Elevance Health

Elevance Health, Inc. (NYSE: ELV) is one of the largest health insurers in the United States, serving approximately 45.2 million medical members through affiliated health plans as of December 31, 2025. The company operates as an independent licensee of the Blue Cross and Blue Shield Association, holding BCBS licenses across multiple states including California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin. Elevance Health's website is www.elevancehealth.com.

The company operates through four reportable segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. The Health Benefits segment represents the largest portion of operations, offering comprehensive managed care risk-based plans and administrative services across Individual, Employer Group, Medicaid, Medicare, and Federal Employee Program markets. CarelonRx provides pharmacy services including home delivery, specialty pharmacies, claims adjudication, formulary management, and ambulatory infusion centers to both internal and external customers. Carelon Services integrates physical, behavioral, pharmacy, and social-care capabilities through Carelon Health and Carelon Insights businesses, offering whole-health solutions and analytics-driven services.

Elevance Health generates approximately 32 percent of total consolidated revenues from U.S. government agencies, primarily through Medicare and Medicaid programs. The company operates under recognized brands including Anthem Blue Cross, Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon. Its competitive positioning is strengthened by exclusive rights to market products under the BCBS brand in significant markets, combined with extensive provider networks, local market expertise, and national scale capabilities.

The company's business model emphasizes value-based care delivery, coordinated care management, and integrated whole-health solutions addressing medical, pharmacy, behavioral health, and social needs. Elevance Health maintains broad and narrow provider networks tailored to different customer segments and employs sophisticated medical management programs, care coordination services, and digital engagement platforms including Sydney Health. The company operates across all 50 states, the District of Columbia, and Puerto Rico through various subsidiaries, positioning it to serve diverse customer needs through local market focus combined with national operational capabilities.