Slide 1: Elevance Health 2Q 2025 Earnings Presentation
Elevance Health 2Q 2025 Earnings Presentation July 17, 2025
Slide 2: The Value We Deliver
The Value We Deliver We advance whole health through innovative solutions that integrate physical, behavioral, and social care to achieve our purpose of improving the health of humanity For Consumers For Care Providers Simple, Affordable, and Accessible Health Care Deepen Clinical and Business Partn
Slide 3: Key Highlights
Key Highlights 1 2Q 2025 Results • • • Elevance Health second quarter results reflect disciplined execution Operating revenue of $49.4B grew more than 14% Medical loss ratio of 88.9% increased 260 bps • Adjusted diluted EPS1 of $8.84 • Returned $2.0B to shareholders year-to-date through dividends an
Slide 4: 2Q 2025 Results
2Q 2025 Results Key Highlights Elevance Health 2Q 2025 2Q 2024 Change (%/bps) • Elevance Health second quarter results reflect the diversity and resilience of Operating Revenue1 $49.4B $43.2B 14.3% our business as we navigate an elevated trend environment Medical Loss Ratio 88.9% 86.3% 260 bps • Ope
Slide 5: 2Q 2025 Results: Health Benefits
Health Benefits Key Highlights 2Q 2025 Results • Health Benefits second quarter results reflect accelerated revenue growth; membership mix shifts and elevated Health Benefits 2Q 2025 2Q 2024 Change (%/bps) utilization weighed on operating gain • Operating revenue grew 11.9% year Operating Revenue1 $
Slide 6: 2Q 2025 Results: Health Services
Health Services Key Highlights 2Q 2025 Results • Strong revenue growth fueled by the scaling of innovative risk-based capabilities and integration of Carelon 2Q 2025 2Q 2024 Change (%/bps) acquisitions, underscoring our strategic focus on advancing our enterprise flywheel for growth Operating Revenu
Slide 7: Flywheel Supports Our Long-Term Growth Algorithm
Flywheel Supports Our Long-Term Growth Algorithm Health Benefits Health Services Approximately 46M medical members Optimize Invest in As an integrated portfolio of whole balanced across commercial, the Core Growth health solutions serving approximately Medicaid and Medicare, leveraging 100M consumer
Slide 8: Long-Term Growth Algorithm
Long-Term Growth Algorithm Targeting at least 12% average annual growth in Adjusted Diluted EPS Adjusted Operating Gain – High Single Digit to Low Double Digit CAGR1 Revenue Growth High Single Digit CAGR1 + Adjusted Operating Margin Expanding to 6.5% - 7.0% + Capital Deployment Approximately 4% Cont
Slide 9: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long-Term Health Benefits Carelon2 Elevance Health Dividends High Single 20% Mid to High Digit CAGR1 Single Digit CAGR1 $175B $150B M&A/ Organic Reinvestment Mid Teens CAGR1 Capital 50% Revenue $54B Allocation (in billions) 2024 Target 2024 Target 2024 Target Shar
Slide 10: Forward-Looking Statements
Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words su
Slide 11: Non-GAAP Measures and Basis of Presentation
Non-GAAP Measures and Basis of Presentation This document references 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. Re
Slide 12: GAAP Reconciliation — Shareholders' Net Income and Earnings Per Diluted Share
Elevance Health GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Jun 30 Six Months Ended Jun 30 (In millions, except per share data) 2025 2024 Change 2025 2024 Change Shareholders' net income $1,743 $2,300 (24.2)% $3,926 $4,546 (13.6)% Ad
Slide 13: GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2025 Outlook
Elevance Health GAAP Reconciliation — Operating Gain, Operating Expense Ratio, and 2025 Outlook Three Months Ended Jun 30 Six Months Ended Jun 30 (In millions) 2025 2024 Change 2025 2024 Change Reportable segments operating gain $2,425 $2,765 (12.3)% $5,595 $5,781 (3.2)% Add / (Subtract): Transactio
Slide 14: Reportable Segment Highlight Details
Elevance Health Reportable Segment Highlight Details Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and
Slide 15: Elevance Health
nw Elevance Health