Elevance Health surpassed expectations in the first quarter, reporting higher earnings and revenue while also lowering costs. The company raised its outlook for the year after achieving a benefit expense ratio improvement of 20 basis points and increasing its total operating margin to 7.1%. As a result, Elevance shares surged nearly 4% in late trading on Thursday, reaching their highest level since late 2022.
The health insurance provider reported first-quarter earnings per share of $10.64, with revenue reaching $42.3 billion, a 0.9% increase. Both figures exceeded analysts’ estimates. Elevance also saw improvements in its benefit-expense ratio, premium revenue, and benefit expenses. The company attributed these positive results to premium rate adjustments to cover medical cost trends in its Health Benefits business.
CEO Gail Boudreaux highlighted the company’s disciplined execution of strategic initiatives during a dynamic time for the industry. Elevance now expects full-year EPS to surpass $37.20, up from its previous projection of over $37.10.
By Thursday afternoon, Elevance Health shares were trading at their highest value since December 2022, up 3.8% to $528.26 by 3:45 p.m. ET.
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