Elevance Health — Jan 23, 2025 release

14 Elevance Health Financial Guidance Summary (Unaudited) Full Year 2024 Actual Full Year 2025 Outlook Premium Revenue $144.2 billion Low double digit growth Product Revenue $22.6 billion Low single digit growth Service Fees $8.4 billion Approximately flat Total Operating Revenue $175.2 billion High single to low double digit growth Benefit Expense Ratio 88.5% 89.1% +/- 50 bps Adjusted Operating Expense Ratio 10.6% 10.4% +/- 50 bps Adjusted Operating Gain $9.3 billion $9.55 - $9.85 billion Other Pre-Tax Items: Net Investment income $2,051 million $1,875 million Interest Expense ($1,185) million ($1,475) million Amortization of Intangible Assets ($580) million ($580) million Net Pre-Tax Income (Expense) $286 million ($180) million Adjusted Effective Tax Rate 24.6% 22.0% - 24.0% GAAP Diluted EPS $25.68 $30.40 - $31.10 Adjusted Diluted EPS $33.04 $34.15 - $34.85 Diluted Shares 232.9 million 225 - 226 million Operating Cash Flow $5.8 billion Approximately $8.0 billion Segment Level Guidance Metrics Operating Revenue Growth Rate Health Benefits $150.3 billion High single digit growth CarelonRx $36.0 billion Mid teens growth Carelon Services $18.0 billion Greater than 50% growth GAAP Operating Margin vs. 2024 Health Benefits 4.2% (50) - (25) bps CarelonRx 6.0% 0 - 20 bps Carelon Services 4.0% (100) - (50) bps 15 Elevance Health Membership Guidance Summary (Unaudited) Full Year 2024 Actual Full Year 2025 Outlook Year-End Medical Enrollment (in 000s) Commercial Fee-Based 27,199 27,300 - 27,600 Commercial Risk-Based 5,000 5,150 - 5,350 Medicaid 8,917 8,600 - 8,900 Medicare Advantage 2,066 2,200 - 2,250 Medicare Supplement 891 Approximately 850 Federal Employee Program 1,661 Approximately 1,650 Fee-Based 27,199 27,300 - 27,600 Risk-Based 18,535 18,450 - 19,000 Total 45,734 45,750 - 46,600 16 Forwa