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Retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
We sponsor various qualified defined benefit plans through certain subsidiaries. Future benefit accruals for these plans are frozen, but participants continue to earn interest on existing account balances. We fund our qualified pension plans in amounts that are at least sufficient to meet minimum amounts required by law. Qualified pension plan expenses and valuations are dependent on assumptions used by third-party actuaries in calculating those amounts. These assumptions include discount rates, expected rates of return on plan assets, retirement rates, mortality rates and other factors.
We also sponsor the Elevance Health 401(k) Plan, which is a qualified defined contribution plan covering substantially all employees. Voluntary employee contributions are matched by us subject to certain limitations. Contributions made by us totaled $317, $314 and $316 during 2025, 2024 and 2023, respectively.
The benefit obligations and fair value of plan assets for the qualified pension plans as of December 31, 2025 and 2024 were as follows:
 20252024
Benefit obligation
$(1,195)$(1,225)
Fair value of plan assets
1,816 1,764 
Over (under) funded status
$621 $539 
Prepaid pension benefits for the qualified pension plans are reported with “Other noncurrent assets” on the consolidated balance sheets.
As of December 31, 2025, our estimated future payments for the qualified pension plans are as follows: 2026, $129; 2027, $106; 2028, $103; 2029, $99; 2030, $95; and 2031-2035, $439.
The net periodic benefit cost (credit) for the qualified pension plans included in “Operating expense” in the consolidated statements of income was ($17), ($38) and ($46) for the years ending December 31, 2025, 2024 and 2023, respectively. The net pre-tax actuarial losses included in accumulated other comprehensive income (loss) for the qualified pension plans that have not been recognized as net periodic benefit cost were ($509) and ($574) as of December 31, 2025 and 2024, respectively.
The following table represents the significant weighted-average actuarial assumptions for the qualified pension plans:
Net periodic benefit cost
202520242023
Discount rate5.47 %4.91 %5.18 %
Expected rate of return on plan assets5.63 %6.47 %6.58 %
Interest crediting rate4.50 %4.50 %4.25 %
Benefit obligation
202520242023
Discount rate5.24 %5.47 %4.91 %
Interest crediting rate4.50 %4.50 %4.50 %
The fair values of our qualified pension plan assets by category at December 31, 2025 and 2024 were as follows:
20252024
Cash and cash equivalents
$32 $36 
Fixed maturity securities
704 620 
Equity securities
269 378 
Mutual funds48 44 
Insurance company contracts
142 143 
Collective investment trusts484 413 
Commingled fund86 69 
Partnerships
51 61 
Total fair value of plan assets
$1,816 $1,764 
As of December 31, 2025 and 2024, there were no significant concentrations of investments in the pension plan assets. No plan assets were invested in Elevance Health common stock. The weighted-average target allocation for pension plan assets is 75% fixed maturity securities, 20% equity securities, and 5% to all other types of investments. 
Qualified pension plan assets recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Equity securities, comprised of U.S. and foreign securities, and mutual funds are classified as Level I. Fixed maturity securities, comprised of corporate bonds, government securities and asset-backed securities, are classified as Level II. Insurance company contracts are classified as Level III. There were no transfers into or out of Level III during the years ended December 31, 2025, 2024 and 2023 nor was the activity for the Level III assets significant for these periods. In accordance with FASB guidance, certain other investments including collective investment trusts, a commingled fund and partnership investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. See Note 7, “Fair Value,” for additional information regarding the definition of level inputs and the other investments.