Elevance Health Business Summary

Elevance Health, Inc. (ELV) operates as a leading health benefits company, generating the majority of its revenue through a diversified model of insurance premiums and service-based fees. The company is structured into two primary pillars: Health Benefits and Carelon. The Health Benefits segment, which includes the legacy Anthem and Wellpoint brands, provides medical, pharmacy, and dental coverage to over 45 million members across commercial and government-sponsored markets. Carelon serves as the high-growth services arm, encompassing CarelonRx for pharmacy benefit management and Carelon Services for integrated behavioral, clinical, and home health solutions. Positioned as the second-largest health insurer in the United States by membership, Elevance Health competes directly with UnitedHealth Group, CVS Health (Aetna), Cigna, and Humana, distinguishing itself through a strategic pivot toward a "whole-health" platform that integrates physical, social, and behavioral care delivery. Leadership is spearheaded by President and CEO Gail K. Boudreaux, who previously served as CEO of UnitedHealthcare and has been recognized for scaling multibillion-dollar healthcare enterprises. The executive team includes EVP and CFO Mark Kaye, who joined in late 2023 from Moody’s Corporation, and Global CIO Anil Bhatt, a veteran technologist driving the firm’s digital transformation and AI-enabled predictive care initiatives. The company’s strategic direction is overseen by a robust Board of Directors chaired by Ramiro G. Peru, featuring notable members such as Amy Schulman, a managing partner at Polaris Partners who joined in January 2026, and Steve Collis, former CEO of Cencora. This leadership pedigree combines deep institutional knowledge from the 2004 Anthem-WellPoint merger with external expertise in global finance and venture capital to navigate the evolving regulatory and Medicaid landscapes of 2026.