Elevance Health — Oct 17, 2024 release

Totals may not foot due to rounding 13 Elevance Health GAAP Reconciliation (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 (In millions) 2024 2023 Change 2024 2023 Change Reportable segments operating gain $ 1,408   $ 1,756   (19.8) % $ 7,189   $ 7,215   (0.4) % Add / (Subtract): Litigation and settlement expenses 1 669  2  680  5  Business optimization charges 1 268  697  268  697  Transaction and integration related costs 1 42  73  158  154  Net adjustment items 979  772  1,106  856  Reportable segments adjusted operating gain $ 2,387   $ 2,528   (5.6) % $ 8,295   $ 8,071   2.8  % Three Months Ended September 30 Nine Months Ended September 30 (In millions) 2024 2023 Change 2024 2023 Change Operating expense $ 5,269   $ 5,470   (3.7) % $ 15,221   $ 15,088   0.9  % Add / (Subtract): Litigation and settlement expenses 1 (669) (2) (680) (5) Business optimization charges 1 (268) (697) (268) (697) Transaction and integration related costs 1 (42) (73) (158) (154) Net adjustment items (979) (772) (1,106) (856) Adjusted operating expense $ 4,290   $ 4,698   (8.7) % $ 14,115   $ 14,232   (0.8) % Operating revenue $ 44,719 $ 42,480 5.3  % $ 130,215 $ 127,755 1.9  % Operating expense ratio 11.8  % 12.9  % (110) bp 11.7  % 11.8  % (10) bp Adjusted operating expense ratio 9.6  % 11.1  % (150) bp 10.8  % 11.1  % (30) bp Full Year 2024 Outlook Shareholders' earnings per diluted share Approximately $26.50 Add / (Subtract): Litigation and settlement expenses 1 $2.93  Amortization of other intangibles $2.21  Net losses on financial instruments $1.93  Business optimization charges 1 $1.15  Transaction and integration related costs 1 $1.03  Gain on sale of business ($0.86) Tax impact of non-GAAP adjustments Approximately ($1.89) Net adjustment items $6.50  Adjusted shareholders' earnings per diluted share Approximately $33.00 1. Adjustment item resides in the Corporate & Other reportable segment. 14 Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to futu