Wed, Jul 17, 7:02 PM (52 days ago)
Elevance Health, Inc. reported a mixed financial performance for Q2 2024. Operating revenue slightly decreased by 0.4% YoY to $43,223 million, driven by Medicaid membership attrition, partially offset by premium rate increases and higher product revenue from CarelonRx. Net income rose by 24.0% YoY to $2,301 million, aided by a gain on the sale of the life and disability business, increased net investment income, and lower amortization of intangible assets. The benefit expense ratio improved slightly due to premium rate hikes, though the operating expense ratio increased due to higher investment and integration costs. Cash flow from operations dropped significantly to $2,425 million, primarily due to timing of CMS payments and Medicaid membership decline. The company completed the acquisition of Paragon Healthcare and the sale of its life and disability business in Q2 2024. Future operations may be impacted by Medicaid eligibility redeterminations and regulatory changes.