ELEVANCE HEALTH, INC., 10-Q filed on 10/21/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 14, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-16751  
Entity Registrant Name ELEVANCE HEALTH, INC.  
Entity Incorporation, State or Country Code IN  
Entity Tax Identification Number 35-2145715  
Entity Address, Address Line One 220 Virginia Avenue  
Entity Address, City or Town Indianapolis  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 46204  
City Area Code 833  
Local Phone Number 401-1577  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol ELV  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   222,238,763
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001156039  
Current Fiscal Year End Date --12-31  
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 8,713 $ 8,288
Fixed maturity securities (amortized cost of $26,200 and $25,879; allowance for credit losses of $13 and $6) 26,283 25,201
Equity securities 1,220 1,192
Premium receivables, net 9,535 8,011
Self-funded receivables, net 5,122 5,044
Other receivables 7,692 6,016
Other current assets 5,213 4,700
Assets held for sale 0 490
Total current assets 63,778 58,942
Long-term investments:    
Fixed maturity securities (amortized cost of $1,110 and $1,049; allowance for credit losses of $$0 and $0) 1,111 1,035
Other invested assets 10,648 9,749
Property and equipment, net 4,657 4,652
Goodwill 28,451 28,277
Other intangible assets 11,327 12,094
Other noncurrent assets 2,777 2,140
Total assets 122,749 116,889
Current liabilities:    
Medical claims payable 17,148 15,746
Other policyholder liabilities 2,447 4,204
Unearned income 1,831 1,508
Accounts payable and accrued expenses 6,085 6,927
Short-term borrowings 180 365
Current portion of long-term debt 749 1,649
Other current liabilities 12,438 10,029
Liabilities held for sale 0 153
Total current liabilities 40,878 40,581
Long-term debt, less current portion 31,173 29,218
Reserves for future policy benefits 164 190
Deferred tax liabilities, net 2,315 2,148
Other noncurrent liabilities 4,137 3,326
Total liabilities 78,667 75,463
Commitments and contingencies – Note 11
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares outstanding (in shares) 0 0
Shareholders’ equity    
Preferred stock, without par value, shares authorized – 100,000,000; shares issued and outstanding – none $ 0 $ 0
Common stock, par value $0.01, shares authorized – 900,000,000; shares issued and outstanding – 222,036,187 and 227,479,695 2 2
Additional paid-in capital 8,908 8,911
Retained earnings 35,586 33,549
Accumulated other comprehensive loss (543) (1,147)
Total shareholders’ equity 43,953 41,315
Noncontrolling interests 129 111
Total equity 44,082 41,426
Total liabilities and equity $ 122,749 $ 116,889
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Fixed maturities, amortized cost, current $ 26,200 $ 25,879
Fixed maturities, allowance for credit loss, current 13 6
Fixed maturities, amortized cost, noncurrent 1,110 1,049
Fixed maturities, allowance for credit Loss, noncurrent $ 0 $ 0
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 222,036,187 227,479,695
Common stock, shares outstanding (in shares) 222,036,187 227,479,695
v3.25.3
Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Premiums $ 41,791 $ 36,809 $ 123,949 $ 107,921
Total operating revenue 50,087 44,719 148,273 130,215
Net investment income 625 551 1,701 1,524
Net losses on financial instruments (1) (125) (596) (371)
Gain (loss) on sale of business 0 (39) 0 201
Total revenues 50,711 45,106 149,378 131,569
Expenses        
Benefit expense 38,140 32,949 110,158 94,067
Cost of products sold 5,380 5,093 15,656 13,738
Operating expense 5,272 5,269 15,569 15,221
Interest expense 351 300 1,036 845
Amortization of other intangible assets 162 122 464 400
Total expenses 49,305 43,733 142,883 124,271
Income before income tax expense 1,406 1,373 6,495 7,298
Income tax expense 219 365 1,380 1,740
Net income 1,187 1,008 5,115 5,558
Net loss attributable to noncontrolling interests 2 8 0 4
Shareholders’ net income $ 1,189 $ 1,016 $ 5,115 $ 5,562
Shareholders’ net income per share        
Basic (in dollars per share) $ 5.32 $ 4.38 $ 22.73 $ 23.94
Diluted (in dollars per share) 5.32 4.36 22.67 23.81
Dividends per share (in dollars per share) $ 1.71 $ 1.63 $ 5.13 $ 4.89
Product revenue        
Revenues        
Product and service revenue $ 6,159 $ 5,887 $ 18,010 $ 15,916
Service fees        
Revenues        
Product and service revenue $ 2,137 $ 2,023 $ 6,314 $ 6,378
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,187 $ 1,008 $ 5,115 $ 5,558
Other comprehensive income, net of tax:        
Change in net unrealized gains on investments 220 887 603 805
Change in non-credit component of impairment losses on investments 1 0 (1) 0
Change in net unrealized gains (losses) on net cash flow hedges (3) 2 5 8
Change in net periodic pension and postretirement costs 4 3 1 11
Change in future policy benefits (2) (1) (1) (2)
Foreign currency translation adjustments (1) 7 1 2
Other comprehensive income 219 898 608 824
Net loss attributable to noncontrolling interests 2 8 0 4
Other comprehensive income attributable to noncontrolling interests (2) 0 (4) 0
Total shareholders’ comprehensive income $ 1,406 $ 1,914 $ 5,719 $ 6,386
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income $ 5,115 $ 5,558
Adjustments to reconcile net income to net cash provided by operating activities:    
Net losses on financial instruments 596 371
Gain on sale of business 0 (201)
Equity in net (earnings) losses of other invested assets (251) 15
Depreciation and amortization 1,140 995
Deferred income taxes 43 (258)
Impairment of property and equipment 70 103
Share-based compensation 246 220
Changes in operating assets and liabilities:    
Receivables, net (3,282) (490)
Other invested assets (70) (73)
Other assets (403) (934)
Policy liabilities (873) (1,812)
Unearned income 323 392
Accounts payable and other liabilities 1,539 928
Income taxes (13) 231
Other, net 26 57
Net cash provided by operating activities 4,206 5,102
Investing activities    
Purchases of investments (12,265) (14,706)
Proceeds from sale of investments 10,658 11,611
Maturities, calls and redemptions from investments 1,195 1,481
Changes in securities lending collateral (576) (160)
Purchases of subsidiaries, net of cash acquired 55 (1,124)
Proceeds from sale of subsidiaries, net of cash sold 0 399
Purchases of property and equipment (823) (934)
Other, net (52) (96)
Net cash used in investing activities (1,808) (3,529)
Financing activities    
Proceeds from long-term borrowings 2,994 2,580
Repayments of long-term borrowings (2,150) (800)
Proceeds from short-term borrowings 990 210
Repayments of short-term borrowings, net of issuances (1,175) (75)
Changes in securities lending payable 576 158
Changes in bank overdrafts 77 (172)
Repurchase and retirement of common stock (2,134) (1,089)
Cash dividends (1,152) (1,135)
Proceeds from issuance of common stock under employee stock plans 21 205
Taxes paid through withholding of common stock under employee stock plans (31) (106)
Other, net 10 9
Net cash used in financing activities (1,974) (215)
Effect of foreign exchange rates on cash and cash equivalents 1 2
Change in cash and cash equivalents 425 1,360
Cash and cash equivalents at beginning of period 8,288 6,526
Cash and cash equivalents included in assets held for sale at end of period 0 (20)
Cash and cash equivalents at end of period $ 8,713 $ 7,866
v3.25.3
Consolidated Statements of Changes in Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023   233.1        
Beginning balance at Dec. 31, 2023 $ 39,405 $ 2 $ 8,868 $ 31,749 $ (1,313) $ 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 2,249     2,246   3
Other comprehensive gain (loss) (52)       (52)  
Repurchase and retirement of common stock, including excise tax (in shares)   (1.1)        
Repurchase and retirement of common stock, including excise tax (569)   (44) (525)    
Dividends and dividend equivalents (382)     (382)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.5        
Issuance of common stock under employee stock plans, net of related tax benefits 59   59      
Ending balance (in shares) at Mar. 31, 2024   232.5        
Ending balance at Mar. 31, 2024 40,710 $ 2 8,883 33,088 (1,365) 102
Beginning balance (in shares) at Dec. 31, 2023   233.1        
Beginning balance at Dec. 31, 2023 39,405 $ 2 8,868 31,749 (1,313) 99
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 5,558          
Other comprehensive gain (loss) $ 824          
Repurchase and retirement of common stock, including excise tax (in shares) (2.1)          
Ending balance (in shares) at Sep. 30, 2024   231.9        
Ending balance at Sep. 30, 2024 $ 43,879 $ 2 9,105 35,157 (489) 104
Beginning balance (in shares) at Mar. 31, 2024   232.5        
Beginning balance at Mar. 31, 2024 40,710 $ 2 8,883 33,088 (1,365) 102
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 2,301     2,300   1
Other comprehensive gain (loss) (22)       (22)  
Noncontrolling interests adjustment 3         3
Repurchase and retirement of common stock, including excise tax (in shares)   (0.9)        
Repurchase and retirement of common stock, including excise tax (466)   (34) (432)    
Dividends and dividend equivalents (381)     (381)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.3        
Issuance of common stock under employee stock plans, net of related tax benefits 152   152      
Ending balance (in shares) at Jun. 30, 2024   231.9        
Ending balance at Jun. 30, 2024 42,297 $ 2 9,001 34,575 (1,387) 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 1,008     1,016   (8)
Other comprehensive gain (loss) 898       898  
Noncontrolling interests adjustment 6         6
Repurchase and retirement of common stock, including excise tax (in shares)   (0.1)        
Repurchase and retirement of common stock, including excise tax (60)   (5) (55)    
Dividends and dividend equivalents (379)     (379)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.1        
Issuance of common stock under employee stock plans, net of related tax benefits 109   109      
Ending balance (in shares) at Sep. 30, 2024   231.9        
Ending balance at Sep. 30, 2024 43,879 $ 2 9,105 35,157 (489) 104
Beginning balance (in shares) at Dec. 31, 2024   227.5        
Beginning balance at Dec. 31, 2024 41,426 $ 2 8,911 33,549 (1,147) 111
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 2,184     2,183   1
Other comprehensive gain (loss) 237       236 1
Noncontrolling interests adjustment 4         4
Repurchase and retirement of common stock, including excise tax (in shares)   (2.2)        
Repurchase and retirement of common stock, including excise tax (896)   (97) (799)    
Dividends and dividend equivalents (387)     (387)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.4        
Issuance of common stock under employee stock plans, net of related tax benefits 52   52      
Ending balance (in shares) at Mar. 31, 2025   225.7        
Ending balance at Mar. 31, 2025 42,620 $ 2 8,866 34,546 (911) 117
Beginning balance (in shares) at Dec. 31, 2024   227.5        
Beginning balance at Dec. 31, 2024 41,426 $ 2 8,911 33,549 (1,147) 111
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 5,115          
Other comprehensive gain (loss) $ 608          
Repurchase and retirement of common stock, including excise tax (in shares) (6.1)          
Ending balance (in shares) at Sep. 30, 2025   222.0        
Ending balance at Sep. 30, 2025 $ 44,082 $ 2 8,908 35,586 (543) 129
Beginning balance (in shares) at Mar. 31, 2025   225.7        
Beginning balance at Mar. 31, 2025 42,620 $ 2 8,866 34,546 (911) 117
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 1,744     1,743   1
Other comprehensive gain (loss) 152       151 1
Noncontrolling interests adjustment 10         10
Repurchase and retirement of common stock, including excise tax (in shares)   (1.0)        
Repurchase and retirement of common stock, including excise tax (381)   (27) (354)    
Dividends and dividend equivalents (386)     (386)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.1        
Issuance of common stock under employee stock plans, net of related tax benefits 92   92      
Ending balance (in shares) at Jun. 30, 2025   224.8        
Ending balance at Jun. 30, 2025 43,851 $ 2 8,931 35,549 (760) 129
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 1,187     1,189   (2)
Other comprehensive gain (loss) 219       217 2
Repurchase and retirement of common stock, including excise tax (in shares)   (2.9)        
Repurchase and retirement of common stock, including excise tax (884)   (115) (769)    
Dividends and dividend equivalents (383)     (383)    
Issuance of common stock under employee stock plans, net of related tax benefits (in shares)   0.1        
Issuance of common stock under employee stock plans, net of related tax benefits 92   92      
Ending balance (in shares) at Sep. 30, 2025   222.0        
Ending balance at Sep. 30, 2025 $ 44,082 $ 2 $ 8,908 $ 35,586 $ (543) $ 129
v3.25.3
Organization
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
References to the terms “we,” “our,” “us” or “Elevance Health” used throughout these Notes to the Consolidated Financial Statements refer to Elevance Health, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico unless the context otherwise requires.
Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.4 million medical members through our affiliated health plans as of September 30, 2025. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. We provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Program® (“FEP®”). We provide an array of specialty services both to customers of our subsidiary health plans and to unaffiliated health plans, including pharmacy services, stop loss insurance, dental, vision and supplemental health insurance benefits, as well as integrated health services.
We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross and Anthem Blue Cross and Blue Shield. We also conduct business through arrangements with other BCBS licensees as well as other strategic partners. In addition, we serve members in numerous states as Wellpoint, Carelon, MMM and/or Simply Healthcare. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries.
Our portfolio consists of the following core go-to-market brands:
•Anthem Blue Cross/Anthem Blue Cross and Blue Shield — represents our Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed Medicare, Medicaid, and commercial Health Benefit plans;
•Wellpoint — represents our Wellpoint branded Medicare, Medicaid and commercial Health Benefit plans and other non-BCBSA brands; and
•Carelon — represents our healthcare related services and capabilities, including our CarelonRx and Carelon Services businesses.
We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable segments). For additional information on reportable segments see Note 15, “Segment Information.”
v3.25.3
Basis of Presentation and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our Annual Report on Form 10-K for the year ended
December 31, 2024 (the “2024 Annual Report on Form 10-K”), unless the information contained in those disclosures materially changed or is required by GAAP. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 have been recorded. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025, or any other period. The seasonal nature of portions of our healthcare and related benefits business, as well as competitive and other market conditions, may cause full-year results to differ from estimates based upon our interim results of operations. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2024 included in our 2024 Annual Report on Form 10-K.
Certain of our subsidiaries operate outside of the United States and have functional currencies other than the U.S. dollar (“USD”). We translate the assets and liabilities of those subsidiaries to USD using the exchange rate in effect at the end of the period. We translate the revenues and expenses of those subsidiaries to USD using the average exchange rates in effect during the period. The net effect of these translation adjustments is included in “Foreign currency translation adjustments” in our consolidated statements of comprehensive income.
Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation.
Cash and Cash Equivalents: We control a number of bank accounts that are used exclusively to hold customer funds for the administration of customer benefits, and we have cash and cash equivalents on deposit to meet certain regulatory and derivative financial instrument requirements. These amounts totaled $397 and $409 at September 30, 2025 and December 31, 2024, respectively, and are included in the “Cash and cash equivalents” line on our consolidated balance sheets.
Investments: We classify fixed maturity securities in our investment portfolio as “available-for-sale” and report those securities at fair value. Certain fixed maturity securities are available to support current operations and, accordingly, we classify such investments as current assets without regard to their contractual maturity. Investments used to satisfy contractual, regulatory or other requirements are classified as long-term, without regard to contractual maturity.
If a fixed maturity security is in an unrealized loss position and we have the intent to sell the fixed maturity security, or it is more likely than not that we will have to sell the fixed maturity security before recovery of its amortized cost basis, we write down the fixed maturity security’s cost basis to fair value and record an impairment loss in our consolidated statements of income. For impaired fixed maturity securities that we do not intend to sell or if it is more likely than not that we will not have to sell such securities, but we expect that we will not fully recover the amortized cost basis, we recognize the credit component of the impairment as an allowance for credit loss in our consolidated balance sheets and record an impairment loss in our consolidated statements of income. The non-credit component of the impairment is recognized in the consolidated statements of comprehensive income. Furthermore, unrealized losses entirely caused by non-credit-related factors related to fixed maturity securities for which we expect to fully recover the amortized cost basis continue to be recognized in “Accumulated other comprehensive loss.”
The credit component of an impairment is determined primarily by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. The net present value is calculated by discounting our best estimate of projected future cash flows at the effective interest rate implicit in the fixed maturity security at the date of purchase. For mortgage-backed and asset-backed securities, cash flow estimates are based on assumptions regarding the underlying collateral, including prepayment speeds, vintage, type of underlying asset, geographic concentrations, default rates, recoveries and changes in value. For all other securities, cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings and estimates regarding timing and amount of recoveries associated with a default.
For asset-backed securities included in “Fixed maturity securities”, we recognize income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the purchase date of the securities. Such adjustments are reported within net investment income.
The changes in fair value of our marketable equity securities are recognized in our consolidated statements of income within net losses on financial instruments. Certain marketable equity securities are held to satisfy contractual obligations or for other business purposes and are reported under the caption “Other invested assets” in our consolidated balance sheets.
Mortgage loans on real estate are classified as held for investment and are reported at their amortized cost basis net of allowance under the caption “Other invested assets” in our consolidated balance sheets. Amortized cost is the amount at which the loan is originated, adjusted for accrued interest, amortization of premium, discount and net deferred fees or costs, collection of cash and write-offs.
We have corporate-owned life insurance policies on certain participants in our deferred compensation plans and other members of management. The cash surrender value of the corporate-owned life insurance policies is reported under the caption “Other invested assets” in our consolidated balance sheets.
We have investments in limited partnerships (“LPs”) and companies in which our ownership interest may enable us to influence the operating or financial decisions of the investee company, including unconsolidated variable interest entities. These investments are accounted for using the equity method of accounting and are reported within “Other invested assets” in our consolidated balance sheets. Our proportionate share of equity in net income (loss) for these LPs and unconsolidated investee companies is reported within “Net investment income” in our consolidated statements of income. The carrying value of these investments are written down, or impaired, to fair value when a decline in value is considered to be other-than temporary. In applying the equity method (including assessment for other-than temporary impairment), we use financial information provided by the LPs and investee companies, generally on a one-to three-month lag. We consolidate investee companies in certain other instances where we are deemed to exercise control, or we are considered the primary beneficiary of a variable interest entity.
Investment income is recorded when earned. All securities sold resulting in investment gains and losses are recorded on the trade date. Realized gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold.
We participate in securities lending programs whereby marketable securities in our investment portfolio are transferred to independent brokers or dealers in exchange for cash and securities collateral. We recognize the collateral as an asset, which is reported under the caption “Other current assets” in our consolidated balance sheets, and we record a corresponding liability for the obligation to return the collateral to the borrower, which is reported under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category in our consolidated balance sheets. Unrealized gains or losses on securities lending collateral are included in “Accumulated other comprehensive loss” as a separate component of shareholders’ equity. The market value of loaned securities and that of the collateral pledged can fluctuate in non-synchronized fashions. To the extent the loaned securities’ value appreciates faster or depreciates slower than the value of the collateral pledged, we are exposed to the risk of the shortfall. As a primary mitigating mechanism, the loaned securities and collateral pledged are marked to market on a daily basis and the shortfall, if any, is collected accordingly. Secondarily, the collateral level is set at 102% of the value of the loaned securities, which provides a cushion before any shortfall arises. The investment of the cash collateral is subject to market risk, which is managed by limiting the investments to higher quality and shorter duration instruments.
