Summary
Elevance Health, Inc. (formerly WellPoint, Inc.) reported total revenues of $15.14 billion for the first quarter of 2009, a slight decrease of 3% from the same period in 2008, primarily due to lower premium revenues and net investment income. Net income was $580.4 million, a 1% decrease year-over-year, resulting in diluted EPS of $1.16, an increase of 8% driven by a reduced share count from buybacks. The company experienced a notable increase in net realized losses on investments, largely attributable to other-than-temporary impairments on equity and fixed maturity securities, impacting profitability. Operating cash flow showed strength, increasing by 14% to $1.19 billion, indicating solid cash generation from core operations.
Financial Highlights
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Financial Statements
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Key Highlights
- 1Total operating revenue for Q1 2009 was $15.3 billion, a slight decrease of less than 1% compared to Q1 2008.
- 2Net income for Q1 2009 was $580.4 million, a decrease of 1% from Q1 2008.
- 3Diluted earnings per share (EPS) increased by 8% to $1.16 in Q1 2009, primarily due to a lower number of outstanding shares from share repurchases.
- 4Net realized losses on investments significantly increased to $352.5 million in Q1 2009, primarily due to other-than-temporary impairments on securities.
- 5Operating cash flow strengthened by 14% to $1.19 billion in Q1 2009.
- 6The company announced an agreement to sell its PBM operations (NextRx) to Express Scripts for $4.675 billion in April 2009.
- 7Medical membership saw a decrease of 2% year-over-year, totaling 34.6 million members as of March 31, 2009.