable was 42.9 days as of Dec. 31.
Total medical membership at Elevance is nearly 45.7 million as of Dec. 31, a decrease of 2.3% year over year due to Medicaid losses. There are 8.9 million Medicaid members and 2.1 million Medicare Advantage members.
The company expects its 2025 adjusted earnings per share to be in the range of $34.15 to $34.85.
