Elevance (Formerly Anthem)
Financials
(as of 5/23/23)
Market cap: $108.3 Billion
Market share: Somewhere between 7-11% (varies by source)
2022 Revenue: $156 Billon
2022 Profit: $6 Billion
2022 Membership: 47.5 Million
Summary
Elevance is one of the largest health insurance companies in the United States. It was founded in 2004 and is headquartered in Indianapolis, Indiana. The company has a rich history, with roots tracing back to 1946s. First, it was known as Blue Cross and Blue Shield of Indiana, and then, starting in the 1970s and 80s, they began expanding to more and more states, starting with Ohio, Kentucky, Connecticut and Maine. By 2023, they were operating in ~ 30 states. Eventually the the overall group was named Anthem. There have been many, many acquisitions and consolidations in Anthem’s history since then, but a major one was the acquisition of WellPoint in 2004. The company changed its name to Elevance in 2022.
Elevance operates in most states, providing health insurance coverage to millions of individuals, families, and businesses. The company serves both commercial and government markets, offering a wide range of products, including individual health plans, employer-sponsored group plans, Medicare, and Medicaid.
In the past few years, Elevance has followed the industry trend in shifting toward value-based care, and investing in technology and digital health solutions to enhance customer experience and improve access.
In the summer of 2022, Elevance (then Anthem) launched the Carelon brand that includes a pharmacy benefits manager (previously IngenioRx), digital health services and value-based care programs. It’s a similar strategy to what we see from UHG in vertically integrating pharmacy benefits management, care delivery and insurance.
Sources:
https://www.fiercehealthcare.com/payers/elevance-healths-profits-dipped-949m-q4-revenue-grows#:~:text=For%20the%20full%2Dyear%202022,%2Dyear%2C%20reaching%2047.5%20million.
https://en.wikipedia.org/wiki/Elevance_Health#:~:text=The%20acquisition%20of%20the%20New,ANTM%22%20to%20%22ELV%22.
https://www.elevancehealth.com/?
https://www.companieshistory.com/elevance-health/