Elevance Health 2Q Earnings Rise on Higher Premiums
19 Julho 2023 - 8:05AM
Dow Jones News
By Dean Seal
Elevance Health logged earnings and revenue growth that topped
analyst projections in the second quarter as premium rates and
medical enrollment climbed.
The health insurer and healthcare-services provider, formerly
known as Anthem, posted a profit of $1.85 billion, or $7.79 a
share, compared with $1.64 billion, or $6.73 a share, in the same
quarter a year ago.
Stripping out one-time items, adjusted earnings were $9.04 a
share. Analysts polled by FactSet had been expecting $8.78 a
share.
Quarterly revenue jumped to $43.67 billion from $38.63 billion
last year, topping analyst forecasts for $41.64 billion, according
to FactSet.
Elevance's top line was pushed higher by premium rate increases
and membership growth in both Medicaid and Medicare, along with
higher pharmacy product revenue from its pharmacy benefit manager
CarelonRx. Premiums were up 10% at $36.59 billion.
Medical enrollment increased by 938,000 members from last year
to a total of 48 million.
The benefit expense ratio, a measure of the proportion of
premiums paid out in healthcare costs, slid by 70 basis points to
86.4%, driven lower by premium rate adjustments that more
accurately reflected costs.
Shares rose 4.8% to $465 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 19, 2023 06:50 ET (10:50 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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