Receivables: Receivables are reported net of amounts for expected credit losses. The allowance for doubtful accounts is based on historical collection trends, future forecasts and our judgment regarding the ability to collect specific accounts.
Premium receivables include the uncollected amounts from insured groups, individuals and government programs. Premium receivables are reported net of an allowance for doubtful accounts of $168 and $183 at September 30, 2025 and December 31, 2024, respectively.
Self-funded receivables include administrative fees, claims and other amounts due from fee-based customers for administrative services. Self-funded receivables are reported net of an allowance for doubtful accounts of $109 and $115 at September 30, 2025 and December 31, 2024, respectively.
Other receivables include pharmacy rebates, provider advances, claims recoveries, reinsurance receivables, proceeds due from brokers on investment trades that have not yet settled, accrued investment income and other miscellaneous amounts due to us. These receivables are reported net of an allowance for doubtful accounts of $1,470 and $1,385 at September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025, we realized a $237 settlement with a value-based care provider, which allowed us to release $129 from the allowance for doubtful accounts. Of the settlement amount, $154 pertains to services rendered in 2024, with the remaining $83 attributable to 2025.
Revenue Recognition: Premiums for risk-based contracts are recognized as revenue over the period insurance coverage is provided, and, if applicable, net of amounts recognized for rebates based on medical loss ratio or regulatory requirements. Premiums may also include performance incentives and penalties, which are recognized based on contractual terms. We estimate amounts receivable and payable under these contractual terms, and to the extent that such estimated amounts vary from the final amounts paid, the adjustments are included in earnings in the period of final settlement. Premium payments from contracted government agencies are based on eligibility lists produced by the government agencies. Premium payments related to the unexpired contractual coverage periods are reflected in the accompanying consolidated balance sheets as Unearned income. Premiums include revenue adjustments for retrospectively rated contracts where revenue is based on the estimated loss experience of the contract. Premium rates for certain lines of business are subject to approval by the Department of Insurance of each respective state. Additionally, delays in annual premium rate changes from contracted government agencies require that we defer the recognition of any increases to the period in which the premium rates become final. The value of the impact can be significant in the period in which it is recognized depending on the magnitude of the premium rate increase, the membership to which it applies and the length of the delay between the effective date of the rate increase and the final contract date. Premium rate decreases are recognized in the period the change in premium rate becomes effective and the change in the rate is known, which may be prior to the period when the contract amendment affecting the rate is finalized.
We also record premiums for certain value-based arrangements of our Carelon Services care delivery businesses. Under these value-based arrangements, we carry financial responsibility across medical claims costs through risk contracts with health plans in which we deliver, integrate, direct and control certain healthcare services for patients. In exchange, we receive a premium that is typically paid on a per-patient per-month basis and performance-based payments that are recognized when performance metrics are achieved. We consider these value-based arrangements to represent a single performance obligation where revenues are recognized in the period in which healthcare services are made available.
Service fees include revenue from certain group contracts that provide for the group to be at risk for all or, with supplemental insurance arrangements, a portion, of their claims experience. We charge these fee-based groups an administrative fee, which is based on the number of members in a group and the group’s claim experience. In addition, service fees include amounts received for the administration of Medicare, certain other government programs, and administrative services arrangements of our Carelon subsidiaries. Generally, each fee-based arrangement includes services which constitute a single suite of services provided and for which consideration is based upon an agreed-upon rate, regardless of the amount of services provided in a given period. As with premiums, each fee-based arrangement may include terms with retroactive rate or membership adjustments, performance incentives and penalties, each of which is a form of variable consideration within the transaction price. As such, each fee-based arrangement contains a single performance obligation that constitutes a series, and revenue is recognized over time as the services are performed. All benefit payments under these programs are excluded from benefit expense.
The determination of whether services are distinct performance obligations that should be accounted for separately or combined as one unit of accounting may require significant judgment. The estimation of variable consideration to be recognized requires significant judgment in the determination of the level of achievement of performance incentives, service level achievements subject to performance penalties, and the completion level of tasks subject to implementation fees.
Product revenue represents services performed by CarelonRx for unaffiliated pharmacy customers and includes ingredient costs (net of any rebates or discounts), including co-payments made by or on behalf of the customer, and service fees. Unaffiliated pharmacy customers include our fee-based groups that have contracted with CarelonRx for pharmacy services and third-party health plans. Product revenues and costs of goods sold for our affiliated health plans are eliminated in consolidation, excluding co-payments and subsidies made by or on behalf of affiliated customers. Product revenue for pharmacy services is recognized using the gross method at the negotiated contract price when CarelonRx has concluded that it is the principal, and it controls the services before prescription drugs are transferred to the customer. CarelonRx determined it is the principal due to its contractual rights to design and develop a listing of prescription drugs offered to the customer (formulary management); its control over establishing the pharmacy network available to the customer to have its prescription fulfilled (network management); and its discretion over establishing the pricing for prescription drugs. Overall, control over these activities indicate CarelonRx is primarily responsible for fulfilling the promise to provide pharmacy services. CarelonRx recognizes revenue when control of the prescription drugs is transferred to customers, in an amount it expects to be entitled to in exchange for the products or services provided.
For our non-risk-based contracts, we had no material contract assets, contract liabilities or deferred contract costs recorded on our consolidated balance sheets at September 30, 2025 or December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, revenue recognized from performance obligations related to prior periods, such as changes in transaction price, were not material. For contracts that have an original, expected duration of greater than one year, revenue expected to be recognized in future periods related to unfulfilled contractual performance obligations and contracts with variable consideration related to undelivered performance obligations is not material.
Recently Adopted Accounting Guidance: In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 clarifies existing guidance to reduce diversity in practice and requires a joint venture to recognize and initially measure its assets and liabilities using a new basis of accounting, at fair value, upon formation. These amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted ASU 2023-05 as of January 1, 2025. The adoption of ASU 2023-05 did not have an impact on our financial statements.
Recent Accounting Guidance Not Yet Adopted: In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”). The amendments in ASU 2023-09 are intended to improve income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for our fiscal years beginning after December 15, 2024, however, these disclosures are not required for interim periods. The amendments are to be applied on a prospective basis, although retrospective adoption is permitted. We do not believe the adoption of ASU 2023-09 will have a material impact on our consolidated financial statements or disclosures.
In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This standard introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and contract assets arising from transactions under Accounting Standards Codification Topic (“ASC”) 606. Under the practical expedient, entities may assume that conditions at the balance sheet date remain unchanged over the life of the asset, reducing the need to prepare complex macroeconomic forecasts for short-term balances. ASU 2025-05 is effective for our fiscal years beginning after December 15, 2025, and interim periods within such fiscal years, with prospective application required. Early adoption is permitted. We are currently assessing the impact of ASU 2025-05 on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires additional expense detail in the footnotes for items such as inventory purchases, employee compensation, depreciation, and intangible asset amortization. Public companies must also provide a
qualitative description of remaining expense amounts not separately disclosed, as well as the definition and total amount of selling expenses. ASU 2024-03 is effective for our fiscal year beginning after December 15, 2026, and interim periods within our fiscal years beginning after December 15, 2027. The amendments are to be applied either prospectively to financial statements issued for reporting periods after the effective date of the update, or retrospectively to all prior periods presented in the financial statements. We are currently evaluating the effects the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This standard modernizes the accounting for internal-use software by removing references to prescriptive development stages and instead requiring capitalization of costs once (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and placed in service. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for our fiscal years beginning after December 15, 2027, and interim periods within such fiscal years, with early adoption permitted. Entities may adopt the amendments prospectively, retrospectively, or under a modified transition approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements and related disclosures.
There were no other new accounting pronouncements that were issued or became effective since the issuance of our 2024 Annual Report on Form 10-K that had, or are expected to have, a material impact on our consolidated financial position, results of operations, cash flows or disclosures.
v3.25.3
Business Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Acquisitions Business Acquisitions
Completed Acquisitions
On December 31, 2024, we completed our acquisition of Centers Plan for Healthy Living LLC and Centers for Specialty Care Group IPA, LLC (“Centers”). Centers is a managed long-term care plan that serves New York state Medicaid and dual-eligible Medicaid/Medicare members, enabling adults with long-term care needs and disabilities to live safely and independently in their own home. This acquisition aligns with our strategic plan to grow the Health Benefits segment and leverage industry-leading expertise while serving Medicaid and dual-eligible Medicaid/Medicare populations. As of September 30, 2025, the purchase price was allocated to the tangible and intangible net assets acquired based on management's estimates of their fair values, of which $211 has been allocated to finite-lived intangible assets, $690 to indefinite-lived intangible assets and $246 to goodwill. The majority of the goodwill is not deductible for income tax purposes. As of September 30, 2025, the initial accounting for the acquisition has not been finalized. The proforma effects of this acquisition for prior periods along with revenue and net income for the three and nine months ended September 30, 2025 were not material to our consolidated results of operations.
On December 10, 2024, we completed our acquisition of RSV QOZB LTSS, Inc. and certain affiliated entities (“CareBridge”), a value-based healthcare company that manages home and community-based services for Medicaid and dual-eligible Medicaid/Medicare members receiving long-term services and support. This acquisition aligns with Carelon Services’ care at home strategy, and our vision to be an innovative, valuable and inclusive healthcare partner by providing care management programs that improve the lives of the people we serve. As of September 30, 2025, the purchase price was allocated to the tangible and intangible net assets acquired based on management's estimates of their fair values, of which $305 has been allocated to finite-lived intangible assets, and $1,811 to goodwill. The purchase price includes a contingent consideration payable with a fair value of $27 related to an earnout arrangement based on 2025 and 2026 earnings of CareBridge. The majority of the goodwill is not deductible for income tax purposes. As of September 30, 2025, the initial accounting for the acquisition has not been finalized. The proforma effects of this acquisition for prior periods along with revenue and net income for the three and nine months ended September 30, 2025 were not material to our consolidated results of operations.
v3.25.3
Business Optimization Initiative
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Business Optimization Initiative Business Optimization Initiative
In the third quarter of 2023, based on a strategic review of our operations, assets and investments, management implemented the “2023-2024 Business Efficiency Program” to enhance operating efficiency, refine the focus of our investments and optimize our physical footprint. The 2023-2024 Business Efficiency Program included the write-off of certain information technology assets and contract exit costs, a reduction in staff including the relocation of certain job functions, and the impairment of assets associated with the closure or partial closure of data centers and offices. The 2023-2024 Business Efficiency Program was finalized as of December 31, 2024, except as to cash outlays related to personnel-related costs associated with this program, which are expected to be paid through 2025.
The ending liability balances related to the employee termination costs under the 2023-2024 Business Efficiency Program at September 30, 2025 and December 31, 2024 were $109 and $224, respectively. During the nine months ended September 30, 2025, $111 of payments were made, and $4 was released from the liability.
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments
Fixed Maturity Securities
A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2025 and December 31, 2024 is as follows:
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance
For Credit
Losses		Estimated
Fair Value
 
September 30, 2025
Fixed maturity securities:
United States Government securities$1,640 $14 $(20)$— $1,634 
Government sponsored securities88 1 (1)— 88 
Foreign government securities13 — — — 13 
States, municipalities and political subdivisions, tax-exempt3,766 64 (97)(2)3,731 
Corporate securities13,673 447 (136)(6)13,978 
Residential mortgage-backed securities3,230 37 (151)— 3,116 
Commercial mortgage-backed securities2,126 29 (34)— 2,121 
Other asset-backed securities2,774 47 (103)(5)2,713 
Total fixed maturity securities$27,310 $639 $(542)$(13)$27,394 
December 31, 2024
Fixed maturity securities:
United States Government securities$1,907 $2 $(85)$— $1,824 
Government sponsored securities156 — (5)— 151 
Foreign government securities19 — (2)— 17 
States, municipalities and political subdivisions, tax-exempt3,142 33 (123)— 3,052 
Corporate securities14,095 192 (367)(4)13,916 
Residential mortgage-backed securities3,274 13 (236)— 3,051 
Commercial mortgage-backed securities1,801 8 (60)(1)1,748 
Other asset-backed securities2,534 36 (92)(1)2,477 
Total fixed maturity securities$26,928 $284 $(970)$(6)$26,236 
Other asset-backed securities primarily consist of collateralized loan obligations and other debt securities.
For fixed maturity securities in an unrealized loss position at September 30, 2025 and December 31, 2024, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position:
 Less than 12 Months12 Months or Greater
(Securities are whole amounts)Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss
September 30, 2025
Fixed maturity securities:
United States Government securities27 $178 $(5)15$224 $(15)
Government sponsored securities1 5 — 2735 (1)
Foreign government securities1 1 — 1— — 
States, municipalities and political subdivisions, tax-exempt333 675 (18)574886 (79)
Corporate securities549 1,018 (30)8191,560 (106)
Residential mortgage-backed securities169 198 (4)1,2021,119 (147)
Commercial mortgage-backed securities75 285 (7)236547 (27)
Other asset-backed securities176 491 (68)142386 (35)
Total fixed maturity securities1,331 $2,851 $(132)3,016$4,757 $(410)
December 31, 2024
Fixed maturity securities:
United States Government securities40 $1,240 $(52)25 $330 $(33)
Government sponsored securities10 89 (2)3642 (3)
Foreign government securities2 15 (1)22 (1)
States, municipalities and political subdivisions, tax-exempt5271,092 (22)661943 (101)
Corporate securities1,4154,717 (92)1,3172,645 (275)
Residential mortgage-backed securities3061,097 (25)1,3121,291 (211)
Commercial mortgage-backed securities136670 (15)297661 (45)
Other asset-backed securities123293 (9)236735 (83)
Total fixed maturity securities2,559 $9,213 $(218)3,886 $6,649 $(752)
Unrealized losses on our securities shown in the table above have not been recognized into income because, as of September 30, 2025, we do not intend to sell these investments and it is likely that we will not be required to sell these investments prior to their anticipated recovery. The declines in fair values are largely due to elevated interest rates driven by the higher rate of inflation and other market conditions.
Allowances for credit losses have been recorded in the amount of $13 and $6 at September 30, 2025 and December 31, 2024, respectively, for declines in fair value due to unfavorable changes in the credit quality characteristics that impact our assessment of collectability of principal and interest.
The amortized cost and fair value of fixed maturity securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost		Estimated
Fair Value
Due in one year or less$280 $279 
Due after one year through five years4,871 4,890 
Due after five years through ten years10,384 10,580 
Due after ten years6,419 6,408 
Mortgage-backed securities5,356 5,237 
Total fixed maturity securities$27,310 $27,394 
Equity Securities
A summary of current equity securities at September 30, 2025 and December 31, 2024 is as follows:
 September 30, 2025December 31, 2024
Equity securities:
Exchange traded funds$1,129 $1,002 
Common equity securities31 118 
Private equity securities60 72 
Total$1,220 $1,192 
Other Invested Assets
At September 30, 2025, “Other invested assets” include non-controlled joint ventures, including our minority interest ownership of approximately 40% of Augusta Topco Holdings, L.P. (“Mosaic Health”) and our 40% minority interest ownership of Project Freedom Holdings, LLC, which is the ultimate parent of LIBERTY Dental Plan Corporation (“Liberty Dental”).
On August 6, 2024, we made an investment of $2,580, consisting of cash and the net put option discussed in Note 6, “Derivative Financial Instruments”, in Mosaic Health. Mosaic Health is a joint venture with Clayton, Dubilier & Rice (“CD&R”) that is designed to accelerate innovation in care delivery across multiple regions in the United States by bringing together certain care delivery and enablement assets of Carelon Management Services Inc. (“CMSI Assets”), a Carelon Health business, and two CD&R portfolio businesses, apree health and Millennium Physician Group. The investment is accounted for as an equity method investment. Our additional contribution of the CMSI Assets to Mosaic Health was completed on January 1, 2025, for which we received an additional $300 of equity (approximately 5% ownership) in Mosaic Health.
In connection with our equity method investment in Mosaic Health, we entered into a financing agreement to provide a term loan of $200 and a revolving credit facility of up to $500 to Mosaic Health. Net amounts receivable under these arrangements were $188 at both September 30, 2025 and December 31, 2024, which are included under the caption “Other invested assets” in our consolidated balance sheets as of September 30, 2025 and December 31, 2024. During the nine months ended September 30, 2025 and 2024, we recognized $13 and $3, respectively, in interest income from the financing arrangement with Mosaic Health. In addition to the term loan and line of credit, we committed to providing $70 of funding with no additional equity interest in Mosaic Health to meet any shortfall in operating cash flow and regulatory capital requirements of the CMSI Assets through December 31, 2026, and to fund any remaining shortfalls as necessary for which we would receive additional equity interests in Mosaic Health. No additional funding was provided as of September 30, 2025 or December 31, 2024. In addition, during the three and nine months ended September 30, 2025, in the normal course of business, Mosaic provided care delivery and enablement services to Elevance Health subsidiaries amounting to $162 and $662, respectively, reported in benefit expense.
In January 2023, we made an equity investment consisting of cash and a net put option in Liberty Dental, a joint venture with Welsh, Carson, Anderson & Stowe which engages in dental insurance and dental healthcare administration. The investment is accounted for as an equity method investment. In connection with our equity method investment in Liberty Dental, in December 2024 we entered into a commitment to provide funding in the form of mandatorily redeemable preferred equity shares in Liberty Dental of up to $250, of which $157 and $87 was disbursed as of September 30, 2025 and December 31, 2024, respectively. Mandatorily redeemable preferred equity in Liberty Dental of $127 and $87 is included in the caption “Other invested assets” in our consolidated balance sheets at September 30, 2025 and December 31, 2024, respectively. Dividend income recognized from the financing arrangement during the nine months ended September 30, 2025 and the year ended December 31, 2024 was not material. During the three and nine months ended September 30, 2025, in the normal course of business, Liberty Dental provided services to our Medicare Advantage members under a capitated arrangement amounting to $149 and $441, respectively, reported in benefit expense.
Investment Gains (Losses)
Net investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 are as follows:
Three Months Ended 
 September 30		Nine Months Ended 
 September 30
2025202420252024
Net gains (losses):
Fixed maturity securities:
Gross realized gains from sales$39 $53 $88 $92 
Gross realized losses from sales(51)(107)(195)(354)
Impairment losses recognized in income— (9)(10)(13)
Net realized losses from sales of fixed maturity securities(12)(63)(117)(275)
Equity securities:
Unrealized gains recognized on equity securities still held at the end of the period
8 3 2 4 
Net realized losses recognized on equity securities sold during the period(7)(3)(9)(4)
Net losses on equity securities1 — (7)— 
Other investments:
Gross gains28 35 41 45 
Gross losses— — (100)(25)
Other realized losses recognized in income(17)(98)(411)(124)
Net losses on other investments11 (63)(470)(104)
Net losses on investments$— $(126)$(594)$(379)
A primary objective in the management of our fixed maturity and equity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market
conditions or other investment opportunities as well as tax considerations. Sales will generally produce realized gains and losses. In the ordinary course of business, we may sell securities at a loss for a number of reasons, including, but not limited to: (i) changes in the investment environment; (ii) expectations that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; or (v) changes in expected cash flow.
