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Elevance Health Reports First Quarter 2024 Results
"First quarter results reflect disciplined execution of our strategic initiatives during a dynamic time for our industry. We are making significant progress expanding Carelon's capabilities, scaling our flywheel for enterprise growth, and delivering results for all stakeholders. Given the solid start to the year, we have increased our outlook for full year earnings. Earlier this week, we also announced the next step in our journey to expand access to high-quality, patient-centered, value-based care in our local markets. This strategic partnership with Clayton, Dubilier & Rice has the potential to accelerate innovation in care delivery, enhance healthcare experiences, and improve health outcomes, all while advancing our value-based care and physician enablement strategy."
Gail K. Boudreaux President and Chief Executive Officer
1. Earnings per diluted share ("EPS").
Elevance Health Consolidated Enterprise Highlights (Unaudited) (In billions) Three Months Ended ---------------------------------------------------------------------------------------------------- March 31, March 31, December 31, 2024 2023 2023 -------------------- -------------------- -------------------- Operating Revenue(1) $42.3 $41.9 $42.5 Operating Gain(1,2) $3.0 $2.8 $1.3 Operating Margin(1) 7.1 % 6.8 % 3.0 %
1. See "Basis of Presentation."
Operating revenue was $42.3 billion in the first quarter of 2024, an increase of $0.4 billion, or approximately 1 percent compared to the prior year quarter. This increase was driven by higher premium yields to reflect medical cost trend, and growth in Carelon, including a full quarter of revenue from BioPlus, which closed in February of 2023, partially offset by attrition in Medicaid membership.
The benefit expense ratio was 85.6 percent, an improvement of 20 basis points, driven primarily by premium rate adjustments to cover medical cost trend in our Health Benefits business. Days in Claims Payable was 49.0 days as of March 31, 2024, an increase of 1.7 days from December 31, 2023, and an increase of 3.0 days compared to March 31, 2023.
The operating expense ratio was 11.6 percent, an increase of 10 basis points due to investment and integration costs. Excluding adjustment items, the operating expense ratio was unchanged at 11.4 percent.
Elevance Health now expects net income per diluted share to be greater than $34.05 in 2024 and adjusted diluted net income per share to be greater than $37.20.
Cash Flow & Balance Sheet
Operating cash flow for the first quarter was $2.0 billion, or 0.9 times net income. As of March 31, 2024, cash and investments at the parent company totaled approximately $1.0 billion.
During the first quarter of 2024, the Company repurchased 1.1 million shares of its common stock for $566 million, at a weighted average price of $492.76. As of March 31, 2024, the Company had approximately $3.6 billion of Board approved share repurchase authorization remaining. During the first quarter of 2024, the Company paid a quarterly dividend of $1.63 per share, representing a distribution of cash totaling $379 million.
Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard, Medicare, Medicaid, and Federal Health Products & Services businesses.
Health Benefits Reportable Segment Highlights (Unaudited) (In billions) Three Months Ended ---------------------------------------------------------------------------------------------------- March 31, March 31, December 31, 2024 2023 2023 -------------------- -------------------- -------------------- Operating Revenue(1) $37.3 $37.3 $36.5 Operating Gain(1,2) $2.3 $2.1 $0.8 Operating Margin(1) 6.1 % 5.8 % 2.1 %
1. See "Basis of Presentation."
Operating revenue was $37.3 billion in the first quarter of 2024, unchanged compared to the prior year quarter, as premium rate increases to reflect medical cost trends were offset by Medicaid membership attrition associated with eligibility redeterminations and expected footprint adjustments.
Operating gain totaled $2.3 billion, an increase of 6 percent, driven by premium yields, including disciplined commercial underwriting.
Medical membership totaled approximately 46.2 million as of March 31, 2024, a decrease of 1.9 million, or 4 percent compared to the prior year quarter, driven by attrition in our Medicaid business associated with eligibility redeterminations and expected footprint adjustments. These membership losses were partially offset by growth in our commercial Employer Group fee-based, Affordable Care Act, and BlueCard membership.
Carelon is comprised of CarelonRx and Carelon Services.
