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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number: 001-16751
elv-20220930_g1.jpg
ELEVANCE HEALTH, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-2145715
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification Number)
220 Virginia Avenue
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (833) 401-1577
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueELVNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒  Accelerated filer☐
Non-accelerated filer☐  Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of October 12, 2022, 238,827,582 shares of the Registrant’s Common Stock were outstanding.


Elevance Health, Inc.
Quarterly Report on Form 10-Q
For the Period Ended September 30, 2022
Table of Contents
 
  Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
-1-

PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
Elevance Health, Inc.
Consolidated Balance Sheets
September 30,
2022		December 31,
2021
(In millions, except share data)(Unaudited) 
Assets
Current assets:
Cash and cash equivalents$8,872 $4,880 
Fixed maturity securities (amortized cost of $28,306 and $25,641; allowance for credit losses of $10 and $6)
25,526 26,267 
Equity securities1,503 1,881 
Premium receivables6,682 5,681 
Self-funded receivables3,873 4,010 
Other receivables3,651 3,749 
Other current assets5,496 4,654 
Total current assets55,603 51,122 
Long-term investments:
Fixed maturity securities (amortized cost of $671 and $616; allowance for credit losses of $0 and $0)
622 632 
Other invested assets5,516 5,225 
Property and equipment, net4,197 3,919 
Goodwill24,381 24,228 
Other intangible assets10,536 10,615 
Other noncurrent assets2,171 1,719 
Total assets$103,026 $97,460 
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable$15,242 $13,518 
Other policyholder liabilities5,482 5,521 
Unearned income3,702 1,153 
Accounts payable and accrued expenses4,963 4,970 
Short-term borrowings265 275 
Current portion of long-term debt2,249 1,599 
Other current liabilities9,384 7,849 
Total current liabilities41,287 34,885 
Long-term debt, less current portion21,258 21,157 
Reserves for future policy benefits825 802 
Deferred tax liabilities, net1,825 2,805 
Other noncurrent liabilities1,788 1,683 
Total liabilities66,983 61,332 
Commitments and contingencies – Note 11
Shareholders’ equity
Preferred stock, without par value, shares authorized – 100,000,000; shares issued and outstanding – none
— — 
Common stock, par value $0.01, shares authorized – 900,000,000; shares issued and outstanding –
238,974,624 and 241,770,746
2 2 
Additional paid-in capital9,169 9,148 
Retained earnings29,604 27,088 
Accumulated other comprehensive loss(2,784)(178)
Total shareholders’ equity35,991 36,060 
Noncontrolling interests52 68 
Total equity36,043 36,128 
Total liabilities and equity$103,026 $97,460 


See accompanying notes.
-2-

Elevance Health, Inc.
Consolidated Statements of Income
(Unaudited) 
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
(In millions, except per share data)2022202120222021
Revenues
Premiums$33,722 $30,395 $99,583 $86,604 
Product revenue3,972 3,353 10,841 9,132 
Administrative fees and other revenue1,931 1,800 5,569 5,189 
Total operating revenue39,625 35,548 115,993 100,925 
Net investment income371 335 1,112 1,026 
Net (losses) gains on financial instruments(57)(61)(439)107 
Total revenues39,939 35,822 116,666 102,058 
Expenses
Benefit expense29,404 26,645 86,396 75,107 
Cost of products sold3,437 2,898 9,389 7,825 
Selling, general and administrative expense4,514 3,946 13,124 11,692 
Interest expense213 201 622 598 
Amortization of other intangible assets225 136 520 306 
Loss on extinguishment of debt— — — 5 
Total expenses37,793 33,826 110,051 95,533 
Income before income tax expense
2,146 1,996 6,615 6,525 
Income tax expense533 494 1,557 1,555 
Net income1,613 1,502 5,058 4,970 
Net loss (income) attributable to noncontrolling interests5 7 18 (3)
Shareholders’ net income$1,618 $1,509 $5,076 $4,967 
Shareholders’ net income per share
Basic $6.75 $6.20 $21.11 $20.33 
Diluted $6.68 $6.13 $20.86 $20.09 
Dividends per share$1.28 $1.13 $3.84 $3.39 
















See accompanying notes.
-3-

Elevance Health, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
(In millions)2022202120222021
Net income$1,613 $1,502 $5,058 $4,970 
Other comprehensive (loss) income, net of tax:
Change in net unrealized losses/gains on investments(639)(97)(2,630)(284)
Change in non-credit component of impairment losses on investments
(1)(1)(3)1 
Change in net unrealized gains/losses on cash flow hedges2 4 8 10 
Change in net periodic pension and postretirement costs7 8 23 26 
Foreign currency translation adjustments(7)(1)(15)(7)
Other comprehensive loss(638)(87)(2,617)(254)
Net loss (income) attributable to noncontrolling interests5 7 18 (3)
Other comprehensive loss attributable to noncontrolling interests3 1 11 1 
Total shareholders’ comprehensive income$983 $1,423 $2,470 $4,714 