During the three and nine months ended September 30, 2025, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $2,738 and $8,759, respectively. During the three and nine months ended September 30, 2024, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $3,870 and $12,284, respectively.
Accrued Investment Income
At September 30, 2025 and December 31, 2024, accrued investment income totaled $280 and $287, respectively. We recognize accrued investment income under the caption “Other receivables” on our consolidated balance sheets.
Securities Lending Programs
The fair value of the cash and securities received as collateral for securities loaned at September 30, 2025 and December 31, 2024 was $2,881 and $2,305, respectively. The collateral received was 102% of the market value of the loaned securities at each of September 30, 2025 and December 31, 2024.
We recognize the collateral as an asset under the caption “Other current assets” in our consolidated balance sheets, and we recognize a corresponding liability for the obligation to return the collateral to the borrower under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category on our consolidated balance sheets.
At September 30, 2025 and December 31, 2024, the remaining contractual maturities of our securities lending transactions included overnight and continuous transactions of cash for $2,711 and $2,115, respectively, United States Government securities for $170 and $176, respectively, and residential mortgage-backed securities for $0 and $14, respectively.
v3.25.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
We use derivative financial instruments to manage interest rate and foreign exchange risk and credit exposure. We primarily invest in the following types of derivative financial instruments: interest rate swaps, futures, forward contracts, put and call options, collars, swaptions, embedded derivatives and warrants. We also enter into master netting agreements, which reduce credit risk by permitting net settlement of transactions. We received collateral of $66 and posted collateral of $142 related to our derivative financial instruments at September 30, 2025 and December 31, 2024, respectively.
We have entered into various interest rate swap contracts to convert a portion of our interest rate exposure on our long-term debt from fixed rates to floating rates. The floating rates payable on all of our fair value hedges are benchmarked to the Secured Overnight Financing Rate (“SOFR”). Any amounts recognized for changes in fair value of these derivatives are included in the captions “Other current assets,” “Other noncurrent assets,” “Other current liabilities” or “Other noncurrent liabilities” in our consolidated balance sheets, as applicable.
The unrecognized loss, net of tax, for all expired and terminated interest rate cash flow hedges included in the consolidated statements of comprehensive income within the change in net unrealized gains (losses) on cash flow hedges was $195 and $201 at September 30, 2025 and December 31, 2024, respectively.
During the three and nine months ended September 30, 2025, we recognized net gains of $0 and net losses of $2, respectively, on non-hedging derivatives. During the three and nine months ended September 30, 2024, we recognized net gains of $1 and $8, respectively, on non-hedging derivatives.
In connection with our equity investment in Mosaic Health (see Note 5, “Investments”), we entered into a limited partnership and related agreements with the majority owners that provide for certain rights and obligations of each party, including certain put, call, and purchase price true-up options. These options, if exercised, will result in our purchase of the units held by the majority owners as early as 2028 but no later than 2030 at a price based on certain multiples of revenue and earnings of Mosaic Health businesses, subject to various adjustments and qualifications. We have calculated the fair value of the net put option, which is a Level III measurement (see Note 7, “Fair Value”), using a Monte Carlo simulation, which relies on assumptions including cash flow projections, risk-free rates, volatility and details specific to the options. Significant changes in assumptions could result in significantly lower or higher fair value measurements. The carrying value of the net put option of $1,330, which is a non-cash item measured at fair value at the date of our initial investment, is included under the caption “Other noncurrent liabilities” in our consolidated balance sheets as of September 30, 2025. We have elected to not mark the net put option to market, as it is an option on large blocks of equity securities, and the carrying value of the net put option will remain on the consolidated balance sheets until it is exercised or expires.
In connection with our equity investment in Liberty Dental (see Note 5, “Investments”), we entered into an agreement with the majority owners that provides for certain rights and obligations of each party, including certain put and call options. These options, if exercised, will result in our purchase of the units held by the majority owners as early as 2026 but no later than 2027 at a price based on certain multiples of earnings of Liberty Dental, subject to various adjustments and qualifications. We have calculated the fair value of the net put option, which is a Level III measurement (see Note 7, “Fair Value”), using a Monte Carlo simulation, which relies on assumptions including cash flow projections, risk-free rates, volatility and details specific to the options. Significant changes in assumptions could result in significantly lower or higher fair value measurements. The carrying value of the net put option of $396, which is a non-cash item measured at fair value at the date of our initial investment, is included under the caption “Other noncurrent liabilities” in our consolidated balance sheet as of September 30, 2025. The change in value was recognized through net losses on financial instruments in our consolidated statements of income. We have elected to not mark the net put option to market, as it is an option on large blocks of equity securities, and the carrying value of the net put option will remain on the consolidated balance sheets until it is exercised or expires.
For additional information relating to the fair value of our derivative assets and liabilities, see Note 7, “Fair Value,” included in this Quarterly Report on Form 10-Q.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. These assets and liabilities are classified into one of three levels of hierarchy defined by GAAP.
For a description of the methods and assumptions that are used to estimate and determine the fair value hierarchy classification for each class of financial instruments, see Note 7, “Fair Value,” to our audited consolidated financial statements as of and for the year ended December 31, 2024 included in Part II, Item 8 of our 2024 Annual Report on Form 10-K.
A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024 is as follows:
Level ILevel IILevel IIITotal
September 30, 2025
Assets:
Cash equivalents$3,219$—$—$3,219
Fixed maturity securities, available-for-sale:
United States Government securities—1,634—1,634
Government sponsored securities—88—88
Foreign government securities—13—13
States, municipalities and political subdivisions, tax-exempt—3,731—3,731
Corporate securities—13,52944913,978
Residential mortgage-backed securities—3,100163,116
Commercial mortgage-backed securities—2,102192,121
Other asset-backed securities—1,8158982,713
Total fixed maturity securities, available-for-sale—26,0121,38227,394
Equity securities:
Exchange traded funds1,129——1,129
Common equity securities229—31
Private equity securities6060
Total equity securities1,13129601,220
Other invested assets - common equity securities7——7
Securities lending collateral—2,881—2,881
Derivatives - other assets—92—92
Total assets$4,357$29,014$1,442$34,813
Percentage of total assets at fair value13%83%4%100%
Liabilities:
Derivatives - other liabilities$—$(26)$—$(26)
Total liabilities$—$(26)$—$(26)
December 31, 2024
Assets:
Cash equivalents$3,199$—$—$3,199
Fixed maturity securities, available-for-sale:
United States Government securities—1,824—1,824
Government sponsored securities—151—151
Foreign government securities—17—17
States, municipalities and political subdivisions, tax-exempt—3,052—3,052
Corporate securities—13,8734313,916
Residential mortgage-backed securities—3,041103,051
Commercial mortgage-backed securities—1,748—1,748
Other asset-backed securities—1,7307472,477
Total fixed maturity securities, available-for-sale—25,43680026,236
Equity securities:
Exchange traded funds1,002——1,002
Common equity securities8731—118
Private equity securities——7272
Total equity securities1,08931721,192
Other invested assets - common equity securities18——18
Securities lending collateral—2,306—2,306
Derivatives - other assets—5—5
Total assets$4,306$27,778$872$32,956
Percentage of total assets at fair value13%84%3%100%
Liabilities:
Derivatives - other liabilities$—$(150)$—$(150)
Total liabilities$—$(150)$—$(150)
There were no individually material transfers into or out of Level III during the three and nine months ended September 30, 2025 or 2024. There were no adjustments to quoted market prices obtained from the pricing services during the three and nine months ended September 30, 2025 or 2024.
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. As disclosed in Note 3, “Business Acquisitions and Divestitures,” we completed our acquisition of Centers and CareBridge in December 2024. The net assets acquired in our acquisitions of Centers and CareBridge and resulting goodwill and other intangible assets were recorded at fair value primarily using Level III inputs. The majority of tangible assets acquired and liabilities assumed were recorded at their carrying values as of the acquisition date, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and other intangible assets acquired in our acquisitions of Centers and CareBridge were valued based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets could be expected to generate in the future. We developed internal estimates for the expected cash flows and discount rate in the present value calculation.
As discussed in Note 6, “Derivative Financial Instruments”, in August 2024, we entered into certain put, call, and purchase price true-up options in connection with our investment in Mosaic Health. The net put option estimated fair value was $1,400 and $1,330 at September 30, 2025 and December 31, 2024, respectively.
As discussed in Note 6, “Derivative Financial Instruments”, in March 2025, we amended certain put, and call options in connection with our investment in Liberty Dental. The net put option estimated fair value was $444 and $543 at September 30, 2025 and December 31, 2024, respectively.
Other than the assets acquired and liabilities assumed in our acquisitions of Centers and CareBridge and the net put options on Mosaic Health and Liberty Dental, there were no material assets or liabilities measured at fair value on a nonrecurring basis during the three and nine months ended September 30, 2025 or 2024.
In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in our consolidated balance sheets.
Non-financial instruments such as property and equipment, other current assets, deferred income taxes, intangible assets and certain financial instruments, such as limited partnerships, joint ventures, other non-controlled corporations, corporate-owned life insurance policies, and policy liabilities, are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine our underlying economic value.
The carrying amounts reported in the consolidated balance sheets for cash, premium receivables, self-funded receivables, other receivables, unearned income, accounts payable and accrued expenses, and certain other current liabilities approximate fair value because of the short-term nature of these items. These assets and liabilities are not listed in the table below.
See Note 7, “Fair Value,” to our audited consolidated financial statements as of and for the year ended December 31, 2024 included in Part II, Item 8 of our 2024 Annual Report on Form 10-K for details on the methods and assumptions used to estimate the fair value for each class of financial instruments that are recorded at their carrying value in our consolidated balance sheets.
A summary of the estimated fair values by level for each class of financial instruments that is recorded at its carrying value on our consolidated balance sheets at September 30, 2025 and December 31, 2024 is as follows:
 Carrying
Value		Estimated Fair Value
 Level ILevel IILevel IIITotal
September 30, 2025
Assets:
Other invested assets$678 $— $— $660 $660 
Liabilities:
Debt:
Short-term borrowings180 — 180 — 180 
Notes31,922 — 30,187 — 30,187 
Options1,726 — — 1,844 1,844 
December 31, 2024
Assets:
Other invested assets$642 $— $— $610 $610 
Liabilities:
Debt:
Short-term borrowings365 — 365 — 365 
Notes30,867 — 28,460 — 28,460 
Options1,415 — — 1,873 1,873 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the three months ended September 30, 2025 and 2024, we recognized income tax expense of $219 and $365, respectively, which represent effective income tax rates of 15.6% and 26.6%, respectively. During the nine months ended September 30, 2025 and 2024, we recognized income tax expense of $1,380 and 1,740, respectively, which represent effective income tax rates of 21.2% and 23.8%, respectively. The decrease in our effective income tax rate compared to the three months ended September 30, 2024 was primarily due to the impact of certain investment credits and the non-recurrence of a prior year uncertain tax position recognized during the three months ended September 30, 2024. The decrease in our effective income tax rate compared to the nine months ended September 30, 2024 was primarily due to the impact of certain investment credits.
We recognized income taxes receivable of $294 and $213 as an asset under the caption “Other current assets” and income taxes payable of $141 and $75 as a liability under the caption “Other current liabilities” in our consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Medical Claims Payable
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Medical Claims Payable Medical Claims Payable
A reconciliation of the beginning and ending balances for medical claims payable for the nine months ended September 30, 2025 and 2024 is as follows:
20252024
Gross medical claims payable, beginning of period$15,580 $15,865 
Ceded medical claims payable, beginning of period(13)(7)
Net medical claims payable, beginning of period15,567 15,858 
Business combinations and purchase adjustments344 — 
Net incurred medical claims:
Current period108,423 92,715 
Prior periods redundancies(1,266)(1,610)
Total net incurred medical claims107,157 91,105 
Net payments attributable to:
Current period medical claims93,545 79,220 
Prior periods medical claims12,699 12,567 
Total net payments106,244 91,787 
Net medical claims payable, end of period16,824 15,176 
Ceded medical claims payable, end of period44 9 
Gross medical claims payable, end of period$16,868 $15,185 
At September 30, 2025, the total of net incurred but not reported liabilities plus expected development on reported claims was $15,223, $1,258 and $343 for the claim years 2025, 2024, and 2023 and prior, respectively.
The favorable development recognized in the nine months ended September 30, 2025 resulted from trend factors in late 2024 developing more favorably than originally expected as well as a smaller contribution from faster than expected development of completion factors from the latter part of 2024.
The favorable development recognized in the nine months ended September 30, 2024 resulted from faster than expected development of completion factors during the latter part of 2023, as well as trend factors in late 2023 developing more favorably than originally expected.
The reconciliation of net incurred medical claims to benefit expense included in our consolidated statements of income for the nine months ended September 30, 2025 and 2024 is as follows:
20252024
Net incurred medical claims with medical claims payable
$103,923 $91,105 
Performance-based risk arrangements without medical claims payable
3,234 — 
Total net incurred medical claims
107,157 91,105 
Quality improvement and other claims expense3,001 2,962 
Benefit expense$110,158 $94,067 
Net incurred medical claims under certain performance-based risk arrangements that include gain or loss sharing components do not require a medical claim payable liability.
The reconciliation of the medical claims payable reflected in the tables above to the consolidated ending balance for medical claims payable included in the consolidated balance sheets, as of September 30, 2025 is as follows:
Total
Net medical claims payable, end of period$16,824 
Ceded medical claims payable, end of period44 
Insurance lines other than short duration280 
Gross medical claims payable, end of period$17,148 
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
We generally issue senior unsecured notes for long-term borrowing purposes. At September 30, 2025 and December 31, 2024, we had $31,897 and $30,843, respectively, outstanding under these notes.
On September 15, 2025, we issued $750 aggregate principal amount of 4.000% Notes due 2028 (the “2028 Notes”), $750 aggregate principal amount of 4.600% Notes due 2032 (the “2032 Notes”), $1,000 aggregate principal amount of 5.000% Notes due 2036 (the “2036 Notes”), and $500 aggregate principal amount of 5.700% Notes due 2055 (the “2055 Notes”, and, together with the 2028 Notes, the 2032 Notes and the 2036 Notes, the “Notes”) under our shelf registration statement. Interest on the 2028 Notes, the 2032 Notes, and the 2055 Notes are payable semi-annually in arrears on March 15 and September 15 of each year, commencing March 15, 2026. Interest on the 2036 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2026. We used the net proceeds from the issuance of the Notes to redeem all of the $400 aggregate principal amount of our 5.350% senior notes due 2025 and the $500 aggregate principal amount of our 4.900% senior notes due 2026. We intend to use the remainder of the net proceeds for working capital and general corporate purposes, including, but not limited to, the funding of acquisitions, repayment of other short-term and long-term debt and the repurchase of our common stock pursuant to our share repurchase program.
On January 15, 2025, we repaid, at maturity, the $1,250 outstanding balance of our 2.375% unsecured notes.
We have an unsecured surplus note with an outstanding principal balance of $25 at both September 30, 2025 and December 31, 2024.
We have a senior revolving credit facility (the “5-Year Facility”) with a group of lenders for general corporate purposes. On September 5, 2025, we amended and restated the credit agreement for the 5-Year Facility to, among other things, extend the maturity date of the 5-Year Facility from April 2027 to September 2030 and increase the amount of credit available under the 5-Year Facility from $4,000 to $5,000. Our ability to borrow under the 5-Year Facility is subject to compliance with certain covenants, including covenants requiring us to maintain a defined debt-to-capital ratio of not more than 60%, subject to increase in certain circumstances set forth in the amended and restated credit agreement for the 5-Year Facility. As of September 30, 2025, our debt-to-capital ratio, as defined and calculated under the 5-Year Facility, was 42.1%. We do not believe the restrictions contained in our 5-Year Facility covenants materially affect our financial or operating flexibility. As of September 30, 2025, we were in compliance with all of our debt covenants under the 5-Year Facility. There were no amounts outstanding under the 5-Year Facility at any time during the nine months ended September 30, 2025 or during the year ended December 31, 2024.
We have an authorized commercial paper program of up to $4,000, the proceeds of which may be used for general corporate purposes. We had no amounts outstanding under this program at either September 30, 2025 or December 31, 2024.
We are a member, through certain subsidiaries, of the Federal Home Loan Bank of Indianapolis, the Federal Home Loan Bank of Cincinnati, the Federal Home Loan Bank of Atlanta and the Federal Home Loan Bank of New York (collectively, the “FHLBs”). As a member, we have the ability to obtain short-term cash advances, subject to certain minimum collateral requirements. We had $180 and $365 of outstanding short-term borrowings from the FHLBs at September 30, 2025 and December 31, 2024, respectively.
All debt is a direct obligation of Elevance Health, Inc., except for the unsecured surplus note and the FHLBs borrowings.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Proceedings
We are defendants in, or parties to, a number of pending or threatened legal actions or proceedings. To the extent a plaintiff or plaintiffs in the following cases have specified in their complaint or in other court filings the amount of damages being sought, we have noted those alleged damages in the descriptions below.
Where available information indicates that it is probable that a loss has been incurred as of the date of the consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many proceedings, however, it is difficult to determine whether any loss is probable or reasonably possible. In addition, even where loss is possible or probable or an exposure to loss exists in excess of the liability already accrued with respect to a previously identified loss contingency, it is not always possible to reasonably estimate the amount of the possible or probable loss or range of losses in excess of the amount, if any, accrued, for various reasons, including but not limited to some or all of the following: (i) there are novel or unsettled legal issues presented, (ii) the proceedings are in early stages, (iii) there is uncertainty as to the likelihood of a class being certified or decertified or the ultimate size and scope of the class, (iv) there is uncertainty as to the outcome of pending appeals or motions, (v) there are significant factual issues to be resolved and/or (vi) in many cases, the plaintiffs have not specified damages in their complaint or in court filings.
With respect to the cases described below, we contest liability and/or the amount of damages in each matter, and we believe we have meritorious defenses. We do not believe the outcome of any known pending or threatened legal actions or proceedings will, in the aggregate, have a material impact on our financial position. However, unanticipated outcomes do sometimes occur, which could result in liabilities in excess of our accruals and could have a material adverse effect on our consolidated financial position or results of operations.
In addition to the lawsuits described below, we are also involved in other pending and threatened litigation of the character incidental to our business and are from time to time involved as a party in various governmental investigations, audits, reviews and administrative proceedings (“government actions”). These government actions include routine and special inquiries by and disclosures to state insurance departments, state attorneys general, U.S. Regulatory Agencies, the U.S. Attorney General and subcommittees of the U.S. Congress. Such government actions could result in the imposition of civil or criminal fines, penalties, other sanctions and additional rules, regulations or other restrictions on our business operations. Any liability that may result from any one of these government actions individually, or in the aggregate, could have a material adverse effect on our consolidated financial position or results of operations.