Carelon Reportable Segment Highlights (Unaudited) (In billions) Three Months Ended ---------------------------------------------------------------------------------------------------- March 31, March 31, December 31, 2024 2023 2023 -------------------- -------------------- -------------------- Operating Revenue(1,2,3) $12.1 $11.5 $12.4 Operating Gain(1,2,3) $0.8 $0.7 $0.6 Operating Margin(1) 6.7 % 6.5 % 4.8 %
1. See "Basis of Presentation." 2. Operating Revenue and Operating Gain for Carelon in millions for the three months ended March 31, 2024, included $8,067 and $523 for CarelonRx; and $4,009 and $290 for Carelon Services, respectively. Operating Revenue and Operating Gain for Carelon for the three months ended March 31, 2023, included $8,024 and $512 for CarelonRx; and $3,460 and $229 for Carelon Services, respectively. Operating Revenue and Operating Gain for Carelon for the three months ended December 31, 2023, included $8,827 and $490 for CarelonRx; and $3,574 and $102 for Carelon Services, respectively.
Operating revenue for Carelon was $12.1 billion in the first quarter of 2024, an increase of $0.6 billion, or 5 percent compared to the prior year quarter. This increase was driven by the launch of new risk-based capabilities in Carelon Services and growth in CarelonRx, including a full quarter of revenue from the acquisition of BioPlus, which closed in February of 2023, and growth in external customers served, partially offset by the impact of Medicaid membership attrition on affiliated revenue streams.
Operating gain for Carelon totaled $0.8 billion, an increase of $72 million, or 10 percent, primarily driven by improved performance on certain risk-based arrangements in Carelon Services.
Quarterly Dividend
On April 16, 2024, the Audit Committee of the Company's Board of Directors declared a second quarter 2024 dividend to shareholders of $1.63 per share. The second quarter dividend is payable on June 25, 2024, to shareholders of record at the close of business on June 10, 2024.
About Elevance Health
Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey - connecting them to the care, support, and resources they need to lead better lives. Elevance Health's companies serve approximately 115 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time ("EDT") to discuss the company's first quarter results and outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:
888-947-9963 (Domestic) 800-876-4955 (Domestic Replay)
The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EDT today, until the end of the day on May 17, 2024. The call will also be available through a live webcast at www.elevancehealth.com under the "Investors" link. A webcast replay will be available following the call.
Basis of Presentation
1. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables.
Elevance Health Earnings Release Financial Schedules and Supplementary Information Quarter Ended March 31, 2024
Membership and Other Metrics Quarterly Consolidated Statements of Income Condensed Consolidated Balance Sheet Condensed Consolidated Statement of Cash Flows Supplemental Financial Information - Reportable Segments Supplemental Financial Information - Reconciliation of Medical Claims Payable Reconciliation of Non-GAAP Financial Measures
Elevance Health Membership and Other Metrics (Unaudited) Change from ------------------------------------------------------------ Medical Membership (in thousands) March 31, March 31, December 31, March 31, December 31, 2024 2023 2023 2023 2023 --------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- 1,246 942 1,025 32.3 % 21.6 % Individual 3,648 3,798 3,756 (3.9) % (2.9) % Employer Group Risk-Based -------------------- -------------------- -------------------- 4,894 4,740 4,781 3.2 % 2.4 % Commercial Risk-Based 6,825 6,607 6,838 3.3 % (0.2) % BlueCard(R) 20,622 20,278 20,227 1.7 % 2.0 % Employer Group Fee-Based -------------------- -------------------- -------------------- 27,447 26,885 27,065 2.1 % 1.4 % Commercial Fee-Based 2,017 2,053 2,047 (1.8) % (1.5) % Medicare Advantage 896 925 923 (3.1) % (2.9) % Medicare Supplement -------------------- -------------------- -------------------- 2,913 2,978 2,970 (2.2) % (1.9) % Total Medicare 9,327 11,889 10,503 (21.5) % (11.2) % Medicaid 1,658 1,632 1,642 1.6 % 1.0 % Federal Employees Health Benefits -------------------- -------------------- -------------------- Total Medical Membership 46,239 48,124 46,961 (3.9) % (1.5) % ==================== ==================== ==================== Other Membership (in thousands) --------------------------------------- 4,469 4,771 4,629 (6.3) % (3.5) % Life and Disability Members 6,970 6,743 6,820 3.4 % 2.2 % Dental Members 1,841 1,697 1,729 8.5 % 6.5 % Dental Administration Members 10,251 9,904 9,944 3.5 % 3.1 % Vision Members 262 264 260 (0.8) % 0.8 % Medicare Part D Standalone Members Other Metrics (in millions) --------------------------------------- 77.0 75.7 78.0 1.7 % (1.3) % CarelonRx Quarterly Adjusted Scripts 102.9 104.0 103.3 (1.1) % (0.4) % Carelon Services Consumers Served
Elevance Health Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended March 31 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2024 2023 Change -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------ Revenues $ 35,696 $ 35,868 (0.5 )% Premiums 4,499 4,022 11.9 % Product revenue 2,078 2,008 3.5 % Service fees -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- 42,273 41,898 0.9 % Total operating revenue 465 387 20.2 % Net investment income (161 ) (113 ) NM Net losses on financial instruments -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- 42,577 42,172 1.0 % Total revenues Expenses 30,546 30,786 (0.8 )% Benefit expense 3,825 3,481 9.9 % Cost of products sold 4,886 4,800 1.8 % Operating expense 265 251 5.6 % Interest expense 116 235 (50.6 )% Amortization of other intangible assets -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- 39,638 39,553 0.2 % Total expenses Income before income tax expense 2,939 2,619 12.2 % Income tax expense 690 615 12.2 % -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Net income 2,249 2,004 12.2 % Net income attributable to noncontrolling interests (3 ) (15 ) NM -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Shareholders' net income $ 2,246 $ 1,989 12.9 % -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- Shareholders' earnings per diluted share $ 9.59 $ 8.30 15.5 % ==================== ==================== ==================== ==================== ==================== ==================== Diluted shares 234.2 239.7 (2.3 )% Benefit expense as a percentage of premiums 85.6 % 85.8 % (20) bp Operating expense as a percentage of total operating revenue 11.6 % 11.5 % 10 bp Income before income tax expense as a percentage of total revenue 6.9 % 6.2 % 70 bp
Elevance Health Condensed Consolidated Balance Sheet (In millions) March 31, December 31, 2024 2023 ------------------------------ ------------------------------ Assets (Unaudited) Current assets: $ 6,226 $ 6,526 Cash and cash equivalents 30,041 29,843 Fixed maturity and equity securities 18,293 17,865 Premium and other receivables 6,388 5,795 Other current assets -------------------- ---------- -------------------- ---------- 60,948 60,029 Total current assets 7,593 6,983 Long-term investments 4,451 4,359 Property and equipment, net 36,657 35,590 Goodwill and other intangible assets 2,245 1,967 Other noncurrent assets -------------------- ---------- -------------------- ---------- $ 111,894 $ 108,928 Total assets ==================== ========== ==================== ========== Liabilities and equity Liabilities Current liabilities: $ 16,459 $ 16,111 Medical claims payable 1,575 225 Short-term borrowings 2,900 1,649 Current portion of long-term debt 23,400 23,806 Other current liabilities -------------------- ---------- -------------------- ---------- 44,334 41,791 Total current liabilities -------------------- ---------- -------------------- ---------- 21,976 23,246 Long-term debt, less current portion 4,874 4,486 Other noncurrent liabilities -------------------- ---------- -------------------- ---------- 71,184 69,523 Total liabilities -------------------- ---------- -------------------- ---------- Total shareholders' equity 40,608 39,306 Noncontrolling interests 102 99 -------------------- ---------- -------------------- ---------- Total equity 40,710 39,405 -------------------- ---------- -------------------- ----------