See accompanying notes.
-4-

Elevance Health, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended 
 September 30
(In millions)20222021
Operating activities
Net income$5,058 $4,970 
Adjustments to reconcile net income to net cash provided by operating activities:
Net losses (gains) on financial instruments439 (107)
Equity in net earnings of other invested assets(304)(437)
Depreciation and amortization1,202 942 
Deferred income taxes(170)114 
Share-based compensation191 196 
Changes in operating assets and liabilities:
Receivables, net(678)(1,751)
Other invested assets46 (56)
Other assets(474)(470)
Policy liabilities1,537 2,328 
Unearned income2,548 (308)
Accounts payable and other liabilities598 1,093 
Income taxes(41)168 
Other, net(35)10 
Net cash provided by operating activities9,917 6,692 
Investing activities
Purchases of investments(19,612)(15,130)
Proceeds from sale of investments9,402 8,339 
Maturities, calls and redemptions from investments7,606 3,388 
Changes in securities lending collateral(677)(1,030)
Purchases of subsidiaries, net of cash acquired(623)(3,442)
Purchases of property and equipment(854)(747)
Other, net(91)(50)
Net cash used in investing activities(4,849)(8,672)
Financing activities
Net proceeds from (repayments of) commercial paper borrowings375 (150)
Proceeds from long-term borrowings1,286 3,462 
Repayments of long-term borrowings(982)(954)
Proceeds from short-term borrowings1,365 175 
Repayments of short-term borrowings(1,375)— 
Changes in securities lending payable685 1,030 
Changes in bank overdrafts181 316 
Repurchase and retirement of common stock(1,748)(1,378)
Cash dividends(924)(831)
Proceeds from issuance of common stock under employee stock plans152 161 
Taxes paid through withholding of common stock under employee stock plans(91)(101)
Other, net16 8 
Net cash (used in) provided by financing activities(1,060)1,738 
Effect of foreign exchange rates on cash and cash equivalents(16)(9)
Change in cash and cash equivalents3,992 (251)
Cash and cash equivalents at beginning of period4,880 5,741 
Cash and cash equivalents at end of period$8,872 $5,490 








See accompanying notes.
-5-

Elevance Health, Inc.
Consolidated Statements of Changes in Equity
(Unaudited)
Total Shareholders’ Equity
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Equity
(In millions)Number of
Shares		Par
Value
December 31, 2021 (audited)241.8 $2 $9,148 $27,088 $(178)$68 $36,128 
Adoption of Accounting Standards Update 2020-06 (Note 2)— — — (23)— — (23)
January 1, 2022241.8 2 9,148 27,065 (178)68 36,105 
Net income (loss)— — — 1,805 — (10)1,795 
Other comprehensive loss— — — — (1,058)(5)(1,063)
Noncontrolling interests adjustment— — — — — 3 3 
Repurchase and retirement of common stock(1.2)— (45)(500)— — (545)
Dividends and dividend equivalents— — — (312)— — (312)
Issuance of common stock under employee stock plans, net of related tax benefits0.5 — 39 — — — 39 
Convertible debenture repurchases, conversions and tax adjustments— — 9 — — — 9 
March 31, 2022241.1 2 9,151 28,058 (1,236)56 36,031 
Net income (loss)— — — 1,653 — (3)1,650 
Other comprehensive loss— — — — (913)(3)(916)
Noncontrolling interests adjustment— — — — — 5 5 
Repurchase and retirement of common stock(1.3)— (48)(576)— — (624)
Dividends and dividend equivalents— — — (310)— — (310)
Issuance of common stock under employee stock plans, net of related tax benefits0.2 — 111 — — — 111 
Convertible debenture repurchases and conversions— — (80)— — — (80)
June 30, 2022240.0 2 9,134 28,825 (2,149)55 35,867 
Net income (loss)— — — 1,618 — (5)1,613 
Other comprehensive loss— — — — (635)(3)(638)
Noncontrolling interest adjustment— — — — — 5 5 
Repurchase and retirement of common stock(1.2)— (47)(532)— — (579)
Dividends and dividend equivalents— — — (307)— — (307)
Issuance of common stock under employee stock plans, net of related tax benefits0.2 — 103 — — — 103 
Convertible debenture repurchases and conversions— — (21)— — — (21)
September 30, 2022239.0 $2 $9,169 $29,604 $(2,784)$52 $36,043 