Blue Cross Blue Shield Antitrust Litigation
We are a defendant in multiple lawsuits that were initially filed in 2012 against the BCBSA and Blue Cross and/or Blue Shield licensees (the “Blue plans”) across the country. Cases filed in twenty-eight states were consolidated into a single, multi-district proceeding captioned In re Blue Cross Blue Shield Antitrust Litigation that is pending in the U.S. District Court for the Northern District of Alabama (the “Court”). Generally, the suits allege that the BCBSA and the Blue plans have conspired to horizontally allocate geographic markets through license agreements, best efforts rules that limit the percentage of non-Blue revenue of each plan, restrictions on acquisitions, rules governing the BlueCard® and National Accounts programs and other arrangements in violation of the Sherman Antitrust Act and related state laws. The cases were brought by two putative nationwide classes of plaintiffs, health plan subscribers and providers.
The BCBSA and Blue plans approved a settlement agreement and release with the subscriber plaintiffs (the “Subscriber Settlement Agreement”), which received final approval by the Court in September 2022. The Subscriber Settlement Agreement and the defendants' payment and non-monetary obligations under the Subscriber Settlement Agreement became effective in June 2024, with the request for second Blue plan bid provisions effective in September 2024.
A number of follow-on cases involving entities that opted out of the Subscriber Settlement Agreement have been filed. Those actions are: Alaska Air Group, Inc., et al. v. Anthem, Inc., et al., No. 2:21-cv-01209-AMM (N.D. Ala.) (“Alaska Air”); JetBlue Airways Corp., et al. v. Anthem, Inc., et al., No. 2:22-cv-00558-GMB (N.D. Ala.) (“Jet Blue”); Metropolitan Transportation Authority v. Blue Cross and Blue Shield of Alabama et al., No. 2:22-cv-00265-RDP (N.D. Ala.) (dismissed without prejudice in June 2023); Bed Bath & Beyond Inc. v. Anthem, Inc., No. 2:22-cv-01256-SGC (N.D. Ala.); Hoover, et al. v. Blue Cross Blue Shield Association, et al., No 1:21-cv-23448 (S.D. Fla.).; and VHS Liquidating Trust v. Blue Cross of California, et al., No. RG21106600 (Cal. Super.) (“VHS”). In February 2023, the Court denied the defendants’ motion to dismiss based on a statute of limitations defense in Alaska Air and Jet Blue. In September 2023, the California court presiding over the VHS case upheld its prior order granting in part defendants’ motion to strike based on the statute of limitations. On February 14, 2025, the VHS plaintiffs amended their complaint to add an additional plaintiff, Children’s Hospital of Los Angeles. We intend to continue to vigorously defend these follow-on cases, which we believe are without merit; however, their ultimate outcome cannot be presently determined.
In the third quarter of 2024, the BCBSA, along with the individually named Blue plans, approved a settlement agreement and release (the “Provider Settlement Agreement”) with the provider plaintiffs, and in October 2024 the provider plaintiffs filed a motion for preliminary approval with the Court. The Court granted preliminary approval of the provider settlement on December 4, 2024. A Final Fairness Hearing was held in July 2025, and a Final Order of Approval was issued in August 2025. As a result of the Final Order of Approval, the defendants were required to make a monetary settlement payment, our portion of which was $666 and was paid on September 19, 2025. Certain non-monetary terms including (i) expansion of certain opportunities to contract with providers in contiguous service areas, (ii) certain prompt pay commitments, and (iii) various technological enhancements to the BlueCard program are now being implemented on a timeline set forth in the Provider Settlement Agreement. We recognized our payment obligation under the Provider Settlement Agreement of $666 in September 2024 as operating expense in the Corporate & Other segment (see Note 15, “Segment Information”).
A number of follow-on cases involving entities that opted out of the putative Provider Settlement Agreement have been filed. We intend to continue to vigorously defend these provider follow-on cases, which we believe are without merit; however, their ultimate outcome cannot be presently determined.
Medicare Risk Adjustment Litigation
In March 2020, the U.S. Department of Justice (“DOJ”) filed a civil lawsuit against Elevance Health, Inc. in the U.S. District Court for the Southern District of New York (the “District Court”) in a case captioned United States v. Anthem, Inc. The DOJ’s suit alleges, among other things, that we falsely certified the accuracy of the diagnosis data we submitted to the Centers for Medicare & Medicaid Services (“CMS”) for risk-adjustment purposes under Medicare Part C and knowingly failed to delete inaccurate diagnosis codes. The DOJ further alleges that, as a result of these purported acts, we caused CMS to calculate the risk-adjustment payments based on inaccurate diagnosis information, which enabled us to obtain unspecified amounts of payments in Medicare funds in violation of the False Claims Act. The DOJ filed an amended complaint in July 2020, alleging the same causes of action but revising some of its factual allegations. In September 2020, we filed a motion to transfer the lawsuit to the Southern District of Ohio, a motion to dismiss part of the lawsuit, and a motion to strike certain allegations in the amended complaint, all of which the District Court denied in October 2022. In November 2022, we filed an answer. In March 2023, discovery commenced, and an initial case management conference was held in April 2023. Fact discovery is ongoing with a current deadline of December 9, 2025. The final expert discovery deadline is currently June 18, 2026. On October 1, 2025, the Chief Judge for the District Court issued a temporary Order of Stay of all civil cases (other than those for civil forfeiture) brought by the United States Attorney's Office for the Southern District of New York. We intend to continue to vigorously defend this suit, which we believe is without merit; however, the ultimate outcome cannot be presently determined.
Other Contingencies
From time to time, we and certain of our subsidiaries are parties to various legal proceedings, many of which involve claims for coverage encountered in the ordinary course of business. We, like Health Maintenance Organizations (“HMOs”) and health insurers generally, exclude certain healthcare and other services from coverage under our HMO, Preferred Provider Organizations and other plans. We are, in the ordinary course of business, subject to the claims of our enrollees arising out of decisions to restrict or deny reimbursement for uncovered services. The loss of even one such claim, if it results in a significant punitive damage award, could have a material adverse effect on us. In addition, the risk of potential liability under punitive damage theories may increase significantly the difficulty of obtaining reasonable reimbursement of coverage claims.
Contractual Obligations and Commitments
In September 2024, we extended our agreement with a vendor for information technology infrastructure and related management and support services through June 2029. Our remaining commitment under this agreement is approximately $1,746. We have the ability to terminate the agreement upon the occurrence of certain events, subject to early termination fees.
CarelonRx markets and offers pharmacy services to our affiliated health plan customers throughout the country, as well as to customers outside of the health plans we own. The comprehensive pharmacy services portfolio includes all core pharmacy services, such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services. CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, L.L.C. (“CVS”), which is a subsidiary of CVS Health Corporation, pursuant to an agreement (the “CVS Agreement”), with the current contractual term extending through December 31, 2027. We can elect to have CVS continue to provide services to us for a three-year extension period on the same terms and conditions as in the current CVS Agreement in the event of a termination or non-renewal by either party.
We have financial guarantees related to standby letters of credit and surety bonds related to certain contractual commitments, which totaled $834 as of September 30, 2025. We do not believe such obligations will materially affect our financial position, results of operations, or cash flows.
We have unfunded loan commitments to certain equity investees of $501 at September 30, 2025. We do not believe such obligations will materially affect our financial position, results of operations, or cash flows.
Vulnerability Concentrations
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investment securities, premium receivables and instruments held through hedging activities. All investment securities are managed by professional investment managers within policies authorized by our Board of Directors. Such policies limit the amounts that may be invested in any one issuer and prescribe certain investee company criteria. Concentrations of credit risk with respect to premium receivables are limited due to the large number of employer groups that constitute our customer base in the states in which we conduct business. As of September 30, 2025, there were no significant concentrations of financial instruments in a single investee, industry or geographic location.
v3.25.3
Capital Stock
 9 Months Ended
Sep. 30, 2025
Class of Stock Disclosures [Abstract]  
Capital Stock Capital Stock
Stock Incentive Plans
A summary of stock option activity for the nine months ended September 30, 2025 is as follows:
Number of
Shares		Weighted-
Average
Option Price
per Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding at January 1, 20252.9 $361.36 
Granted0.6 394.27 
Exercised(0.2)218.45 
Forfeited or expired(0.1)436.11 
Outstanding at September 30, 20253.2 373.18 5.86$77 
Exercisable at September 30, 20252.1 342.73 4.51$77 

A summary of the status of nonvested restricted stock activity, including restricted stock units and performance units, for the nine months ended September 30, 2025 is as follows:
Restricted
Stock Shares
and Units		Weighted-
Average
Grant Date
Fair Value
per Share
Nonvested at January 1, 20251.0 $478.70 
Granted0.6 393.39 
Vested(0.4)467.50 
Forfeited(0.1)451.08 
Nonvested at September 30, 20251.1 438.24 

During the nine months ended September 30, 2025, we granted approximately 0.2 restricted stock units that are contingent upon us achieving earnings targets over the three-year period from 2025 to 2027. These grants have been included in the activity shown above but will be subject to adjustment at the end of 2027 based on results during the three-year period.
Fair Value
We use a binomial lattice valuation model to estimate the fair value of all stock options granted. For a more detailed discussion of our stock incentive plan fair value methodology, see Note 15, “Capital Stock,” to our audited consolidated financial statements as of and for the year ended December 31, 2024 included in Part II, Item 8 of our 2024 Annual Report on Form 10-K.
The following weighted-average assumptions were used to estimate the fair values of options granted during the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30
20252024
Risk-free interest rate4.29 %4.28 %
Volatility factor30.00 %28.00 %
Quarterly dividend yield0.432 %0.327 %
Weighted-average expected life (years)4.454.40
The following weighted-average fair values per option or share were determined for the nine months ended September 30, 2025 and 2024: 
Nine Months Ended September 30
20252024
Options granted during the period$106.92 $134.65 
Restricted stock awards granted during the period393.39 502.01 
Use of Capital – Dividends and Stock Repurchase Program
We regularly review the appropriate use of capital, including acquisitions, common stock and debt security repurchases and dividends to shareholders. The declaration and payment of any dividends or repurchases of our common stock or debt is at the discretion of our Board of Directors and depends upon our financial condition, results of operations, future liquidity needs, regulatory and capital requirements and other factors deemed relevant by our Board of Directors.
A summary of our cash dividend activity for the nine months ended September 30, 2025 and 2024 is as follows: 
Declaration DateRecord DatePayment Date
Cash
Dividend
per Share
Total
Nine Months Ended September 30, 2025
January 22, 2025March 10, 2025March 25, 2025$1.71$386 
April 16, 2025June 10, 2025June 25, 2025$1.71$385 
July 16, 2025September 10, 2025September 25, 2025$1.71$381 
Nine Months Ended September 30, 2024
January 23, 2024March 8, 2024March 22, 2024$1.63$379 
April 16, 2024June 10, 2024June 25, 2024$1.63$378 
July 16, 2024September 10, 2024September 25, 2024$1.63$378 
On October 15, 2025, our Audit Committee declared a fourth quarter 2025 dividend to shareholders of $1.71 per share, payable on December 19, 2025 to shareholders of record at the close of business on December 5, 2025.
Under our Board of Directors’ authorization, we maintain a common stock repurchase program. On October 15, 2024, our Audit Committee, pursuant to authorization granted by the Board of Directors, authorized an $8,000 increase to the common stock repurchase program. No duration has been placed on the common stock repurchase program, and we reserve the right to discontinue the program at any time. Repurchases may be made from time to time at prevailing market prices, subject to certain restrictions on volume, pricing and timing. The repurchases are effected from time to time in the open market, through negotiated transactions, including accelerated share repurchase agreements, and through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Our stock repurchase program is discretionary, as we are under no obligation to repurchase shares. We repurchase shares under the program when we believe it is a prudent use of capital. The excess cost of the repurchased shares over par value is charged on a pro rata basis to additional paid-in capital and retained earnings.
A summary of common stock repurchases for the nine months ended September 30, 2025 and 2024 is as follows:
Nine Months Ended September 30
 20252024
Shares repurchased6.1 2.1 
Average price per share$353.83 $506.80 
Aggregate cost$2,134 $1,089 
Authorization remaining at the end of the period$7,166 $3,111 
We expect to utilize the remaining authorized amount over a multi-year period, subject to market and industry conditions. For additional information regarding the use of capital for debt security repurchases, see Note 10, “Debt,” included in this Quarterly Report on Form 10-Q and Note 13, “Debt,” to our audited consolidated financial statements as of and for the year ended December 31, 2024 included in Part II, Item 8 of our 2024 Annual Report on Form 10-K.
v3.25.3
Accumulated Other Comprehensive (Loss) Income
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
A reconciliation of the components of accumulated other comprehensive (loss) income at September 30, 2025 and 2024 is as follows:
Three Months Ended 
 September 30		Nine Months Ended 
 September 30
2025202420252024
Net unrealized investment (losses) gains:
Beginning of period balance$(142)$(714)$(523)$(632)
Other comprehensive income before reclassifications, net of tax expense of ($63), ($263), ($156), and ($189), respectively
211 841 514 595 
Amounts reclassified from accumulated other comprehensive income, net of tax expense of ($3), ($17), ($28) and ($65), respectively
9 46 89 210 
Other comprehensive income
220 887 603 805 
Other comprehensive income attributable to noncontrolling interests, net of tax expense of $0, $0, $0, and $0, respectively
(2)— (4)— 
End of period balance76 173 76 173 
Non-credit components of impairments on investments:
Beginning of period balance(4)(3)(2)(3)
Other comprehensive income (loss), net of tax benefit of $0, $0, $1, and $0, respectively
1 — (1)— 
End of period balance(3)(3)(3)(3)
Net cash flow hedges:
Beginning of period balance(199)(205)(207)(211)
Other comprehensive income (loss), net of tax benefit (expense) of $1, $0, ($3), and ($2), respectively
(3)2 5 8 
End of period balance(202)(203)(202)(203)
Pension and other postretirement benefits:
Beginning of period balance(402)(451)(399)(459)
Other comprehensive income, net of tax expense of ($1), ($1), ($10), and ($3), respectively
4 3 1 11 
End of period balance(398)(448)(398)(448)
Future policy benefits:
Beginning of period balance9 9 8 10 
Other comprehensive loss, net of tax benefit of $0, $0, $0, and $0, respectively
(2)(1)(1)(2)
End of period balance7 8 7 8 
Foreign currency translation adjustments:
Beginning of period balance(22)(23)(24)(18)
Other comprehensive (loss) income, net of tax expense of $0, $0, $0, and $0, respectively
(1)7 1 2 
End of period balance(23)(16)(23)(16)
Total:
Total beginning of period accumulated other comprehensive loss(760)(1,387)(1,147)(1,313)
Total other comprehensive income, net of tax expense of ($66), ($281), ($196), and ($259), respectively
219 898 608 824 
Total other comprehensive income attributable to noncontrolling interests, net of tax expense of $0, $0, $0, and $0, respectively
(2)— (4)— 
Total end of period accumulated other comprehensive loss$(543)$(489)$(543)$(489)
v3.25.3
Shareholders' Earnings per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Shareholders' Earnings per Share Shareholders' Earnings per Share
The denominator for basic and diluted shareholders' earnings per share for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Denominator for basic shareholders' earnings per share – weighted-average shares
223.3 231.9 225.0 232.3 
Effect of dilutive securities – employee stock options, non-vested restricted stock awards and convertible debentures
0.4 1.2 0.6 1.3 
Denominator for diluted shareholders' earnings per share
223.7 233.1 225.6 233.6 
During the three months ended September 30, 2025 and 2024, weighted-average shares related to certain stock options of 2.2 and 0.5, respectively, were excluded from the denominator for diluted shareholders' earnings per share because the stock options were anti-dilutive. During the nine months ended September 30, 2025 and 2024, weighted-average shares related to certain stock options of 1.9 and 0.5, respectively, were excluded from the denominator for diluted earnings per share because the stock options were anti-dilutive.
We have issued approximately 0.6 cumulative restricted stock units under our stock incentive plans, of which vesting is contingent upon us meeting specified annual earnings targets. Contingent restricted stock units are excluded from the denominator for diluted shareholders’ earnings per share and are included only if and when the contingency is met. These contingent restricted stock units are being measured over a three-year period and generally vest in March of the year following each measurement period.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other. An immaterial amount of our total consolidated revenues is derived from activities outside of the U.S. and Puerto Rico.
Our Health Benefits segment offers a comprehensive suite of health plans and services to our Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid and FEP® members. The Health Benefits segment offers health products on a full-risk basis; provides a broad array of administrative managed care services to our fee-based customers; and provides a variety of specialty and other insurance products and services such as stop loss, dental, vision and supplemental health insurance benefits.
Our CarelonRx segment includes our pharmacy services business. CarelonRx markets and offers pharmacy services to our affiliated health plan customers, as well as to external customers outside of the health plans we own. CarelonRx offers a comprehensive pharmacy services portfolio, which includes all core pharmacy services, such as home delivery and specialty pharmacies, claims adjudication, formulary management, pharmacy networks, rebate administration, a prescription drug database and member services, as well as infusion services and injectable therapies.
Our Carelon Services segment integrates physical, behavioral, pharmacy, and social services with the aim of delivering whole health affordably by offering a broad array of healthcare related services and capabilities to internal and external customers through our Carelon Health and Carelon Insights businesses. Carelon promotes affordability by managing complex areas of the healthcare system, leveraging data and insights to ensure members receive safe, appropriate, high-quality care and providers are reimbursed accurately and timely. Our approach to cost management relies on capabilities including provider enablement, value-based networks, member engagement, and utilization management. Our care delivery services primarily target serving chronic and complex populations by providing personalized care in the home and virtually. As a part of Carelon Health, we completed our acquisition of CareBridge at the end of 2024, which provides virtual care to complex Medicaid and Medicare patients and supports plans in managing home and community-based services.
Our Corporate & Other segment includes our businesses that do not individually meet the quantitative threshold for an operating segment, as well as corporate expenses not allocated to our other reportable segments.
We define operating revenues to include premiums, product revenue and service fees. Operating revenues are derived from premiums and fees received, primarily from the sale and administration of health benefits and pharmacy products and services. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and operating expense.
Affiliated revenues represent revenues or costs for services provided to our subsidiaries by CarelonRx and Carelon Services, in addition to certain administrative and other services provided by our international businesses, which are recorded at cost or management’s estimate of fair market value. Certain administrative costs related to affiliate services are charged to the operating segment receiving the benefits and the amounts may change over time. These affiliated revenues are eliminated in our consolidated financial statements. For segment reporting, we present certain Carelon Services capitation risk arrangements on a gross basis; therefore, eliminations also include adjustments for capitated risk arrangements that are recognized on a net basis under GAAP.
The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 2, “Basis of Presentation and Significant Accounting Policies,” except that all capitation risk arrangements are reported on a gross basis with an adjustment included in eliminations for capitated risk arrangements that are presented on a net basis under GAAP.
Our chief operating decision maker (the “CODM”) is our Chief Executive Officer. The CODM assesses the performance of our reportable segments based on operating gain or loss as defined above. The CODM evaluates net investment income, net gains (losses) on financial instruments, interest expense, depreciation and amortization expense, income taxes and assets, liabilities and equity on a consolidated basis, as these items are managed in a corporate shared service environment and are not the responsibility of segment operating management.
The CODM uses operating gain or loss, developed during the annual budget process, and updated during the periodic forecasting process, as a basis to assess performance and allocate operating and capital resources to each segment.
Financial data by reportable segment for the three and nine months ended September 30, 2025 and 2024 is as follows:
Carelon
Health
Benefits		CarelonRxCarelon
Services		TotalCorporate
& Other		EliminationsTotal
Three Months Ended September 30, 2025
Premiums$40,304 $— $1,762 $1,762 $— $(275)$41,791 
Product revenue— 6,159 — $6,159 — — 6,159 
Service fees1,942 4 191 195 — — 2,137 
Operating revenue - unaffiliated42,246 6,163 1,953 8,116 — (275)50,087 
Operating revenue - affiliated— 4,834 5,371 10,205 149 (10,354)— 
Operating revenue - total$42,246 $10,997 $7,324 $18,321 $149 $(10,629)$50,087 
Benefit expense
$36,845 $— $6,349 $6,349 $4 $(5,058)$38,140 
Cost of products sold
— 10,209 — $10,209 — (4,829)5,380 
Operating expense
4,800 232 756 988 226 (742)5,272 
Operating gain (loss)$601 $556 $219 $775 $(81)$— $1,295 
Three Months Ended September 30, 2024
Premiums$36,448 $— $680 $680 $— $(319)$36,809 
Product revenue— 5,887 — 5,887 — — 5,887 
Service fees1,830 2 201 203 (10)— 2,023 
Operating revenue - unaffiliated38,278 5,889 881 6,770 (10)(319)44,719 
Operating revenue - affiliated— 3,254 3,757 7,011 84 (7,095)— 
Operating revenue - total$38,278 $9,143 $4,638 $13,781 $74 $(7,414)$44,719 
Benefit expense
$32,724 $— $3,767 $3,767 $5 $(3,547)$32,949 
Cost of products sold
— 8,336 — 8,336 — (3,243)5,093 
Operating expense
3,950 188 687 875 1,068 (624)5,269 
Operating gain (loss)$1,604 $619 $184 $803 $(999)$— $1,408 
Carelon
Health
Benefits		CarelonRxCarelon
Services		TotalCorporate
& Other		EliminationsTotal
Nine Months Ended September 30, 2025
Premiums$119,602 $— $5,125 $5,125 $— $(778)$123,949 
Product revenue— 18,010 — $18,010 — — 18,010 
Service fees5,657 11 646 657 — — 6,314 
Operating revenue - unaffiliated125,259 18,021 5,771 23,792 — (778)148,273 
Operating revenue - affiliated— 13,735 15,530 29,265 546 (29,811)— 
Operating revenue - total$125,259 $31,756 $21,301 $53,057 $546 $(30,589)$148,273 
Benefit expense
$106,725 $— $17,958 $17,958 $22 $(14,547)$110,158 
Cost of products sold
— 29,377 — 29,377 — (13,721)15,656 
Operating expense
14,156 685 2,233 2,918 816 (2,321)15,569 
Operating gain (loss)$4,378 $1,694 $1,110 $2,804 $(292)$— $6,890 
Nine Months Ended September 30, 2024
Premiums$106,926 $— $1,882 $1,882 $— $(887)$107,921 
Product revenue— 15,916 — 15,916 — — 15,916 
Service fees5,769 4 594 598 11 — 6,378 
Operating revenue - unaffiliated112,695 15,920 2,476 18,396 11 (887)130,215 
Operating revenue - affiliated— 10,064 10,716 20,780 312 (21,092)— 
Operating revenue - total$112,695 $25,984 $13,192 $39,176 $323 $(21,979)$130,215 
Benefit expense
$93,661 $— $10,409 $10,409 $15 $(10,018)$94,067 
Cost of products sold
— 23,749 — 23,749 — (10,011)13,738 
Operating expense
12,998 596 2,101 2,697 1,476 (1,950)15,221 
Operating gain (loss)$6,036 $1,639 $682 $2,321 $(1,168)$— $7,189 
A reconciliation of reportable segments’ operating revenue to the amounts of total revenues included in our consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Reportable segments’ operating revenue$50,087 $44,719 $148,273 $130,215 
Net investment income625 551 1,701 1,524 
Net losses on financial instruments(1)(125)(596)(371)
Gain (loss) on sale of business
— (39)— 201 
Total revenues$50,711 $45,106 $149,378 $131,569 
A reconciliation of reportable segments' operating gain to income before income tax expense included in our consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Income before income tax expense$1,406 $1,373 $6,495 $7,298 
Net investment income(625)(551)(1,701)(1,524)
Net losses on financial instruments1 125 596 371 
Gain (loss) on sale of business
— 39 — (201)
Interest expense351 300 1,036 845 
Amortization of other intangible assets162 122 464 400 
Reportable segments’ operating gain$1,295 $1,408 $6,890 $7,189 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Basis of Presentation and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our Annual Report on Form 10-K for the year ended
December 31, 2024 (the “2024 Annual Report on Form 10-K”), unless the information contained in those disclosures materially changed or is required by GAAP. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 have been recorded. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025, or any other period. The seasonal nature of portions of our healthcare and related benefits business, as well as competitive and other market conditions, may cause full-year results to differ from estimates based upon our interim results of operations. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2024 included in our 2024 Annual Report on Form 10-K.
Foreign Currency
Certain of our subsidiaries operate outside of the United States and have functional currencies other than the U.S. dollar (“USD”). We translate the assets and liabilities of those subsidiaries to USD using the exchange rate in effect at the end of the period. We translate the revenues and expenses of those subsidiaries to USD using the average exchange rates in effect during the period. The net effect of these translation adjustments is included in “Foreign currency translation adjustments” in our consolidated statements of comprehensive income.
Reclassifications
Reclassifications: Certain prior year amounts have been reclassified to conform to the current year presentation.
Cash and Cash Equivalents Cash and Cash Equivalents: We control a number of bank accounts that are used exclusively to hold customer funds for the administration of customer benefits, and we have cash and cash equivalents on deposit to meet certain regulatory and derivative financial instrument requirements.
Investments
Investments: We classify fixed maturity securities in our investment portfolio as “available-for-sale” and report those securities at fair value. Certain fixed maturity securities are available to support current operations and, accordingly, we classify such investments as current assets without regard to their contractual maturity. Investments used to satisfy contractual, regulatory or other requirements are classified as long-term, without regard to contractual maturity.
If a fixed maturity security is in an unrealized loss position and we have the intent to sell the fixed maturity security, or it is more likely than not that we will have to sell the fixed maturity security before recovery of its amortized cost basis, we write down the fixed maturity security’s cost basis to fair value and record an impairment loss in our consolidated statements of income. For impaired fixed maturity securities that we do not intend to sell or if it is more likely than not that we will not have to sell such securities, but we expect that we will not fully recover the amortized cost basis, we recognize the credit component of the impairment as an allowance for credit loss in our consolidated balance sheets and record an impairment loss in our consolidated statements of income. The non-credit component of the impairment is recognized in the consolidated statements of comprehensive income. Furthermore, unrealized losses entirely caused by non-credit-related factors related to fixed maturity securities for which we expect to fully recover the amortized cost basis continue to be recognized in “Accumulated other comprehensive loss.”
The credit component of an impairment is determined primarily by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. The net present value is calculated by discounting our best estimate of projected future cash flows at the effective interest rate implicit in the fixed maturity security at the date of purchase. For mortgage-backed and asset-backed securities, cash flow estimates are based on assumptions regarding the underlying collateral, including prepayment speeds, vintage, type of underlying asset, geographic concentrations, default rates, recoveries and changes in value. For all other securities, cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings and estimates regarding timing and amount of recoveries associated with a default.
For asset-backed securities included in “Fixed maturity securities”, we recognize income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the purchase date of the securities. Such adjustments are reported within net investment income.
The changes in fair value of our marketable equity securities are recognized in our consolidated statements of income within net losses on financial instruments. Certain marketable equity securities are held to satisfy contractual obligations or for other business purposes and are reported under the caption “Other invested assets” in our consolidated balance sheets.
Mortgage loans on real estate are classified as held for investment and are reported at their amortized cost basis net of allowance under the caption “Other invested assets” in our consolidated balance sheets. Amortized cost is the amount at which the loan is originated, adjusted for accrued interest, amortization of premium, discount and net deferred fees or costs, collection of cash and write-offs.
We have corporate-owned life insurance policies on certain participants in our deferred compensation plans and other members of management. The cash surrender value of the corporate-owned life insurance policies is reported under the caption “Other invested assets” in our consolidated balance sheets.
We have investments in limited partnerships (“LPs”) and companies in which our ownership interest may enable us to influence the operating or financial decisions of the investee company, including unconsolidated variable interest entities. These investments are accounted for using the equity method of accounting and are reported within “Other invested assets” in our consolidated balance sheets. Our proportionate share of equity in net income (loss) for these LPs and unconsolidated investee companies is reported within “Net investment income” in our consolidated statements of income. The carrying value of these investments are written down, or impaired, to fair value when a decline in value is considered to be other-than temporary. In applying the equity method (including assessment for other-than temporary impairment), we use financial information provided by the LPs and investee companies, generally on a one-to three-month lag. We consolidate investee companies in certain other instances where we are deemed to exercise control, or we are considered the primary beneficiary of a variable interest entity.
Investment income is recorded when earned. All securities sold resulting in investment gains and losses are recorded on the trade date. Realized gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold.
We participate in securities lending programs whereby marketable securities in our investment portfolio are transferred to independent brokers or dealers in exchange for cash and securities collateral. We recognize the collateral as an asset, which is reported under the caption “Other current assets” in our consolidated balance sheets, and we record a corresponding liability for the obligation to return the collateral to the borrower, which is reported under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category in our consolidated balance sheets. Unrealized gains or losses on securities lending collateral are included in “Accumulated other comprehensive loss” as a separate component of shareholders’ equity. The market value of loaned securities and that of the collateral pledged can fluctuate in non-synchronized fashions. To the extent the loaned securities’ value appreciates faster or depreciates slower than the value of the collateral pledged, we are exposed to the risk of the shortfall. As a primary mitigating mechanism, the loaned securities and collateral pledged are marked to market on a daily basis and the shortfall, if any, is collected accordingly. Secondarily, the collateral level is set at 102% of the value of the loaned securities, which provides a cushion before any shortfall arises. The investment of the cash collateral is subject to market risk, which is managed by limiting the investments to higher quality and shorter duration instruments.
Receivables
Receivables: Receivables are reported net of amounts for expected credit losses. The allowance for doubtful accounts is based on historical collection trends, future forecasts and our judgment regarding the ability to collect specific accounts.
Premium receivables include the uncollected amounts from insured groups, individuals and government programs. Premium receivables are reported net of an allowance for doubtful accounts of $168 and $183 at September 30, 2025 and December 31, 2024, respectively.
Self-funded receivables include administrative fees, claims and other amounts due from fee-based customers for administrative services. Self-funded receivables are reported net of an allowance for doubtful accounts of $109 and $115 at September 30, 2025 and December 31, 2024, respectively.
Other receivables include pharmacy rebates, provider advances, claims recoveries, reinsurance receivables, proceeds due from brokers on investment trades that have not yet settled, accrued investment income and other miscellaneous amounts due to us. These receivables are reported net of an allowance for doubtful accounts of $1,470 and $1,385 at September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025, we realized a $237 settlement with a value-based care provider, which allowed us to release $129 from the allowance for doubtful accounts. Of the settlement amount, $154 pertains to services rendered in 2024, with the remaining $83 attributable to 2025.
Revenue Recognition
Revenue Recognition: Premiums for risk-based contracts are recognized as revenue over the period insurance coverage is provided, and, if applicable, net of amounts recognized for rebates based on medical loss ratio or regulatory requirements. Premiums may also include performance incentives and penalties, which are recognized based on contractual terms. We estimate amounts receivable and payable under these contractual terms, and to the extent that such estimated amounts vary from the final amounts paid, the adjustments are included in earnings in the period of final settlement. Premium payments from contracted government agencies are based on eligibility lists produced by the government agencies. Premium payments related to the unexpired contractual coverage periods are reflected in the accompanying consolidated balance sheets as Unearned income. Premiums include revenue adjustments for retrospectively rated contracts where revenue is based on the estimated loss experience of the contract. Premium rates for certain lines of business are subject to approval by the Department of Insurance of each respective state. Additionally, delays in annual premium rate changes from contracted government agencies require that we defer the recognition of any increases to the period in which the premium rates become final. The value of the impact can be significant in the period in which it is recognized depending on the magnitude of the premium rate increase, the membership to which it applies and the length of the delay between the effective date of the rate increase and the final contract date. Premium rate decreases are recognized in the period the change in premium rate becomes effective and the change in the rate is known, which may be prior to the period when the contract amendment affecting the rate is finalized.
We also record premiums for certain value-based arrangements of our Carelon Services care delivery businesses. Under these value-based arrangements, we carry financial responsibility across medical claims costs through risk contracts with health plans in which we deliver, integrate, direct and control certain healthcare services for patients. In exchange, we receive a premium that is typically paid on a per-patient per-month basis and performance-based payments that are recognized when performance metrics are achieved. We consider these value-based arrangements to represent a single performance obligation where revenues are recognized in the period in which healthcare services are made available.
Service fees include revenue from certain group contracts that provide for the group to be at risk for all or, with supplemental insurance arrangements, a portion, of their claims experience. We charge these fee-based groups an administrative fee, which is based on the number of members in a group and the group’s claim experience. In addition, service fees include amounts received for the administration of Medicare, certain other government programs, and administrative services arrangements of our Carelon subsidiaries. Generally, each fee-based arrangement includes services which constitute a single suite of services provided and for which consideration is based upon an agreed-upon rate, regardless of the amount of services provided in a given period. As with premiums, each fee-based arrangement may include terms with retroactive rate or membership adjustments, performance incentives and penalties, each of which is a form of variable consideration within the transaction price. As such, each fee-based arrangement contains a single performance obligation that constitutes a series, and revenue is recognized over time as the services are performed. All benefit payments under these programs are excluded from benefit expense.
The determination of whether services are distinct performance obligations that should be accounted for separately or combined as one unit of accounting may require significant judgment. The estimation of variable consideration to be recognized requires significant judgment in the determination of the level of achievement of performance incentives, service level achievements subject to performance penalties, and the completion level of tasks subject to implementation fees.
Product revenue represents services performed by CarelonRx for unaffiliated pharmacy customers and includes ingredient costs (net of any rebates or discounts), including co-payments made by or on behalf of the customer, and service fees. Unaffiliated pharmacy customers include our fee-based groups that have contracted with CarelonRx for pharmacy services and third-party health plans. Product revenues and costs of goods sold for our affiliated health plans are eliminated in consolidation, excluding co-payments and subsidies made by or on behalf of affiliated customers. Product revenue for pharmacy services is recognized using the gross method at the negotiated contract price when CarelonRx has concluded that it is the principal, and it controls the services before prescription drugs are transferred to the customer. CarelonRx determined it is the principal due to its contractual rights to design and develop a listing of prescription drugs offered to the customer (formulary management); its control over establishing the pharmacy network available to the customer to have its prescription fulfilled (network management); and its discretion over establishing the pricing for prescription drugs. Overall, control over these activities indicate CarelonRx is primarily responsible for fulfilling the promise to provide pharmacy services. CarelonRx recognizes revenue when control of the prescription drugs is transferred to customers, in an amount it expects to be entitled to in exchange for the products or services provided.
For our non-risk-based contracts, we had no material contract assets, contract liabilities or deferred contract costs recorded on our consolidated balance sheets at September 30, 2025 or December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, revenue recognized from performance obligations related to prior periods, such as changes in transaction price, were not material. For contracts that have an original, expected duration of greater than one year, revenue expected to be recognized in future periods related to unfulfilled contractual performance obligations and contracts with variable consideration related to undelivered performance obligations is not material.
Recently Adopted Accounting Guidance and Recent Accounting Guidance Not Yet Adopted
Recently Adopted Accounting Guidance: In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 clarifies existing guidance to reduce diversity in practice and requires a joint venture to recognize and initially measure its assets and liabilities using a new basis of accounting, at fair value, upon formation. These amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted ASU 2023-05 as of January 1, 2025. The adoption of ASU 2023-05 did not have an impact on our financial statements.
Recent Accounting Guidance Not Yet Adopted: In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”). The amendments in ASU 2023-09 are intended to improve income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for our fiscal years beginning after December 15, 2024, however, these disclosures are not required for interim periods. The amendments are to be applied on a prospective basis, although retrospective adoption is permitted. We do not believe the adoption of ASU 2023-09 will have a material impact on our consolidated financial statements or disclosures.
In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This standard introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and contract assets arising from transactions under Accounting Standards Codification Topic (“ASC”) 606. Under the practical expedient, entities may assume that conditions at the balance sheet date remain unchanged over the life of the asset, reducing the need to prepare complex macroeconomic forecasts for short-term balances. ASU 2025-05 is effective for our fiscal years beginning after December 15, 2025, and interim periods within such fiscal years, with prospective application required. Early adoption is permitted. We are currently assessing the impact of ASU 2025-05 on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires additional expense detail in the footnotes for items such as inventory purchases, employee compensation, depreciation, and intangible asset amortization. Public companies must also provide a
qualitative description of remaining expense amounts not separately disclosed, as well as the definition and total amount of selling expenses. ASU 2024-03 is effective for our fiscal year beginning after December 15, 2026, and interim periods within our fiscal years beginning after December 15, 2027. The amendments are to be applied either prospectively to financial statements issued for reporting periods after the effective date of the update, or retrospectively to all prior periods presented in the financial statements. We are currently evaluating the effects the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This standard modernizes the accounting for internal-use software by removing references to prescriptive development stages and instead requiring capitalization of costs once (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and placed in service. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for our fiscal years beginning after December 15, 2027, and interim periods within such fiscal years, with early adoption permitted. Entities may adopt the amendments prospectively, retrospectively, or under a modified transition approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements and related disclosures.
There were no other new accounting pronouncements that were issued or became effective since the issuance of our 2024 Annual Report on Form 10-K that had, or are expected to have, a material impact on our consolidated financial position, results of operations, cash flows or disclosures.
