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Sankey diagram of Elevance Health, Inc.. A complete text table follows the diagram.
Health benefits still dominate the economics, while Carelon adds pharmacy products and services around the insurance core.
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All flows are reported filing values. Operating revenue is presented by economic source, while investment and financing items are kept outside the insurance operating pool. Carelon segment observations in annotations use reported segment disclosures, including affiliated revenue that is eliminated in consolidation.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Health premiums | 1 | $41.0B | 82.9% of operating revenue |
| Pharmacy products | 1 | $6.2B | CarelonRx product revenue |
| Service fees | 1 | $2.2B | Administrative and care services |
| Operating revenue | 2 | $49.5B | 1.5% year-over-year growth |
| Operating gain | 3 | $2.1B | 4.2% operating margin |
| Medical benefits | 3 | $35.6B | 86.8% benefit expense ratio |
| Pharmacy product cost | 3 | $5.5B | Cost of products sold |
| Operating expense | 3 | $6.3B | 12.8% expense ratio |
| Investment income | 3 | $765M | Income from invested reserves |
| Operating gain + investments | 4 | $2.9B | Before market and financing items |
| Income before tax | 5 | $2.3B | 4.6% of total revenue |
| Financial-instrument losses | 5 | $78M | Net market losses |
| Interest expense | 5 | $357M | Financing cost |
| Intangible amortization | 5 | $112M | Acquired intangible assets |
| Net income | 6 | $1.8B | 3.5% of total revenue |
| Income tax | 6 | $544M | 23.6% effective rate |
| NCI loss added back | 6 | $4M | Loss borne by outside interests |
| Shareholders' net income | 7 | $1.8B | Final reported attribution |
| From | To | Value |
|---|---|---|
| Health premiums | Operating revenue | $41.0B |
| Pharmacy products | Operating revenue | $6.2B |
| Service fees | Operating revenue | $2.2B |
| Operating revenue | Operating gain | $2.1B |
| Operating revenue | Medical benefits | $35.6B |
| Operating revenue | Pharmacy product cost | $5.5B |
| Operating revenue | Operating expense | $6.3B |
| Operating gain | Operating gain + investments | $2.1B |
| Investment income | Operating gain + investments | $765M |
| Operating gain + investments | Income before tax | $2.3B |
| Operating gain + investments | Financial-instrument losses | $78M |
| Operating gain + investments | Interest expense | $357M |
| Operating gain + investments | Intangible amortization | $112M |
| Income before tax | Net income | $1.8B |
| Income before tax | Income tax | $544M |
| Net income | Shareholders' net income | $1.8B |
| NCI loss added back | Shareholders' net income | $4M |