Elevance Health, Inc. stands as one of the largest health benefits companies in the United States. Headquartered in Indianapolis, Indiana, the company operates as an independent licensee of the Blue Cross and Blue Shield Association.
The company serves over 112 million consumers through its family of brands including Anthem Blue Cross and Blue Shield, Wellpoint, and Carelon. Elevance provides health insurance products across Medicare, Medicaid, individual, and employer group markets.
Previously known as Anthem, Inc., the company rebranded to Elevance Health in June 2022. This change reflected its expanded focus on whole health solutions beyond traditional insurance coverage.
Elevance Health History
Elevance Health Co-founders
Elevance Health formed through the merger of two major health insurance organizations in 2004. The predecessor companies trace their origins to multiple founders across different eras.
Elevance Health Revenue
Elevance Health generated $175.2 billion in operating revenue during fiscal year 2024. The Health Benefits segment accounts for the majority of earnings, while Carelon continues to expand as a growth driver.
Revenue increased 3% from the prior year, driven by higher premium yields and acquisitions completed in 2024.
Elevance Health Acquisitions
Elevance Health has pursued strategic acquisitions to strengthen its health benefits and healthcare services capabilities. The company focuses on expanding its reach across managed care, specialty pharmacy, and digital health markets.
In 2007, the company acquired Imaging Management Holdings to add radiology benefits management services. Resolution Health followed in 2008, bringing data analytics capabilities for personalized health guidance. DeCare Dental joined the portfolio in 2009 as one of the largest dental plan administrators in the country.
The 2012 acquisition of Amerigroup Corporation marked a major expansion into Medicaid managed care. This deal added millions of members across state-sponsored health programs. Simply Healthcare Holdings came aboard in 2015, strengthening the Medicare and Medicaid business in Florida.
Health Sun joined the company in 2017, adding an integrated Medicare Advantage plan and care delivery network. More recently, Elevance Health acquired BioPlus specialty pharmacy in 2023 from CarepathRx. This move expanded capabilities for patients with complex and chronic conditions including cancer and autoimmune diseases.
In 2024, Elevance completed the acquisition of Paragon Healthcare, a Texas-based provider of infusion services. Paragon operates more than 40 ambulatory infusion centers across eight states. The company also announced plans to acquire Blue Cross and Blue Shield of Louisiana in 2023, though regulatory approvals remain pending.
Elevance Health Competitors
Elevance Health competes in a market dominated by large national insurers and integrated health systems. The company holds approximately 12% of the U.S. health insurance market, ranking second behind UnitedHealth Group.
| Company | Headquarters | Primary Focus |
|---|---|---|
| UnitedHealth Group | Minnesota, USA | Health Insurance, Optum Services |
| CVS Health | Rhode Island, USA | Pharmacy, Aetna Insurance |
| Cigna Group | Connecticut, USA | Health Insurance, Express Scripts |
| Humana | Kentucky, USA | Medicare Advantage, Senior Care |
| Centene Corporation | Missouri, USA | Medicaid, Government Programs |
| Kaiser Permanente | California, USA | Integrated Care, HMO Plans |
| Molina Healthcare | California, USA | Medicaid, Medicare |
| Highmark | Pennsylvania, USA | Blue Cross Plans, Regional |
| Oscar Health | New York, USA | Individual, Small Group ACA |
| Blue Shield of California | California, USA | Regional Blue Cross Plans |
Elevance Health Market Cap
Elevance Health holds a market capitalization of approximately $67.5 billion as of November 2025. This ranks the company as the 328th most valuable company globally. The stock trades on the New York Stock Exchange under the ticker symbol ELV.
FAQs
What is Elevance Health formerly known as?
Elevance Health was formerly known as Anthem, Inc. The company changed its name in June 2022 to reflect its expanded focus on whole health solutions.
Where is Elevance Health headquartered?
Elevance Health is headquartered in Indianapolis, Indiana, United States. The company operates health plans across 14 states under the Anthem Blue Cross and Blue Shield brand.
How many members does Elevance Health serve?
Elevance Health serves approximately 112 million consumers through its portfolio of medical, pharmacy, behavioral, and clinical care solutions across the United States.
What is Carelon at Elevance Health?
Carelon is Elevance Health’s health services division. It includes CarelonRx for pharmacy services and Carelon Services for clinical care, behavioral health, and complex care management.
Is Elevance Health part of Blue Cross Blue Shield?
Yes, Elevance Health operates as an independent licensee of the Blue Cross Blue Shield Association. It offers Anthem Blue Cross and Blue Shield plans in multiple states.