Elevance Health Condensed Consolidated Statement of Cash Flows (Unaudited) (In millions) Three Months Ended March 31 ------------------------------------------------------------------------------------------------------------------------ 2024 2023 -------------------- -------------- -------------------- -------------------- ------ -------------------- Operating activities $ 2,249 $ 2,004 Net income 331 462 Depreciation and amortization 62 61 Share-based compensation (988 ) 4,054 Changes in operating assets and liabilities 324 (112 ) Other non-cash items -------------------- -------------- -------------------- -------------------- ------ -------------------- 1,978 6,469 Net cash provided by operating activities Investing activities (670 ) (1,421 ) Purchases of investments, net of sales and maturities (1,120 ) (1,638 ) Purchases of subsidiaries, net of cash acquired (279 ) (301 ) Purchases of property and equipment (241 ) 176 Other, net -------------------- -------------- -------------------- -------------------- ------ -------------------- (2,310 ) (3,184 ) Net cash used in investing activities Financing activities 1,350 991 Net change in short-term and long-term borrowings (566 ) (622 ) Repurchase and retirement of common stock (379 ) (351 ) Cash dividends (373 ) (549 ) Other, net -------------------- -------------- -------------------- -------------------- ------ -------------------- 32 (531 ) Net cash provided by (used in) financing activities -- 1 Effect of foreign exchange rates on cash and cash equivalents -------------------- -------------- -------------------- -------------------- ------ -------------------- (300 ) 2,755 Change in cash and cash equivalents 6,526 7,387 Cash and cash equivalents at beginning of period -------------------- -------------- -------------------- -------------------- ------ --------------------
REPORTABLE SEGMENTS
Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard, Medicare, Medicaid, and Federal Health Products & Services businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).
Elevance Health Reportable Segment Highlight Details (Unaudited) (In millions) Three Months Ended March 31 ---------------------------------------------------------------------------------------------------- 2024 2023 Change -------------------- -------------------- -------------------- Operating Revenue Health Benefits $37,258 $37,280 (0.1) % 12,076 11,484 5.2 % Carelon(2,4) 127 91 39.6 % Corporate & Other(4) (7,188) (6,957) 3.3 % Eliminations(4) -------------------- -------------------- -------------------- Total Operating Revenue(1) $42,273 $41,898 0.9 % ==================== ==================== ==================== Operating Gain (Loss) $2,287 $2,149 6.4 % Health Benefits(4) 813 741 9.7 % Carelon(2,4) (84) (59) NM(5) Corporate & Other(3,4) -------------------- -------------------- -------------------- Total Operating Gain(1) $3,016 $2,831 6.5 % ==================== ==================== ==================== Operating Margin 6.1 % 5.8 % 30 bp Health Benefits 6.7 % 6.5 % 20 bp Carelon
1. See "Basis of Presentation." 2. Operating Revenue and Operating Gain for Carelon for the three months ended March 31, 2024, included $8,067 and $523 for CarelonRx; and $4,009 and $290 for Carelon Services, respectively. Operating Revenue and Operating Gain for Carelon for the three months ended March 31, 2023, included $8,024 and $512 for CarelonRx; and $3,460 and $229 for Carelon Services, respectively. 3. Operating Gain for the three months ended March 31, 2024, and March 31, 2023, included items adjusted out of adjusted shareholders' net income. See "GAAP Reconciliation." 4. Operating Revenue and Operating Gain for the three months ended March 31, 2023 are restated for the realignment of Carelon Global Solutions. For the three months ended March 31, 2023, $148 of Operating Revenue was realigned to Carelon Services, $160 of Operating Revenue was realigned away from the Corporate & Other segment, and $12 of Operating Revenue was realigned to Eliminations. For the three months ended March 31, 2023, $20 of Operating Gain was realigned to Carelon Services, $10 of Operating Gain was realigned away from the Health Benefits segment, and $10 of Operating Gain was realigned away from Corporate & Other.
