Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Elevance Health Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	5,971)	5,991)	6,019)	6,095)	4,572)
Change in net unrealized gains (losses) on investments	103)	1,117)	(2,260)	(457)	428)
Change in non-credit component of impairment losses on investments	1)	—)	(3)	2)	—)
Change in net unrealized gains (losses) on cash flow hedges	4)	18)	10)	11)	12)
Change in net periodic pension and postretirement costs	60)	40)	(70)	123)	(1)
Change in future policy benefits	(2)	(3)	—)	—)	—)
Foreign currency translation adjustments	(6)	(1)	(13)	(9)	7)
Other comprehensive income (loss), net of tax	160)	1,171)	(2,336)	(330)	446)
Comprehensive income	6,131)	7,162)	3,683)	5,765)	5,018)
Comprehensive loss attributable to noncontrolling interests	15)	2)	17)	11)	—)
Shareholders’ comprehensive income	6,146)	7,164)	3,700)	5,776)	5,018)

Based on: 10-K (reporting date: 2024-12-31), 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).

Net Income: The net income increased significantly from 4,572 million USD in 2020 to a peak of 6,095 million USD in 2021. It then showed a slight decline, stabilizing around 6,000 million USD in the subsequent years through 2024. Overall, the net income maintained a strong level with minor fluctuations after 2021.
Change in Net Unrealized Gains (Losses) on Investments: This metric exhibited high volatility over the period analyzed. Starting with a positive 428 million USD in 2020, it swung to a considerable negative value of -2,260 million USD in 2022, followed by a recovery to positive values exceeding 1,000 million USD in 2023 and then decreasing to 103 million USD in 2024. This suggests fluctuating market conditions affecting the investment portfolio’s unrealized gains and losses.
Change in Non-Credit Component of Impairment Losses on Investments: Data for this item are sparse but show minor fluctuations around zero where reported, with a small positive value of 2 million USD in 2021, a negative 3 million USD in 2022, and a slight positive value of 1 million USD in 2024. This indicates limited impact from non-credit impairment losses on investments during the periods with available data.
Change in Net Unrealized Gains (Losses) on Cash Flow Hedges: The changes here were relatively stable, with positive values in all years ranging between 4 and 18 million USD. The highest change occurred in 2023 at 18 million USD, indicating some effectiveness in hedging activities over time.
Change in Net Periodic Pension and Postretirement Costs: There was notable variability in pension-related costs. It shifted from a minor negative impact in 2020 (-1 million USD) to a significant positive adjustment in 2021 (123 million USD), followed by a reversal to negative in 2022 (-70 million USD), and positive adjustments again in 2023 and 2024 (40 and 60 million USD respectively). These fluctuations could reflect changes in actuarial assumptions or plan funding status.
Change in Future Policy Benefits: This item was reported only in the last two years with minor negative values (-3 and -2 million USD respectively), indicating a small reduction in future policy benefit liabilities.
Foreign Currency Translation Adjustments: Foreign currency translation adjustments were minor throughout the period but predominantly negative from 2021 onwards, ranging from -1 to -13 million USD. This points to some adverse currency effects impacting the comprehensive income.
Other Comprehensive Income (Loss), Net of Tax: This item followed the same general pattern as the unrealized gains/losses on investments, starting with a positive 446 million USD in 2020, turning negative in 2021 and 2022 with a low of -2,336 million USD, and recovering strongly in 2023 to 1,171 million USD before declining again to 160 million USD in 2024. This reflects significant fluctuations in comprehensive income components outside net income.
Comprehensive Income: Comprehensive income closely tracked net income combined with other comprehensive income changes. It rose from 5,018 million USD in 2020 to 7,162 million USD in 2023, then declined to 6,131 million USD in 2024. The peak in 2023 is largely attributable to a rebound in other comprehensive income components.
Comprehensive Loss Attributable to Noncontrolling Interests: Values were reported only from 2021 onwards and remained relatively small, fluctuating between 2 and 17 million USD annually, indicating minor impacts from noncontrolling interests on comprehensive loss.
Shareholders’ Comprehensive Income: This measure followed the same trend as comprehensive income, increasing from 5,018 million USD in 2020 to 7,164 million USD in 2023 before decreasing to 6,146 million USD in 2024. This confirms that the majority of comprehensive income is attributable to shareholders with consistent overall growth and moderation in the final year.

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Elevance Health Inc. (NYSE:ELV)

Statement of Comprehensive Income