Insurer Elevance Health tops 1Q forecasts on Medicaid growth

By TOM MURPHY
AP Health Writer

INDIANAPOLIS (AP) — A growing Medicaid business helped Elevance Health’s profit jump 11% as the health insurer turned in a better-than-expected first quarter. The Blue Cross-Blue Shield insurer said Wednesday that enrollment in Medicaid programs it manages for states jumped 9% to 11.9 million people. The company’s total membership grew 3% to top 48 million. Overall, Indianapolis-based Elevance earned $1.99 billion in the first quarter of 2023. Operating revenue, which excludes investment income, grew more than 10% to $41.9 billion. Elevance also said Wednesday that it now expects adjusted earnings to top $32.70 per share this year.