Elevance Health Reconciliation of Medical Claims Payable Three Months Ended March 31 Years Ended December 31 -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2024 2023 2023 2022 2021 -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- (In millions) (Unaudited) (Unaudited) Gross medical claims payable, beginning of period $ 15,865 $ 15,348 $ 15,348 $ 13,282 $ 11,135 Ceded medical claims payable, beginning of period (7 ) (6 ) (6 ) (21 ) (46 ) -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Net medical claims payable, beginning of period 15,858 15,342 15,342 13,261 11,089 -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Business combinations and purchase adjustments -- -- -- 133 420 Net incurred medical claims: 30,708 30,751 121,798 113,414 100,440 Current year (1,205 ) (1,068 ) (1,571 ) (869 ) (1,703 ) Prior years redundancies(1) -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Total net incurred medical claims 29,503 29,683 120,227 112,545 98,737 -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Net payments attributable to: 19,580 19,948 107,146 98,997 88,156 Current year medical claims 9,606 9,593 12,565 11,600 8,829 Prior years medical claims -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Total net payments 29,186 29,541 119,711 110,597 96,985 -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Net medical claims payable, end of period 16,175 15,484 15,858 15,342 13,261 Ceded medical claims payable, end of period 8 7 7 6 21 -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Gross medical claims payable, end of period(2) $ 16,183 $ 15,491 $ 15,865 $ 15,348 $ 13,282 ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ======= ==================== ==================== ======= ==================== 63.8 % 64.9 % 88.0 % 87.3 % 87.8 % Current year medical claims paid as a percentage of current year net incurred medical claims 8.2 % 7.5 % 11.4 % 7.0 % 18.1 % Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year
1. Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated.
Elevance Health GAAP Reconciliation (Unaudited)
This document references non-GAAP measures, including "Adjusted Shareholders' Net Income," "Adjusted Shareholders' Net Income Per Share," "Adjusted EPS," "Adjusted Operating Gain," "Adjusted Operating Expense" and "Adjusted Operating Expense Ratio," which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health's financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures "Operating Revenue" and "Operating Gain/Loss," "Operating Margin" and "Adjusted EPS". Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health's operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.
Three Months Ended March 31 ------------------------------------------------------------------------------------------------------------------------ (In millions, except per share data) 2024 2023 Change -------------------- ------ -------------------- -------------------- -------------- -------------------- ------------------- Shareholders' net income $ 2,246 $ 1,989 12.9 % Add / (Subtract): 161 113 Net losses on financial instruments 116 235 Amortization of other intangible assets 52 26 Transaction and integration related costs(1) 2 1 Litigation expenses(1) (4 ) -- Business optimization charges(1) (81 ) (97 ) Tax impact of non-GAAP adjustments -------------------- ------ -------------------- -------------------- -------------- -------------------- 246 278 Net adjustment items -------------------- ------ -------------------- -------------------- -------------- -------------------- Adjusted shareholders' net income $ 2,492 $ 2,267 9.9 % ==================== ====== ==================== ==================== ============== ==================== Shareholders' earnings per diluted share $ 9.59 $ 8.30 15.5 % Add / (Subtract): 0.69 0.47 Net losses on financial instruments 0.50 0.98 Amortization of other intangible assets 0.22 0.11 Transaction and integration related costs(1) 0.01 -- Litigation expenses(1) (0.02 ) -- Business optimization charges(1) (0.35 ) (0.40 ) Tax impact of non-GAAP adjustments -------------------- ------ -------------------- -------------------- -------------- -------------------- 1.05 1.16 Net adjustment items -------------------- ------ -------------------- -------------------- -------------- -------------------- Adjusted shareholders' earnings per diluted share $ 10.64 $ 9.46 12.5 % ==================== ====== ==================== ==================== ============== ==================== Three Months Ended March 31 ------------------------------------------------------------------------------------------------------------------------ (In millions) 2024 2023 Change -------------------- ------ -------------------- -------------------- -------------- -------------------- ------------------- Income before income tax expense $ 2,939 $ 2,619 12.2 % (465 ) (387 ) Net investment income 161 113 Net losses on financial instruments 265 251 Interest expense 116 235 Amortization of other intangible assets -------------------- ------ -------------------- -------------------- -------------- --------------------
1. Adjustment item resides in the Corporate & Other reportable segment.
Elevance Health GAAP Reconciliation (Unaudited)