Elevance Health reported better-than-expected results for the first quarter and raised its guidance as it saw lower costs. The health insurer’s benefit expense ratio decreased by 20 basis points, and its total operating margin increased to 7.1%. Shares of Elevance Health (ELV) rose to their highest level since late 2022 on Thursday, reaching $528.26 at about 3:45 p.m. ET.
Elevance Health exceeded earnings and revenue estimates for the first quarter with earnings per share (EPS) of $10.64 and revenue increasing 0.9% to $42.3 billion, both higher than analysts’ estimates. The company’s benefit-expense ratio was 85.6%, an improvement of 20 basis points (bps) that also beat forecasts. Revenue from premiums slipped 0.5% to $35.7 billion, while benefit expenses were down 0.8% to $30.55 billion, resulting in a total operating margin of 7.1%. CEO Gail Boudreaux said the results reflect disciplined execution of strategic initiatives during a dynamic time for the industry. The company now anticipates full-year EPS of greater than $37.20, up from its previous outlook of greater than $37
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