# Elevance Health

**Source:** https://geo.sig.ai/brands/elevance-health  
**Vertical:** Healthcare Tech  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** elevancehealth.com  
**Last Updated:** 2026-04-14

## Summary

Indianapolis BCBS managed care (NYSE: ELV) ~$175B FY2024 revenue; Anthem renamed 2022, BCBS exclusive in 14 states, Carelon health services, Medicaid/MA medical cost pressure competing with UnitedHealth and Cigna.

## Company Overview

Elevance Health, Inc. (formerly Anthem, Inc.) is an Indianapolis, Indiana-based managed care and health services company — publicly traded on the New York Stock Exchange (NYSE: ELV) as an S&P 500 Health Care component — providing health insurance plans under the Blue Cross Blue Shield brand in 14 states (Indiana, Georgia, California, Colorado, Connecticut, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, Wisconsin), Medicare Advantage, Medicaid managed care, and commercial employer-sponsored health plans through Carelon (pharmacy and behavioral health services — formerly IngenioRx) to approximately 47 million medical members through approximately 100,000 employees. In fiscal year 2024, Elevance Health reported revenues of approximately $175 billion (predominantly premium revenues from employer-sponsored and government-program health plan members), with operating income under pressure from medical cost increases in the Medicaid segment (post-COVID health utilization normalization causing medical costs to exceed Medicaid actuarial pricing expectations set during the pandemic period of reduced care utilization). CEO Gail Boudreaux has executed the company's transformation from Anthem to Elevance Health (rebranded June 2022) — reflecting the broadened value proposition beyond health insurance into health services: Carelon Services (behavioral health, pharmacy benefit management, utilization management, home health services for both Elevance and external health plan clients) represents the strategy of building a health services ecosystem that retains value within the Elevance enterprise rather than paying external PBMs, behavioral health managers, and care management vendors.

Elevance Health's managed care and health services model creates competitive advantages through the Blue Cross Blue Shield brand licensing in 14 states and the healthcare provider network breadth that large employer customers require: an employer headquartered in Indianapolis choosing between Elevance Health (Anthem BCBS Indiana) and national competitors (United Health, Cigna) weighs Elevance's Indiana market provider network depth — every Indianapolis physician and hospital in-network — alongside the Blue Cross Blue Shield brand's national BlueCard reciprocity (Elevance members traveling to California or New York can use Blue Shield CA and Excellus BCBS networks through the BlueCard program). The BCBS Association's exclusive state license model (one licensed BCBS plan per state, granted by the BCBS Association) creates a structural geographic monopoly where Elevance Health holds exclusive rights to the Blue Cross Blue Shield brand in its 14 states — preventing direct BCBS competition from other BCBS plans. Carelon's PBM (IngenioRx rebranded as Carelon Rx) internalizes pharmaceutical benefit management services that Elevance previously outsourced to Express Scripts and CVS Caremark — capturing PBM margin that was previously paid to external vendors.

In 2025, Elevance Health competes in employer health insurance, Medicaid managed care, and Medicare Advantage against UnitedHealth Group (NYSE: UNH, $370B+ revenue, UnitedHealthcare and Optum dominant), Humana (NYSE: HUM, Medicare Advantage focus), and Cigna Group (NYSE: CI, employer health insurance and Express Scripts PBM) for employer health plan renewals, Medicaid RFP awards, and Medicare Advantage member enrollment. The Medicaid medical cost deterioration (2024 earnings pressure from higher-than-expected Medicaid medical costs after states completed their redetermination processes at lower-than-expected rates) required Elevance to take premium rate increases in 2024-2025 Medicaid contract renegotiations to restore Medicaid segment margins toward actuarially appropriate levels. The Medicare Advantage medical cost pressure (hospital utilization higher-than-expected for Medicare Advantage members following COVID-era deferred care catch-up) is a sector-wide issue affecting Humana, United, and Elevance that requires 2025-2026 premium rate increases to restore MA margins. The 2025 strategy focuses on Medicaid premium rate adequacy restoration, Carelon services external client growth (selling Carelon PBM and behavioral health to non-Elevance health plans), and Medicare Advantage membership growth in Elevance's 14 core BCBS states.

## Frequently Asked Questions

### What is Elevance Health?
Elevance Health is an American multinational health insurance company and the largest for-profit managed health care company in the Blue Cross Blue Shield Association. The company serves approximately 112 million consumers through medical, pharmacy, behavioral health, and complex care solutions. Formerly known as Anthem, Inc., the company rebranded to Elevance Health in June 2022 to reflect its evolution toward comprehensive whole-health solutions beyond traditional insurance.

### When was Elevance Health founded?
Elevance Health's origins trace back to 1944 and 1946, when Blue Cross of Indiana and Blue Shield of Indiana were formed as mutual insurance companies. The modern company took shape through mergers and acquisitions, most notably the 2004 merger between Anthem and WellPoint. The company operated as Anthem, Inc. until June 28, 2022, when it rebranded to Elevance Health, Inc.

