Elevance Health, Inc. - ELV STOCK NEWS

The Standard has announced a definitive agreement to acquire Elevance Health's Life & Disability business. This strategic move combines the strengths of both companies, emphasizing their commitment to customer service and benefits administration. The Standard will operate under its brand, incorporating Elevance's employees and operations. The partnership aims to enhance distribution channels, bringing additional life and disability insurance products to customers. Upon closing, The Standard will gain access to Elevance's portfolio, serving approximately 4.8 million covered lives in 14 states, thereby accelerating its growth and market presence in the U.S.

Anthem Blue Cross and Blue Shield in Georgia has launched Virtual-First health plans, providing eligible members with affordable access to virtual care options. The plans include an AI-driven symptom checker and support for chronic condition management. Starting from July 2023, these plans aim to improve healthcare experiences by seamlessly connecting virtual and in-person care through the Sydney Health app, available 24/7. Members benefit from various cost-share options, potentially including no coinsurance for virtual care. These services will also cater to national account ASO clients beginning January 1, 2024.

Elevance Health (NYSE: ELV) will host an Investor Conference on March 23, 2023, in New York City. The event features presentations and Q&A sessions with senior leadership, webcast live from 8:00 a.m. ET to 12:00 p.m. ET. Interested parties can register for the webcast here or visit ElevanceHealth.com. Presentations will be available for download later on the website.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) for WellPoint Insurance Services, Inc. (WISI), a wholly owned subsidiary of Elevance Health. The outlook remains stable. WISI’s balance sheet strength is deemed adequate, with improved risk-adjusted capitalization but a projected decline in 2022 due to reserve strengthening and unrealized losses. WISI's core operations, particularly in the Federal Employees Health Benefits Program, remain strong, although operating results in other business lines have fluctuated.

Elevance Health released a study indicating that individuals experiencing long COVID face significantly higher risks for various adverse cardiovascular and pulmonary conditions, as well as increased mortality rates compared to those without COVID-19.

The study, the largest of its kind involving 13,435 long COVID patients, highlights that:

• 2.35 times more likely to experience cardiac arrhythmias
• 3.64 times more likely to face pulmonary embolism
• 2.8% mortality rate in long COVID patients versus 1.2% in non-COVID patients

This highlights a need for better care management programs to address these risks.

Elevance Health (NYSE: ELV) has finalized its acquisition of BioPlus, a notable specialty pharmacy, enhancing its capabilities in managing complex health conditions. This strategic move focuses on providing comprehensive pharmacy services across all 50 states, particularly for patients with chronic ailments like cancer and multiple sclerosis. The integration of BioPlus into Elevance’s CarelonRx will enable improved accessibility and affordability of specialty drugs, aiming to elevate patient care and experience. Elevance plans to expand BioPlus’ service models, aligning with its commitment to holistic healthcare solutions.

Elevance Health, Inc. (NYSE: ELV) announced that from October 15, 2022, its 2.750% Senior Convertible Debentures due 2042 will accrue a contingent interest of 0.50% per annum based on the average trading price over the preceding ten days. This translates to approximately $16.8123 per Note, payable on April 15, 2023, to record holders as of April 1, 2023. The company serves over 119 million individuals through various healthcare services, emphasizing its commitment to improving health outcomes.

Elevance Health reported strong financial results for Q4 and the full year 2022, with GAAP net income of $3.93 and $24.81 per share, respectively. Adjusted net income was $5.23 and $29.07 per share. Operating revenue increased 13.7% year-over-year to $156 billion, and operating gain grew 12.9% to $8.5 billion. Medical enrollment rose by 2.2 million members to 47.5 million. A quarterly dividend increased by 16% to $1.48 per share. For 2023, the company anticipates GAAP net income exceeding $29.80 per share. These results reflect Elevance’s progress towards becoming a trusted health partner, with strategic advances to optimize their businesses.

AM Best has confirmed that the Credit Ratings of Elevance Health (NYSE: ELV) and its subsidiaries remain unchanged after the announcement on January 23, 2023 regarding its acquisition of Louisiana Health Service and Indemnity Company, operating as Blue Cross and Blue Shield of Louisiana. BCBSLA serves over 1.9 million members with approximately $1.8 billion in capital. AM Best will monitor the acquisition's progress through legal and regulatory approvals, which may affect Elevance's financial leverage, projected to increase slightly beyond 40%. The acquisition is expected to be accretive to earnings and close in the second half of 2023.