Exhibit 25.1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)   ☐

The Bank of New York Mellon Trust Company, N.A.

(Exact name of trustee as specified in its charter)

N/A	95-3571558
(State of incorporation if not a U.S. national bank)	(I.R.S. employer identification no.)
333 South Hope Street, Suite 2525 Los Angeles, California	90071
(Address of principal executive offices)	(Zip code)

Legal Department

The Bank of New York Mellon Trust Company, N.A.

240 Greenwich Street

New York, New York 10286

(212) 635-1270

(Name, address and telephone number of agent for service)

Elevance Health, Inc.

(Exact name of obligor as specified in its charter)

Indiana	35-2145715
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
220 Virginia Avenue	46204
Indianapolis, Indiana	(Zip code)
(Address of principal executive offices)

SENIOR DEBT SECURITIES

SUBORDINATED DEBT SECURITIES

(Title of the indenture securities)

Item 1.General information.

Furnish the following information as to the trustee:

(a)Name and address of each examining or supervising authority to which it is subject.

Name	Address
Comptroller of the Currency – United States Department of the Treasury	Washington, D.C. 20219
Federal Reserve Bank	San Francisco, California 94105
Federal Deposit Insurance Corporation	Washington, D.C. 20429

(b)Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2.Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

Item 16.List of Exhibits.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).

1.A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A.. (Exhibit 1 to Form T-1 filed pursuant to Section 305(b)(2) of the Act in connection with Registration Statement No. 333-135006-10).

2.A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).

3.A copy of the authorization of the trustee to exercise corporate trust powers. (Exhibit 3 to Form T-1 filed pursuant to Section 305(b)(2) of the Act in connection with Registration Statement No. 333-135006-10).

4.A copy of the existing by-laws of the trustee. (Exhibit 4 to Form T-1 filed pursuant to Section 305(b)(2) of the Act in connection with Registration Statement No. 333-333-229762).

5.Not applicable.

6.The consent of the trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed pursuant to Section 305(b)(2) of the Act in connection with Registration Statement No. 333-135006-10).

7.A copy of the latest report of condition of the trustee published pursuant to law or to the requirements of its supervising or examining authority.

8.Not applicable.

9.Not applicable.

SIGNATURE

Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the city of Jacksonville and State of Florida, on the 31st day of October, 2023.

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
By:	/s/ Terence Rawlins
	Name:	Terence Rawlins
	Title:	Vice President

Exhibit 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

of 333 South Hope Street, Suite 2525, Los Angeles, CA 90071

At the close of business June 30, 2023, published in accordance with Federal regulatory authority instructions.

			Dollar amounts in thousands
ASSETS
Cash and balances due from depository institutions:
	Noninterest-bearing balances and currency and coin			7,759
	Interest-bearing balances			477,398
Securities:
	Held-to-maturity securities			0
	Available-for-sale debt securities			1,042
	Equity securities with readily determinable fair values not held for trading			0
Federal funds sold and securities
	purchased under agreements to resell:
	Federal funds sold in domestic offices			0
	Securities purchased under agreements to resell			0
Loans and lease financing receivables:
	Loans and leases held for sale			0
	Loans and leases, held for investment	0
	LESS: Allowance for loan and
	lease losses	0
	Loans and leases held for investment,
	net of allowance	0
Trading assets				0
Premises and fixed assets (including capitalized leases)				12,825
Other real estate owned				0
Investments in unconsolidated subsidiaries and associated companies				0
Direct and indirect investments in real estate ventures				0
Intangible assets				856,313
Other assets				111,444
Total assets				$1,466,781

Exhibit 7

LIABILITIES
Deposits:
In domestic offices			1,366
	Noninterest-bearing	1,366
	Interest-bearing	0
Federal funds purchased and securities
	sold under agreements to repurchase:
	Federal funds purchased in domestic offices		0
	Securities sold under agreements to repurchase		0
Trading liabilities			0
Other borrowed money:
(includes mortgage indebtedness and obligations under capitalized leases)			0
Not applicable
Not applicable
Subordinated notes and debentures			0
Other liabilities			256,455
Total liabilities			257,821
Not applicable
EQUITY CAPITAL
Perpetual preferred stock and related surplus			0
Common stock			1,000
Surplus (exclude all surplus related to preferred stock)			326,030
Not available
Retained earnings			881,933
Accumulated other comprehensive income			-3
Other equity capital components			0
Not available
Total bank equity capital			1,208,960
Noncontrolling (minority) interests in consolidated subsidiaries			0
Total equity capital			1,208,960
Total liabilities and equity capital			1,466,781

I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.

Matthew J. McNulty ) CFO

Exhibit 7

We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.

Antonio I. Portuondo, President	)
Loretta A. Lundberg, Managing Director	)	Directors (Trustees)
Jon M. Pocchia, Managing Director	)