Elevance Health — Jan 23, 2025 release

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 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 future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking stat