Who Owns Carelon?

What does Elevance Health own?

Elevance Health owns Anthem Blue Cross Blue Shield health insurance plans operating in 14 states, the Wellpoint subsidiary brand, and the Carelon health services brand including CarelonRx (pharmacy benefits management) and Carelon Services (behavioural health, care management, and risk-based solutions). The company also offers dental insurance through Anthem Dental Plans and Blue Cross Blue Shield Dental. Elevance was formerly known as Anthem until rebranding in June 2022.

Is Elevance Health publicly traded?

Yes. Elevance Health is listed on the New York Stock Exchange under the ticker symbol ELV. The company has been publicly traded since 2004, when it IPO'd under the name Anthem with ticker ANTM. The ticker changed to ELV in June 2022 when the company rebranded to Elevance Health. Major institutional shareholders include Vanguard Group, BlackRock, and State Street Corporation. The company returned $4.1 billion of capital to shareholders in 2025.

Who founded Elevance Health?

Elevance Health was formed through decades of mergers among Blue Cross and Blue Shield organisations, beginning in 1946. The current corporate structure resulted from the 2004 merger of Anthem and WellPoint Health Networks, which brought multiple state Blue Cross Blue Shield plans under a single entity. The company adopted the Anthem name in 2004 and rebranded to Elevance Health in June 2022 under CEO Gail Boudreaux's leadership.

Where is Elevance Health headquartered?

Elevance Health is headquartered in Indianapolis, Indiana, USA. The company operates Blue Cross Blue Shield plans in 14 states and serves approximately 45 million medical members across the United States. The company employs approximately 100,000 people. Carelon, the company's health services subsidiary, operates pharmacy benefits management, behavioural health, and care management services.

What is Elevance Health's annual revenue?

Elevance reported $197.6 billion in operating revenue for FY2025, a 12.8% increase from $175.2 billion in FY2024. Premium revenue was $164.6 billion, product revenue was $24.5 billion, and service fees were $8.5 billion. Shareholders' net income was $5.66 billion, with GAAP diluted EPS of $25.21. For FY2026, the company projects total operating revenue to decline in the low single digits, with GAAP diluted EPS of at least $22.30 and adjusted diluted EPS of at least $25.50.

Why is Elevance Health exiting Medicaid markets?

Elevance is exiting Medicaid markets where it cannot achieve sustainable margins due to elevated medical cost trends and state rate updates that have not kept pace with the higher acuity of remaining members after pandemic-era redetermination. The company exited the Washington, D.C. Medicaid market in August 2025 and expects to exit additional markets over 12 to 18 months. Medicaid is expected to operate at a -1.75% operating margin in 2026. CEO Gail Boudreaux stated that "Medicaid participation has to make strategic and financial sense for us within our diversified portfolio."

What is the DOJ lawsuit against Elevance Health about?

In May 2025, the US Department of Justice filed a False Claims Act complaint against Elevance Health, CVS Health (Aetna), and Humana, alleging the insurers paid hundreds of millions of dollars in illegal kickbacks to insurance brokers eHealth, GoHealth, and SelectQuote from 2016 through at least 2021 in exchange for Medicare Advantage enrolments. The DOJ alleges brokers directed beneficiaries to plans that paid the most in kickbacks regardless of suitability. The case is ongoing, and the claims are allegations only with no determination of liability.