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Current and Long-Term Investments, Available-For-Sale
A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2025 and December 31, 2024 is as follows:
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance
For Credit
Losses		Estimated
Fair Value
 
September 30, 2025
Fixed maturity securities:
United States Government securities$1,640 $14 $(20)$— $1,634 
Government sponsored securities88 1 (1)— 88 
Foreign government securities13 — — — 13 
States, municipalities and political subdivisions, tax-exempt3,766 64 (97)(2)3,731 
Corporate securities13,673 447 (136)(6)13,978 
Residential mortgage-backed securities3,230 37 (151)— 3,116 
Commercial mortgage-backed securities2,126 29 (34)— 2,121 
Other asset-backed securities2,774 47 (103)(5)2,713 
Total fixed maturity securities$27,310 $639 $(542)$(13)$27,394 
December 31, 2024
Fixed maturity securities:
United States Government securities$1,907 $2 $(85)$— $1,824 
Government sponsored securities156 — (5)— 151 
Foreign government securities19 — (2)— 17 
States, municipalities and political subdivisions, tax-exempt3,142 33 (123)— 3,052 
Corporate securities14,095 192 (367)(4)13,916 
Residential mortgage-backed securities3,274 13 (236)— 3,051 
Commercial mortgage-backed securities1,801 8 (60)(1)1,748 
Other asset-backed securities2,534 36 (92)(1)2,477 
Total fixed maturity securities$26,928 $284 $(970)$(6)$26,236 
Schedule of Aggregate Fair Value and Gross Unrealized Loss of Fixed Maturity Securities in an Unrealized Loss Position
For fixed maturity securities in an unrealized loss position at September 30, 2025 and December 31, 2024, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position:
 Less than 12 Months12 Months or Greater
(Securities are whole amounts)Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Loss
September 30, 2025
Fixed maturity securities:
United States Government securities27 $178 $(5)15$224 $(15)
Government sponsored securities1 5 — 2735 (1)
Foreign government securities1 1 — 1— — 
States, municipalities and political subdivisions, tax-exempt333 675 (18)574886 (79)
Corporate securities549 1,018 (30)8191,560 (106)
Residential mortgage-backed securities169 198 (4)1,2021,119 (147)
Commercial mortgage-backed securities75 285 (7)236547 (27)
Other asset-backed securities176 491 (68)142386 (35)
Total fixed maturity securities1,331 $2,851 $(132)3,016$4,757 $(410)
December 31, 2024
Fixed maturity securities:
United States Government securities40 $1,240 $(52)25 $330 $(33)
Government sponsored securities10 89 (2)3642 (3)
Foreign government securities2 15 (1)22 (1)
States, municipalities and political subdivisions, tax-exempt5271,092 (22)661943 (101)
Corporate securities1,4154,717 (92)1,3172,645 (275)
Residential mortgage-backed securities3061,097 (25)1,3121,291 (211)
Commercial mortgage-backed securities136670 (15)297661 (45)
Other asset-backed securities123293 (9)236735 (83)
Total fixed maturity securities2,559 $9,213 $(218)3,886 $6,649 $(752)
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost		Estimated
Fair Value
Due in one year or less$280 $279 
Due after one year through five years4,871 4,890 
Due after five years through ten years10,384 10,580 
Due after ten years6,419 6,408 
Mortgage-backed securities5,356 5,237 
Total fixed maturity securities$27,310 $27,394 
Schedule of Marketable Equity Securities
A summary of current equity securities at September 30, 2025 and December 31, 2024 is as follows:
 September 30, 2025December 31, 2024
Equity securities:
Exchange traded funds$1,129 $1,002 
Common equity securities31 118 
Private equity securities60 72 
Total$1,220 $1,192 
Schedule of Investment Gains (Losses)
Net investment gains (losses) for the three and nine months ended September 30, 2025 and 2024 are as follows:
Three Months Ended 
 September 30		Nine Months Ended 
 September 30
2025202420252024
Net gains (losses):
Fixed maturity securities:
Gross realized gains from sales$39 $53 $88 $92 
Gross realized losses from sales(51)(107)(195)(354)
Impairment losses recognized in income— (9)(10)(13)
Net realized losses from sales of fixed maturity securities(12)(63)(117)(275)
Equity securities:
Unrealized gains recognized on equity securities still held at the end of the period
8 3 2 4 
Net realized losses recognized on equity securities sold during the period(7)(3)(9)(4)
Net losses on equity securities1 — (7)— 
Other investments:
Gross gains28 35 41 45 
Gross losses— — (100)(25)
Other realized losses recognized in income(17)(98)(411)(124)
Net losses on other investments11 (63)(470)(104)
Net losses on investments$— $(126)$(594)$(379)
v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements by Level
A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024 is as follows:
Level ILevel IILevel IIITotal
September 30, 2025
Assets:
Cash equivalents$3,219$—$—$3,219
Fixed maturity securities, available-for-sale:
United States Government securities—1,634—1,634
Government sponsored securities—88—88
Foreign government securities—13—13
States, municipalities and political subdivisions, tax-exempt—3,731—3,731
Corporate securities—13,52944913,978
Residential mortgage-backed securities—3,100163,116
Commercial mortgage-backed securities—2,102192,121
Other asset-backed securities—1,8158982,713
Total fixed maturity securities, available-for-sale—26,0121,38227,394
Equity securities:
Exchange traded funds1,129——1,129
Common equity securities229—31
Private equity securities6060
Total equity securities1,13129601,220
Other invested assets - common equity securities7——7
Securities lending collateral—2,881—2,881
Derivatives - other assets—92—92
Total assets$4,357$29,014$1,442$34,813
Percentage of total assets at fair value13%83%4%100%
Liabilities:
Derivatives - other liabilities$—$(26)$—$(26)
Total liabilities$—$(26)$—$(26)
December 31, 2024
Assets:
Cash equivalents$3,199$—$—$3,199
Fixed maturity securities, available-for-sale:
United States Government securities—1,824—1,824
Government sponsored securities—151—151
Foreign government securities—17—17
States, municipalities and political subdivisions, tax-exempt—3,052—3,052
Corporate securities—13,8734313,916
Residential mortgage-backed securities—3,041103,051
Commercial mortgage-backed securities—1,748—1,748
Other asset-backed securities—1,7307472,477
Total fixed maturity securities, available-for-sale—25,43680026,236
Equity securities:
Exchange traded funds1,002——1,002
Common equity securities8731—118
Private equity securities——7272
Total equity securities1,08931721,192
Other invested assets - common equity securities18——18
Securities lending collateral—2,306—2,306
Derivatives - other assets—5—5
Total assets$4,306$27,778$872$32,956
Percentage of total assets at fair value13%84%3%100%
Liabilities:
Derivatives - other liabilities$—$(150)$—$(150)
Total liabilities$—$(150)$—$(150)
Schedule of Estimated Fair Value by Level
A summary of the estimated fair values by level for each class of financial instruments that is recorded at its carrying value on our consolidated balance sheets at September 30, 2025 and December 31, 2024 is as follows:
 Carrying
Value		Estimated Fair Value
 Level ILevel IILevel IIITotal
September 30, 2025
Assets:
Other invested assets$678 $— $— $660 $660 
Liabilities:
Debt:
Short-term borrowings180 — 180 — 180 
Notes31,922 — 30,187 — 30,187 
Options1,726 — — 1,844 1,844 
December 31, 2024
Assets:
Other invested assets$642 $— $— $610 $610 
Liabilities:
Debt:
Short-term borrowings365 — 365 — 365 
Notes30,867 — 28,460 — 28,460 
Options1,415 — — 1,873 1,873 
v3.25.3
Medical Claims Payable (Tables)
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Schedule of Reconciliation of Medical Claims Payable
A reconciliation of the beginning and ending balances for medical claims payable for the nine months ended September 30, 2025 and 2024 is as follows:
20252024
Gross medical claims payable, beginning of period$15,580 $15,865 
Ceded medical claims payable, beginning of period(13)(7)
Net medical claims payable, beginning of period15,567 15,858 
Business combinations and purchase adjustments344 — 
Net incurred medical claims:
Current period108,423 92,715 
Prior periods redundancies(1,266)(1,610)
Total net incurred medical claims107,157 91,105 
Net payments attributable to:
Current period medical claims93,545 79,220 
Prior periods medical claims12,699 12,567 
Total net payments106,244 91,787 
Net medical claims payable, end of period16,824 15,176 
Ceded medical claims payable, end of period44 9 
Gross medical claims payable, end of period$16,868 $15,185 
Schedule of Reconciliation of Net Incurred Medical Claims to Benefit Expense The reconciliation of net incurred medical claims to benefit expense included in our consolidated statements of income for the nine months ended September 30, 2025 and 2024 is as follows:
20252024
Net incurred medical claims with medical claims payable
$103,923 $91,105 
Performance-based risk arrangements without medical claims payable
3,234 — 
Total net incurred medical claims
107,157 91,105 
Quality improvement and other claims expense3,001 2,962 
Benefit expense$110,158 $94,067 
Schedule of Reconciliation of Short Duration Medical Claims Payable to the Consolidated Medical Claims Payable
The reconciliation of the medical claims payable reflected in the tables above to the consolidated ending balance for medical claims payable included in the consolidated balance sheets, as of September 30, 2025 is as follows:
Total
Net medical claims payable, end of period$16,824 
Ceded medical claims payable, end of period44 
Insurance lines other than short duration280 
Gross medical claims payable, end of period$17,148 
v3.25.3
Capital Stock (Tables)
 9 Months Ended
Sep. 30, 2025
Class of Stock Disclosures [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity for the nine months ended September 30, 2025 is as follows:
Number of
Shares		Weighted-
Average
Option Price
per Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding at January 1, 20252.9 $361.36 
Granted0.6 394.27 
Exercised(0.2)218.45 
Forfeited or expired(0.1)436.11 
Outstanding at September 30, 20253.2 373.18 5.86$77 
Exercisable at September 30, 20252.1 342.73 4.51$77 
Schedule of Nonvested Restricted Stock Activity Including Restricted Stock Units
A summary of the status of nonvested restricted stock activity, including restricted stock units and performance units, for the nine months ended September 30, 2025 is as follows:
Restricted
Stock Shares
and Units		Weighted-
Average
Grant Date
Fair Value
per Share
Nonvested at January 1, 20251.0 $478.70 
Granted0.6 393.39 
Vested(0.4)467.50 
Forfeited(0.1)451.08 
Nonvested at September 30, 20251.1 438.24 
Schedule of Weighted-Average Assumptions Used to Estimate the Fair Value of Options Granted During the Periods
The following weighted-average assumptions were used to estimate the fair values of options granted during the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30
20252024
Risk-free interest rate4.29 %4.28 %
Volatility factor30.00 %28.00 %
Quarterly dividend yield0.432 %0.327 %
Weighted-average expected life (years)4.454.40
Schedule of Weighted-Average Fair Values Determined for the Periods
The following weighted-average fair values per option or share were determined for the nine months ended September 30, 2025 and 2024: 
Nine Months Ended September 30
20252024
Options granted during the period$106.92 $134.65 
Restricted stock awards granted during the period393.39 502.01 
Schedule of Cash Dividend Activity
A summary of our cash dividend activity for the nine months ended September 30, 2025 and 2024 is as follows: 
Declaration DateRecord DatePayment Date
Cash
Dividend
per Share
Total
Nine Months Ended September 30, 2025
January 22, 2025March 10, 2025March 25, 2025$1.71$386 
April 16, 2025June 10, 2025June 25, 2025$1.71$385 
July 16, 2025September 10, 2025September 25, 2025$1.71$381 
Nine Months Ended September 30, 2024
January 23, 2024March 8, 2024March 22, 2024$1.63$379 
April 16, 2024June 10, 2024June 25, 2024$1.63$378 
July 16, 2024September 10, 2024September 25, 2024$1.63$378 
Schedule of Share Repurchases
A summary of common stock repurchases for the nine months ended September 30, 2025 and 2024 is as follows:
Nine Months Ended September 30
 20252024
Shares repurchased6.1 2.1 
Average price per share$353.83 $506.80 
Aggregate cost$2,134 $1,089 
Authorization remaining at the end of the period$7,166 $3,111 
v3.25.3
Accumulated Other Comprehensive (Loss) Income (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Reconciliation of Components of Accumulated Other Comprehensive Loss
A reconciliation of the components of accumulated other comprehensive (loss) income at September 30, 2025 and 2024 is as follows:
Three Months Ended 
 September 30		Nine Months Ended 
 September 30
2025202420252024
Net unrealized investment (losses) gains:
Beginning of period balance$(142)$(714)$(523)$(632)
Other comprehensive income before reclassifications, net of tax expense of ($63), ($263), ($156), and ($189), respectively
211 841 514 595 
Amounts reclassified from accumulated other comprehensive income, net of tax expense of ($3), ($17), ($28) and ($65), respectively
9 46 89 210 
Other comprehensive income
220 887 603 805 
Other comprehensive income attributable to noncontrolling interests, net of tax expense of $0, $0, $0, and $0, respectively
(2)— (4)— 
End of period balance76 173 76 173 
Non-credit components of impairments on investments:
Beginning of period balance(4)(3)(2)(3)
Other comprehensive income (loss), net of tax benefit of $0, $0, $1, and $0, respectively
1 — (1)— 
End of period balance(3)(3)(3)(3)
Net cash flow hedges:
Beginning of period balance(199)(205)(207)(211)
Other comprehensive income (loss), net of tax benefit (expense) of $1, $0, ($3), and ($2), respectively
(3)2 5 8 
End of period balance(202)(203)(202)(203)
Pension and other postretirement benefits:
Beginning of period balance(402)(451)(399)(459)
Other comprehensive income, net of tax expense of ($1), ($1), ($10), and ($3), respectively
4 3 1 11 
End of period balance(398)(448)(398)(448)
Future policy benefits:
Beginning of period balance9 9 8 10 
Other comprehensive loss, net of tax benefit of $0, $0, $0, and $0, respectively
(2)(1)(1)(2)
End of period balance7 8 7 8 
Foreign currency translation adjustments:
Beginning of period balance(22)(23)(24)(18)
Other comprehensive (loss) income, net of tax expense of $0, $0, $0, and $0, respectively
(1)7 1 2 
End of period balance(23)(16)(23)(16)
Total:
Total beginning of period accumulated other comprehensive loss(760)(1,387)(1,147)(1,313)
Total other comprehensive income, net of tax expense of ($66), ($281), ($196), and ($259), respectively
219 898 608 824 
Total other comprehensive income attributable to noncontrolling interests, net of tax expense of $0, $0, $0, and $0, respectively
(2)— (4)— 
Total end of period accumulated other comprehensive loss$(543)$(489)$(543)$(489)
v3.25.3
Shareholders' Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Denominator for Basic and Diluted Earnings Per Share
The denominator for basic and diluted shareholders' earnings per share for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Denominator for basic shareholders' earnings per share – weighted-average shares
223.3 231.9 225.0 232.3 
Effect of dilutive securities – employee stock options, non-vested restricted stock awards and convertible debentures
0.4 1.2 0.6 1.3 
Denominator for diluted shareholders' earnings per share
223.7 233.1 225.6 233.6 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Data by Reportable Segment
Financial data by reportable segment for the three and nine months ended September 30, 2025 and 2024 is as follows:
Carelon
Health
Benefits		CarelonRxCarelon
Services		TotalCorporate
& Other		EliminationsTotal
Three Months Ended September 30, 2025
Premiums$40,304 $— $1,762 $1,762 $— $(275)$41,791 
Product revenue— 6,159 — $6,159 — — 6,159 
Service fees1,942 4 191 195 — — 2,137 
Operating revenue - unaffiliated42,246 6,163 1,953 8,116 — (275)50,087 
Operating revenue - affiliated— 4,834 5,371 10,205 149 (10,354)— 
Operating revenue - total$42,246 $10,997 $7,324 $18,321 $149 $(10,629)$50,087 
Benefit expense
$36,845 $— $6,349 $6,349 $4 $(5,058)$38,140 
Cost of products sold
— 10,209 — $10,209 — (4,829)5,380 
Operating expense
4,800 232 756 988 226 (742)5,272 
Operating gain (loss)$601 $556 $219 $775 $(81)$— $1,295 
Three Months Ended September 30, 2024
Premiums$36,448 $— $680 $680 $— $(319)$36,809 
Product revenue— 5,887 — 5,887 — — 5,887 
Service fees1,830 2 201 203 (10)— 2,023 
Operating revenue - unaffiliated38,278 5,889 881 6,770 (10)(319)44,719 
Operating revenue - affiliated— 3,254 3,757 7,011 84 (7,095)— 
Operating revenue - total$38,278 $9,143 $4,638 $13,781 $74 $(7,414)$44,719 
Benefit expense
$32,724 $— $3,767 $3,767 $5 $(3,547)$32,949 
Cost of products sold
— 8,336 — 8,336 — (3,243)5,093 
Operating expense
3,950 188 687 875 1,068 (624)5,269 
Operating gain (loss)$1,604 $619 $184 $803 $(999)$— $1,408 
Carelon
Health
Benefits		CarelonRxCarelon
Services		TotalCorporate
& Other		EliminationsTotal
Nine Months Ended September 30, 2025
Premiums$119,602 $— $5,125 $5,125 $— $(778)$123,949 
Product revenue— 18,010 — $18,010 — — 18,010 
Service fees5,657 11 646 657 — — 6,314 
Operating revenue - unaffiliated125,259 18,021 5,771 23,792 — (778)148,273 
Operating revenue - affiliated— 13,735 15,530 29,265 546 (29,811)— 
Operating revenue - total$125,259 $31,756 $21,301 $53,057 $546 $(30,589)$148,273 
Benefit expense
$106,725 $— $17,958 $17,958 $22 $(14,547)$110,158 
Cost of products sold
— 29,377 — 29,377 — (13,721)15,656 
Operating expense
14,156 685 2,233 2,918 816 (2,321)15,569 
Operating gain (loss)$4,378 $1,694 $1,110 $2,804 $(292)$— $6,890 
Nine Months Ended September 30, 2024
Premiums$106,926 $— $1,882 $1,882 $— $(887)$107,921 
Product revenue— 15,916 — 15,916 — — 15,916 
Service fees5,769 4 594 598 11 — 6,378 
Operating revenue - unaffiliated112,695 15,920 2,476 18,396 11 (887)130,215 
Operating revenue - affiliated— 10,064 10,716 20,780 312 (21,092)— 
Operating revenue - total$112,695 $25,984 $13,192 $39,176 $323 $(21,979)$130,215 
Benefit expense
$93,661 $— $10,409 $10,409 $15 $(10,018)$94,067 
Cost of products sold
— 23,749 — 23,749 — (10,011)13,738 
Operating expense
12,998 596 2,101 2,697 1,476 (1,950)15,221 
Operating gain (loss)$6,036 $1,639 $682 $2,321 $(1,168)$— $7,189 
Schedule of Reconciliation of Reportable Segments Operating Revenues to Total Revenues Reported in the Consolidated Statements of Income
A reconciliation of reportable segments’ operating revenue to the amounts of total revenues included in our consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Reportable segments’ operating revenue$50,087 $44,719 $148,273 $130,215 
Net investment income625 551 1,701 1,524 
Net losses on financial instruments(1)(125)(596)(371)
Gain (loss) on sale of business
— (39)— 201 
Total revenues$50,711 $45,106 $149,378 $131,569 
Schedule of Reconciliation of Income Before Income Tax Expense to Reportable Segments Operating Gain Included in the Consolidated Statements of Income
A reconciliation of reportable segments' operating gain to income before income tax expense included in our consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 is as follows:
 Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2025202420252024
Income before income tax expense$1,406 $1,373 $6,495 $7,298 
Net investment income(625)(551)(1,701)(1,524)
Net losses on financial instruments1 125 596 371 
Gain (loss) on sale of business
— 39 — (201)
Interest expense351 300 1,036 845 
Amortization of other intangible assets162 122 464 400 
Reportable segments’ operating gain$1,295 $1,408 $6,890 $7,189 
v3.25.3
Organization (Details)
individual in Millions
 9 Months Ended
Sep. 30, 2025
individual
state
segment
county
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of medical members served | individual 45.4
Number of counties in the Kansas City area the Company does not serve | county 30
Number of states in which the Company is licensed to conduct insurance operations | state 50
Number of reportable segments | segment 4
v3.25.3
Basis of Presentation and Significant Accounting Policies (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Cash and cash equivalents $ 397 $ 409
Securities lending transactions, initial collateral percentage value 102.00%  
Premium receivable, allowance for doubtful accounts $ 168 183
Self-funded receivables, allowance for doubtful accounts 109 115
Other receivables, allowance for doubtful accounts 1,470 $ 1,385
Allowance for doubtful accounts receivable recoveries 237  
