Analysis of Reportable Segments
Elevance Health Inc. operates in 4 segments: Health Benefits; CarelonRx; Carelon Services; and Corporate & Other.
Segment Profit Margin
Elevance Health Inc., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Benefits | 4.15% | 4.64% | 4.35% | 4.81% | 4.73% |
| CarelonRx | 6.04% | 5.84% | 6.55% | 6.62% | 6.21% |
| Carelon Services | 3.99% | 4.81% | 4.16% | 1.85% | -2.08% |
| Corporate & Other | -411.00% | -217.95% | -35.59% | -170.53% | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Benefits | Health Benefits segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| CarelonRx | CarelonRx segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. | |
| Carelon Services | Carelon Services segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. | |
| Corporate & Other | Corporate & Other segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Health Benefits
Elevance Health Inc.; Health Benefits; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating gain (loss) | 6,243) | 6,888) | 6,022) | 5,850) | 5,125) |
| Operating revenue | 150,275) | 148,571) | 138,484) | 121,728) | 108,271) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.15% | 4.64% | 4.35% | 4.81% | 4.73% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating gain (loss) ÷ Operating revenue
= 100 × 6,243 ÷ 150,275 = 4.15%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Benefits | Health Benefits segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Profit Margin: CarelonRx
Elevance Health Inc.; CarelonRx; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating gain (loss) | 2,172) | 1,975) | 1,868) | 1,684) | 1,361) |
| Operating revenue | 35,961) | 33,835) | 28,526) | 25,431) | 21,911) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 6.04% | 5.84% | 6.55% | 6.62% | 6.21% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating gain (loss) ÷ Operating revenue
= 100 × 2,172 ÷ 35,961 = 6.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | CarelonRx | CarelonRx segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Profit Margin: Carelon Services
Elevance Health Inc.; Carelon Services; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating gain (loss) | 717) | 680) | 535) | 187) | (126) |
| Operating revenue | 17,961) | 14,147) | 12,860) | 10,130) | 6,057) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.99% | 4.81% | 4.16% | 1.85% | -2.08% |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating gain (loss) ÷ Operating revenue
= 100 × 717 ÷ 17,961 = 3.99%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Carelon Services | Carelon Services segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Profit Margin: Corporate & Other
Elevance Health Inc.; Corporate & Other; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating gain (loss) | (1,270) | (1,044) | (142) | (162) | —) |
| Operating revenue | 309) | 479) | 399) | 95) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -411.00% | -217.95% | -35.59% | -170.53% | — |
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).
1 2024 Calculation
Segment profit margin = 100 × Operating gain (loss) ÷ Operating revenue
= 100 × -1,270 ÷ 309 = -411.00%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Corporate & Other | Corporate & Other segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Operating revenue
Elevance Health Inc., operating revenue by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Benefits | 150,275) | 148,571) | 138,484) | 121,728) | 108,271) |
| CarelonRx | 35,961) | 33,835) | 28,526) | 25,431) | 21,911) |
| Carelon Services | 17,961) | 14,147) | 12,860) | 10,130) | 6,057) |
| Carelon | 53,922) | 47,982) | 41,386) | 35,561) | 27,968) |
| Corporate & Other | 309) | 479) | 399) | 95) | —) |
| Eliminations | (29,302) | (26,823) | (24,609) | (20,441) | (15,431) |
| Total | 175,204) | 170,209) | 155,660) | 136,943) | 120,808) |
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).
Operating gain (loss)
Elevance Health Inc., operating gain (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Benefits | 6,243) | 6,888) | 6,022) | 5,850) | 5,125) |
| CarelonRx | 2,172) | 1,975) | 1,868) | 1,684) | 1,361) |
| Carelon Services | 717) | 680) | 535) | 187) | (126) |
| Carelon | 2,889) | 2,655) | 2,403) | 1,871) | 1,235) |
| Corporate & Other | (1,270) | (1,044) | (142) | (162) | —) |
| Total | 7,862) | 8,499) | 8,283) | 7,559) | 6,360) |
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).