See accompanying notes.
-6-

Elevance Health, Inc.
Consolidated Statements of Changes in Equity (continued)
(Unaudited)
Total Shareholders’ Equity
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss) 		Noncontrolling
Interests		Total
Equity
(In millions)Number of
Shares		Par
Value
January 1, 2021245.4 $3 $9,244 $23,802 $150 $— $33,199 
Net income— — — 1,665 — 2 1,667 
Other comprehensive loss— — — — (345)(2)(347)
Accumulated noncontrolling interests— — — — — 65 65 
Repurchase and retirement of common stock(1.4)(1)(53)(393)— — (447)
Dividends and dividend equivalents— — — (281)— — (281)
Issuance of common stock under employee stock plans, net of related tax benefits
0.9 — 62 — — — 62 
March 31, 2021244.9 2 9,253 24,793 (195)65 33,918 
Net income— — — 1,793 — 8 1,801 
Other comprehensive income— — — — 178 2 180 
Noncontrolling interests adjustment— — — — — 3 3 
Repurchase and retirement of common stock
(1.3)— (47)(433)— — (480)
Dividends and dividend equivalents— — — (279)— — (279)
Issuance of common stock under employee stock plans, net of related tax benefits
0.3 — 119 — — — 119 
Convertible debenture repurchases and conversions
— — (216)— — — (216)
June 30, 2021243.9 2 9,109 25,874 (17)78 35,046 
Net income (loss)— — — 1,509 — (7)1,502 
Other comprehensive loss— — — — (86)(1)(87)
Noncontrolling interests adjustment— — — — — 1 1 
Repurchase and retirement of common stock
(1.2)— (44)(407)— — (451)
Dividends and dividend equivalents
— — — (276)— — (276)
Issuance of common stock under employee stock plans, net of related tax benefits
0.1 — 75 — — — 75 
Convertible debenture repurchases and conversions
— — (2)— — — (2)
September 30, 2021242.8 $2 $9,138 $26,700 $(103)$71 $35,808 





See accompanying notes.
-7-

Elevance Health, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
September 30, 2022
(In Millions, Except Per Share Data or As Otherwise Stated Herein)
 
1.     Organization
On May 18, 2022, our shareholders approved a proposal to amend our amended and restated articles of incorporation to change our name from Anthem, Inc. to Elevance Health, Inc. This amendment and name change went into effect on June 27, 2022. We began operating as Elevance Health, Inc. and trading under our new ticker symbol “ELV” on June 28, 2022. References to the terms “we,” “our,” “us” or “Elevance Health” used throughout these Notes to Consolidated Financial Statements refer to Elevance Health, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico, unless the context otherwise requires.
Elevance Health is a health company with the purpose of improving the health of humanity. We are the largest health insurer in the United States in terms of medical membership, serving over 47 million medical members through our affiliated health plans as of September 30, 2022. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, provider network access, medical management, care management and wellness programs, actuarial services and other administrative services. We also provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Health Benefits (“FEHB”) Program. We provide an array of specialty services both to our subsidiary health plans and also unaffiliated health plans, including pharmacy benefits management (“PBM”) services and dental, vision, life, disability and supplemental health insurance benefits, as well as integrated health services.
We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, and Empire Blue Cross Blue Shield or Empire Blue Cross. In addition, we conduct business through arrangements with other BCBS licensees as well as other strategic partners. Through our subsidiaries, we also serve customers in numerous states as AIM Specialty Health, Amerigroup, Aspire Health, Beacon, CareMore, Freedom Health, HealthLink, HealthSun, Integra Managed Care, MMM, Optimum HealthCare, Simply Healthcare, and/or UniCare. We offer PBM services through our IngenioRx, Inc. (“IngenioRx”) subsidiary. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries.
As part of our name change to Elevance Health, on June 15, 2022 we announced that over the next several years we will organize our brand portfolio into the following core go-to-market brands:
•Anthem Blue Cross/Anthem Blue Cross and Blue Shield — represents our existing Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed plans;
•Wellpoint — we intend to unite select non-BCBSA licensed Medicare, Medicaid and Commercial plans under the Wellpoint name; and
•Carelon — this brand will bring together our healthcare brands and capabilities, including our Diversified Business Group and IngenioRx business under a single brand name. We now refer to our Diversified Business Group as Carelon. In January 2023, IngenioRx will become CarelonRx.
There are currently no segment changes associated with this branding strategy. Our branding strategy reflects the evolution of our business from a traditional health insurance company to a lifetime, trusted health partner, and given this evolution we are in the process of reviewing and modifying how we will manage our businesses in the future.
-8-

2.     Basis of Presentation and Significant Accounting Policies
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our 2021 Annual Report on Form 10-K, unless the information contained in those disclosures materially changed or is required by GAAP. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the consolidated financial statements as of and for the three and nine months ended September 30, 2022 and 2021 have been recorded. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022, or any other period. The seasonal nature of portions of our health care and related benefits business, competitive and other market conditions, as well as COVID-19 related impacts, may cause full-year results to differ from estimates based upon our interim results of operations. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2021 included in our 2021 Annual Report on Form 10-K.
Certain of our subsidiaries operate outside of the United States and have functional currencies other than the U.S. dollar (“USD”). We translate the assets and liabilities of those subsidiaries to USD using the exchange rate in effect at the end of the period. We translate the revenues and expenses of those subsidiaries to USD using the average exchange rates in effect during the period. The net effect of these translation adjustments is included in “Foreign currency translation adjustments” in our consolidated statements of comprehensive income.
Cash and Cash Equivalents: