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1、 E A R N I N G S R E L E A S EELEVANCE HEALTH REPORTS FIRST QUARTER 2025 RESULTS 1Q 2025 operating revenue of$48.8 billion,up 15.4%from 1Q 20241Q 2025 adjusted operating gain1 of$3.3 billion,up 4.1%from 1Q 20241Q 2025 diluted EPS2 of$9.61;adjusted diluted EPS1 of$11.97Reaffirm FY 2025 adjusted dilut

2、ed EPS1 of$34.15 to$34.85Returned$1.3 billion of capital to shareholders in 1Q 2025Indianapolis,IN-April 22,2025-Elevance Health,Inc.(NYSE:ELV)reported first quarter 2025 results.“At Elevance Health,our purposeto improve the health of humanitydrives everything we do.In the first quarter,we made meas

3、urable progress reimagining the healthcare experience with personalized support,real-time digital solutions,and a whole-health model that improves outcomes and reduces cost.Through Carelon and our broader enterprise,were delivering on our strategy to be a lifetime trusted health partnerand elevating

4、 health beyond healthcare.”Gail K.BoudreauxPresident and Chief Executive Officer1.Refer to GAAP reconciliation tables on pages 13 and 14 herein for reconciliation of GAAP to adjusted measures.2.Earnings per diluted share(EPS).1Elevance HealthConsolidated Enterprise Highlights(Unaudited)(In billions)

5、Three Months EndedMarch 31,2025March 31,2024Operating Revenue1$48.8$42.3Operating Gain1,2$3.2$3.0Adjusted Operating Gain1,3$3.3$3.1Operating Margin1 6.5%7.1%Adjusted Operating Margin1,3 6.7%7.4%1.See“Basis of Presentation”on page 5 herein.2.Operating Gain for the three months ended March 31,2025,and

6、 March 31,2024,include items that are excluded from adjusted shareholders net income.See GAAP Reconciliation on pages 13 and 14 herein.3.Adjusted Operating Gain for the three months ended March 31,2025,and March 31,2024,exclude items that are excluded from adjusted shareholders net income.See GAAP R

7、econciliation on pages 13 and 14 herein.Operating revenue was$48.8 billion in the first quarter of 2025,an increase of$6.5 billion,or 15 percent compared to the prior year quarter.This was driven by higher premium yields in our Health Benefits segment,acquisitions completed in the past year,growth i

8、n our Medicare Advantage and Individual ACA membership,and CarelonRx product revenue,partially offset by membership attrition in our Medicaid business.The benefit expense ratio was 86.4 percent,an increase of 80 basis points year over year,reflecting higher Medicaid medical cost trend,partially offs

9、et by out of period premium taxes.Days in Claims Payable stood at 44.0 days as of March 31,2025,when adjusted for our acquisition of CareBridge.This represents an increase of 0.5 days sequentially on a comparable basis.The operating expense ratio was 10.9 percent,an improvement of 70 basis points fr

10、om the prior year.The adjusted operating expense ratio was 10.7 percent,an improvement of 60 basis points,primarily driven by expense leverage associated with growth in operating revenue and ongoing cost management,partially offset by out of period premium tax expense during the quarter.Cash Flow&Ba

11、lance SheetOperating cash flow was$1.0 billion in the quarter,a decrease of approximately$1.0 billion year over year,reflecting timing-related items that negatively impacted working capital.As of March 31,2025,cash and investments at the parent company totaled approximately$1.4 billion.During the fi

12、rst quarter of 2025,the Company repurchased 2.2 million shares of its common stock for$880 million,at a weighted average price of$395.78,and paid a quarterly dividend of$1.71 per share,representing a distribution of cash totaling$386 million.As of March 31,2025,the Company had approximately$8.4 bill

13、ion of Board approved share repurchase authorization remaining.2 Health Benefits is comprised of Individual,Employer Group risk-based,Employer Group fee-based,BlueCard,Medicare,Medicaid,and Federal Employee Program businesses.Health BenefitsReportable Segment Highlights(Unaudited)(In billions)Three

14、Months EndedMarch 31,2025March 31,2024Operating Revenue1$41.4$37.3Operating Gain1,2$2.2$2.3Adjusted Operating Gain1,3$2.2$2.3Operating Margin1 5.4%6.1%Adjusted Operating Margin1 5.4%6.2%1.See“Basis of Presentation”on page 5 herein.2.Operating Gain for the three months ended March 31,2024,includes it

15、ems that are excluded from adjusted shareholders net income.See GAAP Reconciliation on pages 13 and 14 herein.3.Operating gain for the three months ended March 31,2024,includes$16 million of 2024 business dispositions and related items adjusted out of adjusted shareholders net income for the Health

