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Dec 31, 2021
Elevance Health Q4 2021 Earnings Report
Anthem reported strong financial performance with double-digit top and bottom line growth.
Key Takeaways
Anthem, Inc. reported fourth quarter and full year 2021 results reflecting strong financial performance, including double-digit top and bottom line growth. Fourth quarter operating revenue grew by 14.2% to $36.0 billion, and medical enrollment increased by 303 thousand members to 45.4 million members.
Fourth quarter GAAP net income was $4.63 per share, including net negative adjustment items of $0.51 per share. Adjusted net income was $5.14 per share.
Full year GAAP net income was $24.73 per share, including net negative adjustment items of $1.25 per share. Adjusted net income was $25.98 per share.
Fourth quarter operating revenue grew by 14.2% over the prior year quarter to $36.0 billion.
Medical enrollment increased by 2.4 million members year-over-year and 303 thousand members in the fourth quarter to 45.4 million members.
Forward Guidance
Full year 2022 GAAP net income is expected to be greater than $26.75 per share. Adjusted net income is expected to be greater than $28.25 per share.
Positive Outlook
- GAAP net income is expected to be greater than $26.75 per share, including approximately $1.50 per share of net unfavorable items.
- Adjusted net income is expected to be greater than $28.25 per share.
- Medical membership is expected to be in the range of 45.6 - 46.2 million.
- Operating revenue is expected to be approximately $152 billion, including premium revenue of approximately $130 billion.
- Operating cash flow is expected to be greater than $6.9 billion.
Challenges Ahead
- Benefit expense ratio is expected to be in the range of 88.0% plus or minus 50 basis points.
- SG&A ratio is expected to be 10.8% plus or minus 50 basis points.
- Investment income is expected to be $1.1 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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