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Schedule II-Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II-Condensed Financial Information of Registrant
Elevance Health, Inc. (Parent Company Only)
Balance Sheets
(In millions, except share data)December 31,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$2,548 $1,870 
Equity securities24 487 
Other receivables99 49 
Net due from subsidiaries208 4,697 
Other current assets683 705 
Total current assets3,562 7,808 
Other invested assets3,830 3,636 
Property and equipment, net151 159 
Investments in subsidiaries71,721 63,173 
Other noncurrent assets689 584 
Total assets$79,953 $75,360 
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses$1,292 $737 
Current portion of long-term debt1,099 1,649 
Other current liabilities687 610 
Total current liabilities3,078 2,996 
Long-term debt, less current portion30,772 29,193 
Deferred tax liabilities, net10 55 
Other noncurrent liabilities2,211 1,801 
Total liabilities36,071 34,045 
Commitments and contingencies—Note 5
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 - 220,723,898 and 227,479,695
2 2 
Additional paid-in capital8,938 8,911 
Retained earnings35,393 33,549 
Accumulated other comprehensive loss(451)(1,147)
Total shareholders’ equity43,882 41,315 
Total liabilities and shareholders’ equity$79,953 $75,360 
 














See accompanying notes.
Elevance Health, Inc. (Parent Company Only)
Statements of Income
Years ended December 31
(In millions)202520242023
Revenues
Net investment income$45 $110 $25 
Net losses on financial instruments
(101)(23)(100)
Service fees12 9 8 
Total revenues (losses)
(44)96 (67)
Expenses
Operating expense327 279 352 
Interest expense1,391 1,172 1,017 
Total expenses1,718 1,451 1,369 
Loss before income tax benefit and equity in net income of subsidiaries
(1,762)(1,355)(1,436)
Income tax benefit
(698)(477)(214)
Equity in net income of subsidiaries6,726 6,858 7,209 
Shareholders’ net income$5,662 $5,980 $5,987 































See accompanying notes.
Elevance Health, Inc. (Parent Company Only)
Statements of Comprehensive Income
Years ended December 31
(in millions)202520242023
Shareholders’ net income
$5,662 $5,980 $5,987 
Other comprehensive income (loss), net of tax:
Change in net unrealized gains/losses on investments
629 109 1,123 
Change in non-credit component of impairment losses on investments(1)1 — 
Change in net unrealized gains/losses on cash flow hedges8 4 18 
Change in net periodic pension and other benefit costs
67 60 40 
Change in future policy benefits(3)(2)(3)
Foreign currency translation adjustments(4)(6)(1)
Other comprehensive income
696 166 1,177 
Total shareholders’ comprehensive income$6,358 $6,146 $7,164 
 
































See accompanying notes.
Elevance Health, Inc. (Parent Company Only)
Statements of Cash Flows
Years ended December 31
(In millions)202520242023
Net cash provided by operating activities$4,839 $1,451 $4,113 
Investing activities
Purchases of investments(296)(3,240)(95)
Proceeds from sales, maturities, calls and redemptions of investments580 1,567 212 
Capitalization of subsidiaries(1,567)(324)(363)
Changes in securities lending collateral17 (16)42 
Purchases of property and equipment, net of sales(43)(36)(55)
Net cash (used in) provided by investing activities
(1,309)(2,049)(259)
Financing activities
Proceeds from long-term borrowings2,991 7,710 2,574 
Repayments of long-term borrowings(2,147)(1,650)(1,909)
Changes in securities lending payable(17)16 (42)
Repurchase and retirement of common stock(2,605)(2,900)(2,676)
Cash dividends(1,611)(1,586)(1,466)
Proceeds from issuance of common stock under employee stock plans79 221 152 
Taxes paid through withholding of common stock under employee stock plans(32)(109)(99)
Changes in bank overdrafts
500 (717)152 
Other, net(10)— 1 
Net cash provided by (used in) financing activities
(2,852)985 (3,313)
Change in cash and cash equivalents678 387 541 
Cash and cash equivalents at beginning of year1,870 1,483 942 
Cash and cash equivalents at end of year$2,548 $1,870 $1,483 











See accompanying notes.
1. Basis of Presentation and Significant Accounting Policies
In the parent company only financial statements of Elevance Health, Inc. (“Elevance Health”), Elevance Health’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. Elevance Health’s share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting.
Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Elevance Health.
Elevance Health’s parent company only financial statements should be read in conjunction with Elevance Health’s audited consolidated financial statements and the accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K.
2. Subsidiary Transactions
Dividends from Subsidiaries
Elevance Health received cash dividends from subsidiaries of $2,543, $6,322 and $4,909 during 2025, 2024 and 2023, respectively.
Dividends to Subsidiaries
Certain subsidiaries of Elevance Health own shares of Elevance Health common stock. Elevance Health paid cash dividends to subsidiaries related to these shares of common stock in the amount of $82, $78 and $71 during 2025, 2024 and 2023, respectively.
Investments in Subsidiaries
Capital contributions to subsidiaries were $1,567, $324 and $363 during 2025, 2024 and 2023, respectively.
Amounts Due From and To Subsidiaries
At December 31, 2025 and 2024, Elevance Health reported amounts due from and (to) subsidiaries of $208 and $4,697, respectively. The amounts due from and (to) subsidiaries primarily include amounts for allocated operating expenses or daily cash management activities. These items are routinely settled, and as such, are classified as current liabilities or assets.
Guarantees on Behalf of Subsidiaries
Elevance Health guarantees contractual or financial obligations or solvency requirements for certain of its subsidiaries. These guarantees approximated $819 and $912 at December 31, 2025 and 2024, respectively.
3. Derivative Financial Instruments
The information regarding derivative financial instruments contained in Note 6, “Derivative Financial Instruments,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
4. Long-Term Debt
The information regarding long-term debt contained in Note 13, “Debt,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
5. Commitments and Contingencies
The information regarding commitments and contingencies contained in Note 14, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
6. Capital Stock
The information regarding capital stock contained in Note 15, “Capital Stock,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.