Elevance Health reported higher earnings and revenue in the first quarter 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.
In the first quarter, Elevance Health reported earnings per share of $10.64 and revenue of $42.3 billion, both figures exceeding analysts’ estimates. The company saw improvements in its benefit-expense ratio, premium revenue, and benefit expenses, which it attributed to premium rate adjustments to cover medical cost trends in its Health Benefits business.
Elevance Health CEO Gail Boudreaux highlighted the company’s disciplined execution of strategic initiatives during a dynamic time for the industry. 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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