Health insurer Elevance raises annual profit forecast

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Larger rival UnitedHealth Group Inc (NYSE:UNH) had also raised its full-year profit outlook last week as a slow recovery in non-urgent medical procedures and lower COVID-care costs help it rein in medical expenses.

Net profit for Elevance, which was previously known as Anthem, fell to $1.65 billion, or $6.79 per share, in the three months ended June 30, from $1.79 billion, or $7.25 per share, a year earlier.

Excluding items, the company reported earnings of $8.04 per share, above analysts’ estimates of $7.74, according to IBES estimates from Refinitiv.

It now expects adjusted earnings to be greater than $28.70 per share for the year, up from its prior forecast of more than $28.40 per share.