### Where is Elevance Health based?
Elevance Health is headquartered in Indianapolis, Indiana, maintaining its roots in the state where Blue Cross of Indiana was originally founded in 1944. The company operates across all 50 U.S. states and serves customers internationally, with operations spanning over 150 countries through various business segments and affiliates.

### Who are Elevance Health's customers?
Elevance Health serves approximately 112 million consumers through diverse customer segments including employer-sponsored group health plans, individual and family coverage through ACA exchanges, Medicare beneficiaries (2.9 million Medicare members including 2.1 million Medicare Advantage), Medicaid enrollees across multiple states, and dual-eligible individuals qualifying for both Medicare and Medicaid through D-SNP plans in 22 states.

### What makes Elevance Health different from competitors?
Elevance Health differentiates itself as the largest for-profit managed care company within the Blue Cross Blue Shield Association, providing strong regional presence and brand recognition. The company has evolved beyond traditional insurance through Carelon, its integrated healthcare services platform serving one in three Americans, and innovations like Mosaic Health for value-based primary care. Elevance Health dominates market share in 22% of MSA-level markets and generated $175.2 billion in 2024 revenue.

### Who are Elevance Health's main competitors?
Elevance Health's primary competitors include UnitedHealth Group (the market leader with $450-455 billion projected 2025 revenue and 49.5 million customers), CVS Health/Aetna (tied with Elevance at 12% market share), Cigna (with $6.7 billion in 2022 profit and international operations in over 30 countries), Humana, and Centene. Competition centers on pricing strategies, particularly in Medicare Advantage and Medicaid, as well as innovation in digital health tools and care management programs.

### What is Elevance Health's market position?
Elevance Health holds the second-place position in the U.S. health insurance market with 12% market share, tied with CVS Health/Aetna and trailing UnitedHealth Group. As of December 2024, the company served 45.7 million medical members with operating revenue of $175.2 billion. Elevance Health dominates 22% of MSA-level markets and is the largest for-profit player within the Blue Cross Blue Shield Association network.

### How can I contact Elevance Health?
Customers can contact Elevance Health through their official website at www.elevancehealth.com, by phone through member services numbers printed on insurance cards (varying by plan and state), or by contacting affiliated companies such as Anthem Blue Cross and Blue Shield. Employer groups and brokers have dedicated account management teams, while individual members can access support through online portals and mobile apps.

### Is Elevance Health hiring?
Yes, Elevance Health actively recruits talent across its 100,000+ employee workforce. The company offers careers in healthcare administration, clinical roles, technology, data analytics, customer service, sales, and corporate functions. Elevance Health emphasizes diversity and inclusion, professional development opportunities, and comprehensive benefits. Career opportunities are posted at www.elevancehealth.com/careers and the company has been recognized as a top employer for diversity and veterans by Forbes, The Wall Street Journal, and GI Jobs.

### What's the latest news about Elevance Health?
In January 2025, Elevance Health reported fourth quarter and full year 2024 results, announcing operating revenue of $175.2 billion (up $5.0 billion or 3%) and serving 112 million consumers. The company set 2025 outlook projecting 7-9% Medicare Advantage growth to 2.2-2.5 million members. Recent initiatives include launching the Food as Medicine program with Community Health Centers, appointing Steve Collis to the board of directors effective August 1, 2025, and completing multiple strategic acquisitions including CareBridge and Kroger's specialty pharmacy business.

### What are Elevance Health's future plans?
Elevance Health projects strong Medicare Advantage growth of 7-9% in 2025, targeting 2.2-2.5 million MA members. The company expects earnings of $34.15-$34.85 per diluted share for 2025 and plans to return approximately $2.3 billion to shareholders through $1.1 billion in share repurchases and $1.2 billion in dividends. Strategic focus areas include expanding Carelon's integrated care services ($53.9 billion 2024 revenue), growing Mosaic Health primary care to serve 1 million members, implementing Food as Medicine initiatives, and pursuing strategic acquisitions in home health and value-based care.

### What is Carelon and how does it relate to Elevance Health?
Carelon is Elevance Health's integrated healthcare services platform that serves one in three people in the U.S. Launched as part of the company's 2022 rebranding, Carelon encompasses a broad portfolio including Care Delivery and Enablement, Behavioral Health, Pharmacy (CarelonRx), and Analytics. In 2024, Carelon generated $53.9 billion in operating revenue, an increase of $5.9 billion or 12% driven by acquisitions and growth in risk-based capabilities. Carelon represents Elevance Health's evolution from traditional insurance to integrated whole-person care delivery.

## Tags

b2b, healthtech, manufacturing, saas, public

---
*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*