Elevance Health is one of the largest U.S. health insurers by revenue, with roughly 45 million medical members and about 104 million consumers served across its businesses. It sells Anthem Blue Cross and Blue Shield plans in 14 states, Wellpoint government plans in others, and pharmacy and health services through Carelon. The company is headquartered in Indianapolis, Indiana.
Elevance makes money in two ways. First, its Health Benefits segment collects premiums from employers, individuals and government programs and pays members' medical claims; profit depends on keeping the benefit expense ratio (89.7% in Q2 2026) below premium levels and on fees for administering self-funded employer plans. Second, Carelon earns pharmacy and services revenue: CarelonRx manages prescription benefits and dispenses specialty drugs, while Carelon Services sells behavioral health, home-based care and risk-based care management, increasingly to outside health plans as well as Elevance's own members. Carelon produced $19.2B of operating revenue and $0.9B of operating gain in Q2 2026.