Release of allowance for doubtful accounts 129  
Recovery of accounts receivable related to prior year 154  
Recovery of accounts receivable related to current year $ 83  
v3.25.3
Business Acquisitions (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Goodwill $ 28,451 $ 28,277
Centers Plan for Healthy Living LLC    
Business Combination [Line Items]    
Finite-lived intangible assets acquired 211  
Indefinite-lived intangible assets 690  
Goodwill 246  
RSV QOZB LTSS, Inc    
Business Combination [Line Items]    
Finite-lived intangible assets acquired 305  
Goodwill 1,811  
Contingent consideration payable $ 27  
v3.25.3
Business Optimization Initiative (Details) - 2023-2024 Business Efficiency Program - Employee Termination - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Business Optimization Initiatives [Line Items]    
Liability for employee termination costs $ 109 $ 224
Corporate & Other    
Business Optimization Initiatives [Line Items]    
Payments for restructuring 111  
Restructuring Charges $ 4  
v3.25.3
Investments - Schedule of Current and Long-Term Fixed Maturity Securities, Available-For-Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost $ 27,310 $ 26,928
Gross Unrealized Gains 639 284
Gross Unrealized Losses (542) (970)
Allowance For Credit Losses (13) (6)
Estimated Fair Value 27,394 26,236
United States Government securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 1,640 1,907
Gross Unrealized Gains 14 2
Gross Unrealized Losses (20) (85)
Allowance For Credit Losses 0 0
Estimated Fair Value 1,634 1,824
Government sponsored securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 88 156
Gross Unrealized Gains 1 0
Gross Unrealized Losses (1) (5)
Allowance For Credit Losses 0 0
Estimated Fair Value 88 151
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 13 19
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (2)
Allowance For Credit Losses 0 0
Estimated Fair Value 13 17
States, municipalities and political subdivisions, tax-exempt    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 3,766 3,142
Gross Unrealized Gains 64 33
Gross Unrealized Losses (97) (123)
Allowance For Credit Losses (2) 0
Estimated Fair Value 3,731 3,052
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 13,673 14,095
Gross Unrealized Gains 447 192
Gross Unrealized Losses (136) (367)
Allowance For Credit Losses (6) (4)
Estimated Fair Value 13,978 13,916
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 3,230 3,274
Gross Unrealized Gains 37 13
Gross Unrealized Losses (151) (236)
Allowance For Credit Losses 0 0
Estimated Fair Value 3,116 3,051
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 2,126 1,801
Gross Unrealized Gains 29 8
Gross Unrealized Losses (34) (60)
Allowance For Credit Losses 0 (1)
Estimated Fair Value 2,121 1,748
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Cost or Amortized Cost 2,774 2,534
Gross Unrealized Gains 47 36
Gross Unrealized Losses (103) (92)
Allowance For Credit Losses (5) (1)
Estimated Fair Value $ 2,713 $ 2,477
v3.25.3
Investments - Schedule of Aggregate Fair Value and Gross Unrealized Loss of Fixed Maturity Securities in an Unrealized Loss Position (Details)
$ in Millions
Sep. 30, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 1,331 2,559
Estimated fair value, less than 12 months $ 2,851 $ 9,213
Gross unrealized loss, less than 12 months $ (132) $ (218)
Number of securities, 12 months or greater | security 3,016 3,886
Estimated fair value, 12 months or greater $ 4,757 $ 6,649
Gross unrealized loss, 12 months or greater $ (410) $ (752)
United States Government securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 27 40
Estimated fair value, less than 12 months $ 178 $ 1,240
Gross unrealized loss, less than 12 months $ (5) $ (52)
Number of securities, 12 months or greater | security 15 25
Estimated fair value, 12 months or greater $ 224 $ 330
Gross unrealized loss, 12 months or greater $ (15) $ (33)
Government sponsored securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 1 10
Estimated fair value, less than 12 months $ 5 $ 89
Gross unrealized loss, less than 12 months $ 0 $ (2)
Number of securities, 12 months or greater | security 27 36
Estimated fair value, 12 months or greater $ 35 $ 42
Gross unrealized loss, 12 months or greater $ (1) $ (3)
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 1 2
Estimated fair value, less than 12 months $ 1 $ 15
Gross unrealized loss, less than 12 months $ 0 $ (1)
Number of securities, 12 months or greater | security 1 2
Estimated fair value, 12 months or greater $ 0 $ 2
Gross unrealized loss, 12 months or greater $ 0 $ (1)
States, municipalities and political subdivisions, tax-exempt    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 333 527
Estimated fair value, less than 12 months $ 675 $ 1,092
Gross unrealized loss, less than 12 months $ (18) $ (22)
Number of securities, 12 months or greater | security 574 661
Estimated fair value, 12 months or greater $ 886 $ 943
Gross unrealized loss, 12 months or greater $ (79) $ (101)
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 549 1,415
Estimated fair value, less than 12 months $ 1,018 $ 4,717
Gross unrealized loss, less than 12 months $ (30) $ (92)
Number of securities, 12 months or greater | security 819 1,317
Estimated fair value, 12 months or greater $ 1,560 $ 2,645
Gross unrealized loss, 12 months or greater $ (106) $ (275)
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 169 306
Estimated fair value, less than 12 months $ 198 $ 1,097
Gross unrealized loss, less than 12 months $ (4) $ (25)
Number of securities, 12 months or greater | security 1,202 1,312
Estimated fair value, 12 months or greater $ 1,119 $ 1,291
Gross unrealized loss, 12 months or greater $ (147) $ (211)
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 75 136
Estimated fair value, less than 12 months $ 285 $ 670
Gross unrealized loss, less than 12 months $ (7) $ (15)
Number of securities, 12 months or greater | security 236 297
Estimated fair value, 12 months or greater $ 547 $ 661
Gross unrealized loss, 12 months or greater $ (27) $ (45)
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Number of securities, less than 12 months | security 176 123
Estimated fair value, less than 12 months $ 491 $ 293
Gross unrealized loss, less than 12 months $ (68) $ (9)
Number of securities, 12 months or greater | security 142 236
Estimated fair value, 12 months or greater $ 386 $ 735
Gross unrealized loss, 12 months or greater $ (35) $ (83)
v3.25.3
Investments - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Jan. 01, 2025
USD ($)
Aug. 06, 2024
USD ($)
Schedule of Investments [Line Items]              
Allowance for credit losses $ 13   $ 13   $ 6    
Other invested assets 10,648   10,648   9,749    
Net investment income 625 $ 551 1,701 $ 1,524      
Benefit expense 38,140 32,949 110,158 94,067      
Proceeds from sales, maturities, calls or redemptions of fixed maturity securities 2,738 $ 3,870 8,759 12,284      
Accrued investment income receivable 280   280   287    
Fair value of collateral received at time of securities lending transactions $ 2,881   $ 2,881   $ 2,305    
Securities lending transactions ratio of fair value of collateral held to fair value of securities loaned 102.00%   102.00%   102.00%    
United States Government securities              
Schedule of Investments [Line Items]              
Allowance for credit losses $ 0   $ 0   $ 0    
Residential mortgage-backed securities              
Schedule of Investments [Line Items]              
Allowance for credit losses 0   0   0    
Overnight and Continuous | Cash              
Schedule of Investments [Line Items]              
Collateral received for securities loaned, at carrying value 2,711   2,711   2,115    
Overnight and Continuous | United States Government securities              
Schedule of Investments [Line Items]              
Collateral received for securities loaned, at carrying value 170   170   176    
Overnight and Continuous | Residential mortgage-backed securities              
Schedule of Investments [Line Items]              
Collateral received for securities loaned, at carrying value 0   0   14    
Mosaic Health              
Schedule of Investments [Line Items]              
Commitment to fund 70   70        
Mosaic Health | Equity Method Investee              
Schedule of Investments [Line Items]              
Benefit expense 162   662        
Line of Credit | Mosaic Health              
Schedule of Investments [Line Items]              
Line of credit facility, maximum borrowing capacity 200   200        
Line of Credit | Mosaic Health | Equity Method Investee              
Schedule of Investments [Line Items]              
Other invested assets 188   188   188    
Net investment income     13 $ 3      
Revolving Credit Facility | Mosaic Health              
Schedule of Investments [Line Items]              
Line of credit facility, maximum borrowing capacity $ 500   $ 500        
Mosaic Health              
Schedule of Investments [Line Items]              
Ownership percentage 40.00%   40.00%        
Equity method investments             $ 2,580
Additional equity method investment amount           $ 300  
Additional ownership percentage           0.05  
Liberty Dental              
Schedule of Investments [Line Items]              
Ownership percentage 40.00%   40.00%        
Other invested assets $ 127   $ 127   87    
Benefit expense $ 149   441        
Redeemable preferred equity shares value         250    
Redeemable preferred equity shares disbursed     $ 157   $ 87    
v3.25.3
Investments - Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Amortized Cost    
Due in one year or less $ 280  
Due after one year through five years 4,871  
Due after five years through ten years 10,384  
Due after ten years 6,419  
Mortgage-backed securities 5,356  
Total fixed maturity securities 27,310 $ 26,928
Estimated Fair Value    
Due in one year or less 279  
Due after one year through five years 4,890  
Due after five years through ten years 10,580  
Due after ten years 6,408  
Mortgage-backed securities 5,237  
Total fixed maturity securities $ 27,394 $ 26,236
v3.25.3
Investments - Schedule of Current Equity Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Equity Securities [Line Items]    
Equity securities $ 1,220 $ 1,192
Exchange traded funds    
Equity Securities [Line Items]    
Equity securities 1,129 1,002
Common equity securities    
Equity Securities [Line Items]    
Equity securities 31 118
Private equity securities    
Equity Securities [Line Items]    
Equity securities $ 60 $ 72
v3.25.3
Investments - Schedule of Investment Gains (Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other investments:        
Net losses on investments $ 0 $ (126) $ (594) $ (379)
Fixed maturity securities:        
Fixed maturity securities:        
Gross realized gains from sales 39 53 88 92
Gross realized losses from sales (51) (107) (195) (354)
Impairment losses recognized in income 0 (9) (10) (13)
Net realized losses from sales of fixed maturity securities (12) (63) (117) (275)
Equity securities:        
Equity securities:        
Unrealized gains recognized on equity securities still held at the end of the period 8 3 2 4
Net realized losses recognized on equity securities sold during the period (7) (3) (9) (4)
Net losses on equity securities 1 0 (7) 0
Other investments:        
Other investments:        
Gross gains 28 35 41 45
Gross losses 0 0 (100) (25)
Other realized losses recognized in income (17) (98) (411) (124)
Net losses on other investments $ 11 $ (63) $ (470) $ (104)
v3.25.3
Derivative Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Derivative [Line Items]          
Collateral received $ 66   $ 66    
Posted collateral received         $ 142
Recognized gain on hedging derivatives 0 $ 1   $ 8  
Recognized loss on hedging derivatives     2    
Net put option fair value 1,330   1,330    
Liberty Dental          
Derivative [Line Items]          
Net put option fair value 396   396    
Cash Flow Hedging          
Derivative [Line Items]          
Cash flow hedges included in accumulated other comprehensive loss, net of tax $ 195   $ 195   $ 201
v3.25.3
Fair Value - Schedule of Fair Value Measurements by Level (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets    
Cash equivalents $ 3,219 $ 3,199
Fixed maturity securities, available-for-sale: 27,394 26,236
Equity securities: 1,220 1,192
Other invested assets 10,648 9,749
Securities lending collateral 2,881 2,306
Derivatives - other assets 92 5
Total assets $ 34,813 $ 32,956
Percentage of total assets at fair value 1 1
Liabilities    
Derivatives - other liabilities $ (26) $ (150)
Total liabilities (26) (150)
United States Government securities    
Assets    
Fixed maturity securities, available-for-sale: 1,634 1,824
Government sponsored securities    
Assets    
Fixed maturity securities, available-for-sale: 88 151
Foreign government securities    
Assets    
Fixed maturity securities, available-for-sale: 13 17
States, municipalities and political subdivisions, tax-exempt    
Assets    
Fixed maturity securities, available-for-sale: 3,731 3,052
Corporate securities    
Assets    
Fixed maturity securities, available-for-sale: 13,978 13,916
Residential mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 3,116 3,051
Commercial mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 2,121 1,748
Other asset-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 2,713 2,477
Exchange traded funds    
Assets    
Equity securities: 1,129 1,002
Common equity securities    
Assets    
Equity securities: 31 118
Other invested assets 7 18
Private equity securities    
Assets    
Equity securities: 60 72
Level I    
Assets    
Cash equivalents 3,219 3,199
Fixed maturity securities, available-for-sale: 0 0
Equity securities: 1,131 1,089
Securities lending collateral 0 0
Derivatives - other assets 0 0
Total assets $ 4,357 $ 4,306
Percentage of total assets at fair value 0.13 0.13
Liabilities    
Derivatives - other liabilities $ 0 $ 0
Total liabilities 0 0
Level I | United States Government securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Government sponsored securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Foreign government securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | States, municipalities and political subdivisions, tax-exempt    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Corporate securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Residential mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Commercial mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Other asset-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level I | Exchange traded funds    
Assets    
Equity securities: 1,129 1,002
Level I | Common equity securities    
Assets    
Equity securities: 2 87
Other invested assets 7 18
Level I | Private equity securities    
Assets    
Equity securities: 0
Level II    
Assets    
Cash equivalents 0 0
Fixed maturity securities, available-for-sale: 26,012 25,436
Equity securities: 29 31
Securities lending collateral 2,881 2,306
Derivatives - other assets 92 5
Total assets $ 29,014 $ 27,778
Percentage of total assets at fair value 0.83 0.84
Liabilities    
Derivatives - other liabilities $ (26) $ (150)
Total liabilities (26) (150)
Level II | United States Government securities    
Assets    
Fixed maturity securities, available-for-sale: 1,634 1,824
Level II | Government sponsored securities    
Assets    
Fixed maturity securities, available-for-sale: 88 151
Level II | Foreign government securities    
Assets    
Fixed maturity securities, available-for-sale: 13 17
Level II | States, municipalities and political subdivisions, tax-exempt    
Assets    
Fixed maturity securities, available-for-sale: 3,731 3,052
Level II | Corporate securities    
Assets    
Fixed maturity securities, available-for-sale: 13,529 13,873
Level II | Residential mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 3,100 3,041
Level II | Commercial mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 2,102 1,748
Level II | Other asset-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 1,815 1,730
Level II | Exchange traded funds    
Assets    
Equity securities: 0 0
Level II | Common equity securities    
Assets    
Equity securities: 29 31
Other invested assets 0 0
Level II | Private equity securities    
Assets    
Equity securities: 0
Level III    
Assets    
Cash equivalents 0 0
Fixed maturity securities, available-for-sale: 1,382 800
Equity securities: 60 72
Securities lending collateral 0 0
Derivatives - other assets 0 0
Total assets $ 1,442 $ 872
Percentage of total assets at fair value 0.04 0.03
Liabilities    
Derivatives - other liabilities $ 0 $ 0
Total liabilities 0 0
Level III | United States Government securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level III | Government sponsored securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level III | Foreign government securities    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level III | States, municipalities and political subdivisions, tax-exempt    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Level III | Corporate securities    
Assets    
Fixed maturity securities, available-for-sale: 449 43
Level III | Residential mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 16 10
Level III | Commercial mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 19 0
Level III | Other asset-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 898 747
Level III | Exchange traded funds    
Assets    
Equity securities: 0 0
Level III | Common equity securities    
Assets    
Equity securities: 0 0
Other invested assets 0 0
Level III | Private equity securities    
Assets    
Equity securities: $ 60 $ 72
v3.25.3
Fair Value - Narrative (Details) - Estimate of Fair Value Measurement - Fair Value, Recurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Net put option fair value $ 1,844 $ 1,873
Mosaic Health    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Net put option fair value 1,400 1,330
Liberty Dental    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Net put option fair value $ 444 $ 543
v3.25.3
Fair Value - Schedule of Estimated Fair Value by Level (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Other invested assets $ 10,648 $ 9,749
Debt:    
Short-term borrowings 180 365
Fair Value, Nonrecurring | Reported Value Measurement    
Assets    
Other invested assets 678 642
Debt:    
Short-term borrowings 180 365
Notes 31,922 30,867
Options 1,726 1,415
Fair Value, Recurring | Estimate of Fair Value Measurement    
Assets    
Other invested assets 660 610
Debt:    
Short-term borrowings 180 365
Notes 30,187 28,460
Options 1,844 1,873
Fair Value, Recurring | Level I | Estimate of Fair Value Measurement    
Assets    
Other invested assets 0 0
Debt:    
Short-term borrowings 0 0
Notes 0 0
Options 0 0
Fair Value, Recurring | Level II | Estimate of Fair Value Measurement    
Assets    
Other invested assets 0 0
Debt:    
Short-term borrowings 180 365
Notes 30,187 28,460
Options 0 0
Fair Value, Recurring | Level III | Estimate of Fair Value Measurement    
Assets    
Other invested assets 660 610
Debt:    
Short-term borrowings 0 0
Notes 0 0
Options $ 1,844 $ 1,873
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Income tax expense $ 219 $ 365 $ 1,380 $ 1,740  
Effective income tax rate 15.60% 26.60% 21.20% 23.80%  
Income taxes receivable, current $ 294   $ 294   $ 213
Income taxes payable, current $ 141   $ 141   $ 75
v3.25.3
Medical Claims Payable - Schedule of Reconciliation of Medical Claims Payable (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Gross medical claims payable, beginning of period $ 15,580 $ 15,865
Ceded medical claims payable, beginning of period (13) (7)
Net medical claims payable, beginning of period 15,567 15,858
Business combinations and purchase adjustments 344 0
Net incurred medical claims:    
Current period 108,423 92,715
Prior periods redundancies (1,266) (1,610)
Total net incurred medical claims 107,157 91,105
Net payments attributable to:    
Current period medical claims 93,545 79,220
Prior periods medical claims 12,699 12,567
Total net payments 106,244 91,787
Net medical claims payable, end of period 16,824 15,176
Ceded medical claims payable, end of period 44 9
Gross medical claims payable, end of period $ 16,868 $ 15,185
v3.25.3
Medical Claims Payable - Narrative (Details)
$ in Millions
Sep. 30, 2025
USD ($)
2025  
Claims Development [Line Items]  
