Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Elevance Health Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums	142,854)	133,229)	117,373)	104,109)	94,173)
Product revenue	19,452)	14,978)	12,657)	10,384)	2,760)
Service fees	7,903)	7,453)	6,913)	6,315)	6,208)
Operating revenue	170,209)	155,660)	136,943)	120,808)	103,141)
Benefit expense	(124,330)	(116,487)	(102,645)	(88,045)	(81,786)
Cost of products sold	(17,293)	(13,035)	(10,895)	(8,953)	(1,992)
Cost of operating revenue	(141,623)	(129,522)	(113,540)	(96,998)	(83,778)
Gross profit	28,586)	26,138)	23,403)	23,810)	19,363)
Operating expense	(20,087)	(17,686)	(15,914)	(17,450)	(13,364)
Amortization of other intangible assets	(885)	(767)	(441)	(361)	(338)
Operating income	7,614)	7,685)	7,048)	5,999)	5,661)
Fixed maturity securities	1,387)	971)	755)	725)	721)
Equity securities	18)	48)	43)	71)	100)
Cash equivalents	305)	77)	5)	28)	64)
Other invested assets	157)	432)	616)	91)	149)
Investment income	1,867)	1,528)	1,419)	915)	1,034)
Investment expense	(42)	(43)	(41)	(38)	(29)
Net investment income	1,825)	1,485)	1,378)	877)	1,005)
Net gains (losses) on financial instruments	(694)	(550)	318)	182)	67)
Interest expenses	(1,030)	(851)	(798)	(784)	(746)
Loss on extinguishment of debt	—)	—)	(21)	(36)	(2)
Income before income tax expense	7,715)	7,769)	7,925)	6,238)	5,985)
Income tax expense	(1,724)	(1,750)	(1,830)	(1,666)	(1,178)
Net income	5,991)	6,019)	6,095)	4,572)	4,807)
Net (gain) loss attributable to noncontrolling interests	(4)	6)	9)	—)	—)
Shareholders’ net income	5,987)	6,025)	6,104)	4,572)	4,807)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Operating revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Elevance Health Inc. operating revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Elevance Health Inc. operating income increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income before income tax expense	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Elevance Health Inc. income before income tax expense decreased from 2021 to 2022 and from 2022 to 2023.
Shareholders’ net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Elevance Health Inc. shareholders’ net income decreased from 2021 to 2022 and from 2022 to 2023.

Elevance Health Inc. (NYSE:ELV)

Income Statement