Home / Business and Economy / Elevance Health Beats Q2 Estimates, Raises Profit Forecast
Elevance Health Beats Q2 Estimates, Raises Profit Forecast
15 Jul
Summary
- Elevance Health raised its annual profit forecast after exceeding Q2 estimates.
- The company reported a medical loss ratio of 89.7%, beating analyst expectations.
- Quarterly adjusted profit of $7.45 per share surpassed average estimates of $6.21.
Elevance Health has raised its annual profit forecast following a strong second quarter where earnings exceeded estimates. The health insurer reported a medical loss ratio of 89.7% for the quarter, indicating success in managing medical expenses. This ratio was better than the 90.15% anticipated by analysts.
The company's CEO, Gail Boudreaux, stated that second-quarter results exceeded the company's outlook. Elevance Health, which offers commercial insurance and Medicaid plans, has been strategically withdrawing from underperforming Medicare Advantage markets.
Elevance Health posted a quarterly adjusted profit of $7.45 per share, significantly surpassing the average analyst estimate of $6.21. Consequently, the company now projects its full-year adjusted profit to be at least $27 per share, an increase from its previous projection of at least $26.75 per share.
