Elevance Health

Company overview

Elevance Health and its direct and indirect subsidiaries operate as a leading U.S. health company focused on elevating and advancing health. Their approach centers on integrated, whole-health solutions across the care journey, supporting consumers with medical, pharmacy, and behavioral health services. They collaborate with care providers and community organizations, pursue innovation and growth, promote equal opportunity for health access, and maintain a high-performance culture.

Membership and customers

• Approximately 45.2 million medical members served through affiliated health plans as of December 31, 2025.
• One of the largest health insurers in the United States by medical membership.

Brands and market presence

• Core portfolio brands:
  • Anthem Blue Cross / Anthem Blue Cross and Blue Shield — licensing for Medicare, Medicaid, and commercial plans in various jurisdictions.
  • Wellpoint — Medicare, Medicaid, and commercial plans.
  • Carelon — healthcare-related services and capabilities, including CarelonRx and Carelon Services.
• Operates under the Blue Cross and Blue Shield (BCBS) license framework and conducts business as Wellpoint, Carelon, MMM, and/or Simply Healthcare in various markets.
• Licensed to conduct insurance operations in all 50 states, the District of Columbia, and Puerto Rico.

Licensing and BCBS relationship

• Independent licensee of the Blue Cross and Blue Shield Association (BCBSA).
• Service areas include licenses in multiple states, including examples such as California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 Kansas City area counties), Nevada, New Hampshire, New York (NYC metro and upstate), Ohio, Virginia (excluding Northern Virginia), and Wisconsin.
• In-market branding is often Anthem Blue Cross or Anthem Blue Cross and Blue Shield.

Services and capabilities

• Pharmacy services through CarelonRx.
• Other healthcare-related services through Carelon Services.
• Provides services to federal government clients through the Federal Employee Program (FEP).

Reportable segments

• Health Benefits
• CarelonRx
• Carelon Services
• Corporate & Other (includes corporate expenses not allocated to other segments and businesses that do not meet quantitative thresholds for an operating segment)

Revenue model and activities

• Revenue generated through:
  • Risk-based premiums
  • Administrative fees from self-funded employers
  • Pharmacy and health service fees through Carelon businesses

Notes and references

See the “Reportable Segments” section and the Notes to Consolidated Financial Statements (Note 1, Note 20) for additional discussion.