Anthem-rebranded health insurer (14 Blue Cross states); Carelon services pivot; ~$175B 2024 revenue; Medicaid + commercial mix.
Key Milestones
Anthem precursor founded Aug 1944 as Mutual Hospital Service of Indianapolis (later Blue Cross of Indiana); part of Blue Cross/Blue Shield non-profit hospital prepayment movement. Spawned by Depression-era hospitals seeking guaranteed payment for working-class patients via prepaid 'service benefit' plans.
WellPoint Health Networks merges with Anthem Nov 2004 for $20B; combined entity adopts WellPoint name (later Anthem 2014, Elevance 2022). At merger, becomes largest US health insurer by enrollment (28M members). Triggers consolidation wave: UNH-PacifiCare 2005, Aetna pursuit of acquisitions.
WellPoint renamed Anthem Inc Dec 2014 under CEO Joseph Swedish — reflects 14-state Blue Cross Blue Shield licensee base. Anthem becomes largest US Blue Cross plan + 2nd largest US health insurer behind UNH. Aggressive M&A pursuit follows (Cigna deal 2015-2017).
Anthem-Cigna $54B merger blocked by DOJ Feb 2017 — antitrust court rejects deal; mirror case to Aetna-Humana. Anthem CEO Gail Boudreaux (replaces Swedish 2017) reorients toward internal growth + Carelon services build. Anthem pays $1.85B Cigna breakup fee.
Gail Boudreaux becomes Anthem CEO Nov 2017 — succeeds Joseph Swedish. Boudreaux previously head of UnitedHealthcare. Renames Anthem to Elevance Health 2022; builds Carelon services. Stock 3x's 2017-2024 from $190 to $570 under Boudreaux's vertical strategy.
Anthem launches Carelon services brand 2022 — services arm housing IngenioRx (PBM) + Carelon Behavioral Health + Carelon Insights. Mirrors UnitedHealth's Optum strategy. By 2024 Carelon contributes 30%+ of Elevance profit; major growth engine + diversification from pure health insurance.
Anthem renames to Elevance Health Jun 2022 — 'elevate' + 'advance' portmanteau; sheds Blue brand at parent level (retains Blue Cross Blue Shield local plans). Gail Boudreaux CEO. Strategy: become health platform not just insurer — Carelon (services), Wellpoint (Medicare/Medicaid), Anthem Blue Cross Blue Shield.
Elevance Health FY2024 — Gail Boudreaux CEO reports $174B revenue; Carelon services + Anthem BCBS commercial drive profitability. Medicare Advantage redetermination + cost trend pressure peers (UNH, Humana, Centene) but ELV diversification cushions impact. Stock $370+ year-end.
Elevance Health Q1 2025 — Gail Boudreaux CEO reports $50B+ revenue Q1; commercial + Carelon + Medicaid segments deliver. Stock $410 (vs $530 peak Aug 2023 + $290 trough early 2024). Elevance avoids worst of MA cost crisis affecting UNH/Humana/Centene due to diversified segment mix.
Elevance Health Q4 2025 — Gail Boudreaux CEO reports $185B revenue 2025; medical loss ratio 88%. Carelon services segment (PBM + pharmacy + risk-based providers) becomes profit engine. Elevance ACA marketplace + Medicaid + Medicare Advantage diversification cushions volatility better than pure-play health insurers.