Financial Performance - Elevance Health's operating revenue for 2Q 2025 grew by 143% to $494 billion [7, 9] - The medical loss ratio was 889% [9] - Adjusted operating expense ratio improved by 140 bps to 100% [9] - Operating cash flow was $21 billion [9] - Adjusted diluted earnings per share (EPS) decreased by 142% to $884 [7] Segment Results - Health Benefits operating revenue increased by 119% to $416 billion [11] - Health Benefits adjusted operating margin decreased by 200 bps to 38% [12] - Carelon revenue increased by 358% to $181 billion [14] - CarelonRx revenue increased by 213% to $1064 billion [33] - Carelon Services revenue increased by 637% to $7441 billion [33] Strategic Focus - Elevance Health is focused on simplifying healthcare, affordability, and accessibility for consumers [3, 5] - The company aims to deepen clinical and business partnerships with care providers [4, 5] - Elevance Health is targeting at least 12% average annual growth in Adjusted Diluted Earnings Per Share [19, 20]