Net incurred but not reported liabilities plus expected development on reported claims $ 15,223
2024  
Claims Development [Line Items]  
Net incurred but not reported liabilities plus expected development on reported claims 1,258
2023  
Claims Development [Line Items]  
Net incurred but not reported liabilities plus expected development on reported claims $ 343
v3.25.3
Medical Claims Payable - Schedule of Reconciliation of Net Incurred Medical Claims to Benefit Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Insurance [Abstract]        
Net incurred medical claims with medical claims payable     $ 103,923 $ 91,105
Performance-based risk arrangements without medical claims payable     3,234 0
Total net incurred medical claims     107,157 91,105
Quality improvement and other claims expense     3,001 2,962
Benefit expense $ 38,140 $ 32,949 $ 110,158 $ 94,067
v3.25.3
Medical Claims Payable - Schedule of Reconciliation of the Claims Development to the Claims Liability (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Insurance [Abstract]    
Net medical claims payable, end of period $ 16,824  
Ceded medical claims payable, end of period 44  
Insurance lines other than short duration 280  
Gross medical claims payable, end of period $ 17,148 $ 15,746
v3.25.3
Debt (Details)
$ in Millions
 9 Months Ended
Sep. 05, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 15, 2025
USD ($)
Sep. 04, 2025
USD ($)
Jan. 15, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commercial Paper            
Debt Instrument [Line Items]            
Maximum borrowing capacity   $ 4,000        
Commercial paper   0       $ 0
Surplus Notes            
Debt Instrument [Line Items]            
Long-term debt   25       25
Federal Home Loan Bank Advances            
Debt Instrument [Line Items]            
Short-term borrowings from the FHLB   180       365
Senior Notes | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Long-term debt   $ 31,897       30,843
Senior Unsecured Notes | 4.000% Senior Unsecured Notes Due 2028            
Debt Instrument [Line Items]            
Aggregate principal amount     $ 750      
Debt instrument interest rate     4.00%      
Senior Unsecured Notes | 4.600% Senior Unsecured Notes Due 2032            
Debt Instrument [Line Items]            
Aggregate principal amount     $ 750      
Debt instrument interest rate     4.60%      
Senior Unsecured Notes | 5.000% Senior Unsecured Notes Due 2036            
Debt Instrument [Line Items]            
Aggregate principal amount     $ 1,000      
Debt instrument interest rate     5.00%      
Senior Unsecured Notes | 5.700% Senior Unsecured Notes Due 2055            
Debt Instrument [Line Items]            
Aggregate principal amount     $ 500      
Debt instrument interest rate     5.70%      
Senior Unsecured Notes | 5.350% Senior Unsecured Notes Due 2055            
Debt Instrument [Line Items]            
Debt instrument interest rate     5.35%      
Debt instruments, repurchased face amount     $ 400      
Senior Unsecured Notes | 4.900% Senior Unsecured Notes Due 2026            
Debt Instrument [Line Items]            
Debt instrument interest rate     4.90%      
Debt instruments, repurchased face amount     $ 500      
Senior Unsecured Notes | 2.375% Senior Unsecured Notes Due 2025            
Debt Instrument [Line Items]            
Debt instrument interest rate         2.375%  
Debt instruments, repurchased face amount         $ 1,250  
Line of Credit | 5-Year Facility | Revolving Credit Facility            
Debt Instrument [Line Items]            
Senior revolving credit facility term 5 years 5 years        
Maximum borrowing capacity $ 5,000     $ 4,000    
Covenant, debt-to-capital ratio (not more than)   0.60        
Debt-to-capital ratio   0.421        
Amounts outstanding   $ 0       $ 0
v3.25.3
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
plantiff
Commitments and Contingencies [Line Items]    
Number of putative nationwide classes of plaintiffs | plantiff   2
Extension period   3 years
Financial guarantees   $ 834
Unfunded loan commitments   501
Technology Infrastructure and Related Management and Support Services    
Commitments and Contingencies [Line Items]    
Long-term purchase commitment, amount $ 1,746  
BCBS Antitrust Litigation    
Commitments and Contingencies [Line Items]    
Payments   $ 666
v3.25.3
Capital Stock - Schedule of Stock Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Number of Shares  
Outstanding at beginning of period (in shares) | shares 2.9
Granted (in shares) | shares 0.6
Exercised (in shares) | shares (0.2)
Forfeited or expired (in shares) | shares (0.1)
Outstanding at end of period (in shares) | shares 3.2
Weighted- Average Option Price per Share  
Outstanding at beginning of period (in dollars per share) | $ / shares $ 361.36
Granted (in dollars per share) | $ / shares 394.27
Exercised (in dollars per share) | $ / shares 218.45
Forfeited or expired (in dollars per share) | $ / shares 436.11
Outstanding at end of period (in dollars per share) | $ / shares $ 373.18
Stock Options, Additional Disclosures  
Exercisable at end of period (in shares) | shares 2.1
Exercisable at end of period (in dollars per share) | $ / shares $ 342.73
Outstanding at end of period, Weighted-Average Remaining Contractual Life 5 years 10 months 9 days
Exercisable at end of period, Weighted-Average Remaining Contractual Life 4 years 6 months 3 days
Outstanding at end of period, Aggregate Intrinsic Value | $ $ 77
Exercisable at end of period, Aggregate Intrinsic Value | $ $ 77
v3.25.3
Capital Stock - Schedule of Nonvested Restricted Stock Activity Including Restricted Stock Units (Details) - $ / shares
shares in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Restricted Stock Shares and Units    
Nonvested at beginning of period (in shares) 1.0  
Granted (in shares) 0.6  
Vested (in shares) (0.4)  
Forfeited (in shares) (0.1)  
Nonvested at end of period (in shares) 1.1  
Weighted- Average Grant Date Fair Value per Share    
Nonvested at beginning of period (in dollars per share) $ 478.70  
Granted (in dollars per share) 393.39 $ 502.01
Vested (in dollars per share) 467.50  
Forfeited (in dollars per share) 451.08  
Nonvested at end of period (in dollars per share) $ 438.24  
v3.25.3
Capital Stock - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 15, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Oct. 15, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Granted (in shares)       0.6    
Dividends declared (in dollars per share)   $ 1.71 $ 1.63 $ 5.13 $ 4.89  
Increase in amount of stock authorized in the Stock Repurchase Program           $ 8,000
Subsequent Event            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Dividends declared (in dollars per share) $ 1.71          
Restricted Stock Units            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Granted (in shares)       0.2    
Award vesting period       3 years    
v3.25.3
Capital Stock - Fair Values of Options Granted During the Period Estimated Using Weighted-Average Assumptions (Details)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Class of Stock Disclosures [Abstract]    
Risk-free interest rate 4.29% 4.28%
Volatility factor 30.00% 28.00%
Quarterly dividend yield 0.432% 0.327%
Weighted-average expected life (years) 4 years 5 months 12 days 4 years 4 months 24 days
v3.25.3
Capital Stock - Schedule of Weighted-Average Fair Values Determined for the Periods (Details) - $ / shares
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Class of Stock Disclosures [Abstract]    
Options granted during the period (in dollars per share) $ 106.92 $ 134.65
Restricted stock awards granted during the period (in dollars per share) $ 393.39 $ 502.01
v3.25.3
Capital Stock - Schedule of Cash Dividend Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Class of Stock Disclosures [Abstract]                
Cash Dividend per Share (in dollars per share) $ 1.71 $ 1.71 $ 1.71 $ 1.63 $ 1.63 $ 1.63    
Total $ 381 $ 385 $ 386 $ 378 $ 378 $ 379 $ 1,152 $ 1,135
v3.25.3
Capital Stock - Schedule of Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Class of Stock Disclosures [Abstract]    
Shares repurchased (in shares) 6.1 2.1
Average price per share (in dollars per share) $ 353.83 $ 506.80
Aggregate cost $ 2,134 $ 1,089
Authorization remaining at the end of the period $ 7,166 $ 3,111
v3.25.3
Accumulated Other Comprehensive (Loss) Income - Schedule of Reconciliation of the Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance $ 43,851 $ 42,620 $ 41,426 $ 42,297 $ 40,710 $ 39,405 $ 41,426 $ 39,405
Other comprehensive income (loss) 219 152 237 898 (22) (52) 608 824
Other comprehensive income attributable to noncontrolling interests (2)     0     (4) 0
Ending balance 44,082 43,851 42,620 43,879 42,297 40,710 44,082 43,879
AOCI Including Portion Attributable to Noncontrolling Interest                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (760)   (1,147) (1,387)   (1,313) (1,147) (1,313)
Ending balance (543) (760)   (489) (1,387)   (543) (489)
Net unrealized investment (losses) gains:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (142)   (523) (714)   (632) (523) (632)
Other comprehensive income before reclassifications, net of tax expense of ($63), ($263), ($156), and ($189), respectively 211     841     514 595
Amounts reclassified from accumulated other comprehensive income, net of tax expense of ($3), ($17), ($28) and ($65), respectively 9     46     89 210
Other comprehensive income (loss) 220     887     603 805
Ending balance 76 (142)   173 (714)   76 173
Other comprehensive income                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Other comprehensive income attributable to noncontrolling interests (2)     0     (4) 0
Non-credit components of impairments on investments:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (4)   (2) (3)   (3) (2) (3)
Other comprehensive income (loss) 1     0     (1) 0
Ending balance (3) (4)   (3) (3)   (3) (3)
Net cash flow hedges:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (199)   (207) (205)   (211) (207) (211)
Other comprehensive income (loss) (3)     2     5 8
Ending balance (202) (199)   (203) (205)   (202) (203)
Pension and other postretirement benefits:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (402)   (399) (451)   (459) (399) (459)
Other comprehensive income (loss) 4     3     1 11
Ending balance (398) (402)   (448) (451)   (398) (448)
Future policy benefits:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance 9   8 9   10 8 10
Other comprehensive income (loss) (2)     (1)     (1) (2)
Ending balance 7 9   8 9   7 8
Foreign currency translation adjustments:                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Beginning balance (22)   $ (24) (23)   $ (18) (24) (18)
Other comprehensive income (loss) (1)     7     1 2
Ending balance $ (23) $ (22)   $ (16) $ (23)   $ (23) $ (16)
v3.25.3
Accumulated Other Comprehensive (Loss) Income - Reconciliation of the Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income attributable to noncontrolling interest, tax expense   $ 0    
Other comprehensive income (loss), tax (expense) benefit $ (66) (281) $ (196) $ (259)
Net unrealized investment (losses) gains:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income before reclassifications, tax expense (63) (263) (156) (189)
Reclassification from AOCI, current period, tax (3) (17) (28) (65)
Other comprehensive income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income attributable to noncontrolling interest, tax expense 0 0 0 0
Non-credit components of impairments on investments:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), tax (expense) benefit 0 0 1 0
Net cash flow hedges:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), tax (expense) benefit 1 0 (3) (2)
Pension and other postretirement benefits:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), tax (expense) benefit (1) (1) (10) (3)
Future policy benefits:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), tax (expense) benefit 0 0 0 0
Foreign currency translation adjustments:        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other comprehensive income (loss), tax (expense) benefit $ 0 $ 0 $ 0 $ 0
v3.25.3
Shareholders' Earnings per Share - Denominator for Basic and Diluted Earnings per Share (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Denominator for basic shareholders' earnings per share – weighted-average shares (in shares) 223.3 231.9 225.0 232.3
Effect of dilutive securities – employee stock options, non-vested restricted stock awards and convertible debentures (in shares) 0.4 1.2 0.6 1.3
Denominator for diluted shareholders' earnings per share (in shares) 223.7 233.1 225.6 233.6
v3.25.3
Shareholders' Earnings per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive shares (in shares) 2.2 0.5 1.9 0.5
Restricted Stock Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive shares (in shares)     0.6  
Award vesting period     3 years  
v3.25.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.3
Segment Information - Schedule of Financial Data by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Premiums $ 41,791 $ 36,809 $ 123,949 $ 107,921
Operating revenue - total 50,087 44,719 148,273 130,215
Benefit expense 38,140 32,949 110,158 94,067
Cost of products sold 5,380 5,093 15,656 13,738
Operating expense 5,272 5,269 15,569 15,221
Operating gain (loss) 1,295 1,408 6,890 7,189
Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 6,159 5,887 18,010 15,916
Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 2,137 2,023 6,314 6,378
Eliminations        
Segment Reporting Information [Line Items]        
Premiums (275) (319) (778) (887)
Operating revenue - total (10,629) (7,414) (30,589) (21,979)
Benefit expense (5,058) (3,547) (14,547) (10,018)
Cost of products sold (4,829) (3,243) (13,721) (10,011)
Operating expense (742) (624) (2,321) (1,950)
Operating gain (loss) 0 0 0 0
Eliminations | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 0 0 0 0
Eliminations | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 0 0 0 0
Health Benefits | Operating Segments        
Segment Reporting Information [Line Items]        
Premiums 40,304 36,448 119,602 106,926
Operating revenue - total 42,246 38,278 125,259 112,695
Benefit expense 36,845 32,724 106,725 93,661
Cost of products sold 0 0 0 0
Operating expense 4,800 3,950 14,156 12,998
Operating gain (loss) 601 1,604 4,378 6,036
Health Benefits | Operating Segments | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 0 0 0 0
Health Benefits | Operating Segments | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 1,942 1,830 5,657 5,769
Total Carelon | Operating Segments        
Segment Reporting Information [Line Items]        
Premiums 1,762 680 5,125 1,882
Operating revenue - total 18,321 13,781 53,057 39,176
Benefit expense 6,349 3,767 17,958 10,409
Cost of products sold 10,209 8,336 29,377 23,749
Operating expense 988 875 2,918 2,697
Operating gain (loss) 775 803 2,804 2,321
Total Carelon | Operating Segments | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 6,159 5,887 18,010 15,916
Total Carelon | Operating Segments | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 195 203 657 598
CarelonRx | Operating Segments        
Segment Reporting Information [Line Items]        
Premiums 0 0 0 0
Operating revenue - total 10,997 9,143 31,756 25,984
Benefit expense 0 0 0 0
Cost of products sold 10,209 8,336 29,377 23,749
Operating expense 232 188 685 596
Operating gain (loss) 556 619 1,694 1,639
CarelonRx | Operating Segments | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 6,159 5,887 18,010 15,916
CarelonRx | Operating Segments | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 4 2 11 4
Carelon Services | Operating Segments        
Segment Reporting Information [Line Items]        
Premiums 1,762 680 5,125 1,882
Operating revenue - total 7,324 4,638 21,301 13,192
Benefit expense 6,349 3,767 17,958 10,409
Cost of products sold 0 0 0 0
Operating expense 756 687 2,233 2,101
Operating gain (loss) 219 184 1,110 682
Carelon Services | Operating Segments | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 0 0 0 0
Carelon Services | Operating Segments | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 191 201 646 594
Corporate & Other | Operating Segments        
Segment Reporting Information [Line Items]        
Premiums 0 0 0 0
Operating revenue - total 149 74 546 323
Benefit expense 4 5 22 15
Cost of products sold 0 0 0 0
Operating expense 226 1,068 816 1,476
Operating gain (loss) (81) (999) (292) (1,168)
Corporate & Other | Operating Segments | Product revenue        
Segment Reporting Information [Line Items]        
Product and service revenue 0 0 0 0
Corporate & Other | Operating Segments | Service fees        
Segment Reporting Information [Line Items]        
Product and service revenue 0 (10) 0 11
Operating revenue - unaffiliated        
Segment Reporting Information [Line Items]        
Operating revenue - total 50,087 44,719 148,273 130,215
Operating revenue - unaffiliated | Eliminations        
Segment Reporting Information [Line Items]        
Operating revenue - total (275) (319) (778) (887)
Operating revenue - unaffiliated | Health Benefits | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 42,246 38,278 125,259 112,695
Operating revenue - unaffiliated | Total Carelon | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 8,116 6,770 23,792 18,396
Operating revenue - unaffiliated | CarelonRx | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 6,163 5,889 18,021 15,920
Operating revenue - unaffiliated | Carelon Services | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 1,953 881 5,771 2,476
Operating revenue - unaffiliated | Corporate & Other | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 0 (10) 0 11
Operating revenue - affiliated        
Segment Reporting Information [Line Items]        
Operating revenue - total 0 0 0 0
Operating revenue - affiliated | Eliminations        
Segment Reporting Information [Line Items]        
Operating revenue - total (10,354) (7,095) (29,811) (21,092)
Operating revenue - affiliated | Health Benefits | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 0 0 0 0
Operating revenue - affiliated | Total Carelon | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 10,205 7,011 29,265 20,780
Operating revenue - affiliated | CarelonRx | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 4,834 3,254 13,735 10,064
Operating revenue - affiliated | Carelon Services | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total 5,371 3,757 15,530 10,716
Operating revenue - affiliated | Corporate & Other | Operating Segments        
Segment Reporting Information [Line Items]        
Operating revenue - total $ 149 $ 84 $ 546 $ 312
v3.25.3
Segment Information - Reconciliation of Reportable Segments Operating Revenues to Total Revenues Reported in the Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Reportable segments’ operating revenue $ 50,087 $ 44,719 $ 148,273 $ 130,215
Net investment income 625 551 1,701 1,524
Net losses on financial instruments (1) (125) (596) (371)
Gain (loss) on sale of business 0 (39) 0 201
Total revenues 50,711 45,106 149,378 131,569
Reportable Segments        
Segment Reporting Information [Line Items]        
Reportable segments’ operating revenue 50,087 44,719 148,273 130,215
Net investment income 625 551 1,701 1,524
Net losses on financial instruments (1) (125) (596) (371)
Gain (loss) on sale of business 0 (39) 0 201
Total revenues $ 50,711 $ 45,106 $ 149,378 $ 131,569
v3.25.3
Segment Information - Reconciliation of Income Before Income Tax Expense to Reportable Segments Operating Gain Included in the Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Income before income tax expense $ 1,406 $ 1,373 $ 6,495 $ 7,298
Net investment income (625) (551) (1,701) (1,524)
Net losses on financial instruments 1 125 596 371
Gain (loss) on sale of business 0 39 0 (201)
Interest expense 351 300 1,036 845
Amortization of other intangible assets 162 122 464 400
Reportable segments’ operating gain 1,295 1,408 6,890 7,189
Reportable Segments        
Segment Reporting Information [Line Items]        
Income before income tax expense 1,406 1,373 6,495 7,298
Net investment income (625) (551) (1,701) (1,524)
Net losses on financial instruments 1 125 596 371
Gain (loss) on sale of business 0 39 0 (201)
Interest expense 351 300 1,036 845
Amortization of other intangible assets 162 122 464 400
Reportable segments’ operating gain $ 1,295 $ 1,408 $ 6,890 $ 7,189