16、Benefits segment.Health Benefits segment operating revenue was$41.4 billion in the first quarter of 2025,an increase of$4.2 billion,or 11 percent compared to the prior year quarter,driven primarily by higher premium yields and growth in our Medicare Advantage and Individual ACA plan membership.Opera

17、ting gain totaled$2.2 billion,impacted primarily by higher medical cost trend in our Medicaid business versus the first quarter of 2024,partially offset by premium rate increases and enhanced operating efficiencies.Medical membership totaled approximately 45.8 million as of March 31,2025,an increase

18、 of 99 thousand from year-end 2024,driven by growth in Medicare Advantage and Commercial risk-based members.This growth was partially offset by a decline in Commercial fee-based membership from a known customer transition.3Carelon is comprised of CarelonRx and Carelon Services.CarelonReportable Segm

19、ent Highlights(Unaudited)(In billions)Three Months EndedMarch 31,2025March 31,2024Operating Revenue1,2$16.7$12.1Operating Gain1,3$1.1$0.8Adjusted Operating Gain1,4$1.1$0.9Operating Margin1 6.6%6.7%Adjusted Operating Margin1 6.6%7.1%1.See“Basis of Presentation”on page 5 herein.2.Operating revenue for

20、 the three months ended March 31,2024,includes$0.2 billion of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.3.Operating Gain for the three months ended March 31,2024,includes items that are excluded from adjusted shareholders net

21、 income.See GAAP Reconciliation on pages 13 and 14 herein.4.Operating gain for the three months ended March 31,2024,includes$44 million of 2024 business dispositions and related items adjusted out of adjusted shareholders net income for the Carelon segment.Operating revenue for Carelon was$16.7 bill

22、ion in the first quarter of 2025,an increase of$4.6 billion,or 38 percent compared to the prior year quarter.This was driven by recent acquisitions in home health and pharmacy services,growth in CarelonRx product revenue,and the scaling of innovative risk-based capabilities in Carelon Services.Opera

23、ting gain for Carelon totaled$1.1 billion,an increase of$0.3 billion,or 34 percent,primarily driven by improved Carelon Health performance and higher CarelonRx product revenue.4Quarterly DividendOn April 16,2025,the Audit Committee of the Companys Board of Directors declared a second quarter 2025 di

24、vidend to shareholders of$1.71 per share.The second quarter dividend is payable on June 25,2025,to shareholders of record at the close of business on June 10,2025.About Elevance HealthElevance Health is a lifetime,trusted health partner whose purpose is to improve the health of humanity.The company

25、supports consumers,families,and communities across the entire healthcare journey connecting them to the care,support,and resources they need to lead better lives.Elevance Healths companies serve over 110 million consumers through a diverse portfolio of industry-leading medical,pharmacy,behavioral,cl

26、inical,home health,and complex care solutions.For more information,please visit or follow us ElevanceHealth on X and Elevance Health on LinkedIn.Conference Call and WebcastManagement will host a conference call and webcast today at 8:30 a.m.Eastern Daylight Time(“EDT”)to discuss the companys first q

27、uarter results and outlook.The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:888-947-9963(Domestic)866-396-1242(Domestic Replay)312-470-0178(International)203-369-3272(International Replay)The access code for todays conference call i

28、s 3972058.There is no access code for the replay.The replay will be available from 11:30 a.m.EDT today,until the end of the day on May 22,2025.The call will also be available through a live webcast at under the“Investors”link.A webcast replay will be available following the call.Basis of Presentatio

29、n1.Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments,allocate resources,set incentive compensation targets and to forecast future operating performance.Operating gain/loss is calculated as total operating reven

30、ue less benefit expense,cost of products sold and operating expense.It does not include net investment income,net gains/losses on financial instruments,interest expense,amortization of other intangible assets,gains/losses on extinguishment of debt or income taxes,as these items are managed in a corp

31、orate shared service environment and are not the responsibility of operating segment management.Refer to pages 13 and 14 for the GAAP reconciliation tables.2.Operating margin is defined as operating gain divided by operating revenue.Elevance Health Contacts:Investor Relations MediaNathan RichLeslie

32、PorrasInvestor.RLeslie.P5Elevance HealthEarnings Release Financial Schedules and Supplementary InformationQuarter Ended March 31,2025Membership and Other MetricsQuarterly Consolidated Statements of IncomeCondensed Consolidated Balance SheetCondensed Consolidated Statement of Cash FlowsSupplemental F

33、inancial Information-Reportable SegmentsSupplemental Financial Information-Reconciliation of Medical Claims PayableReconciliation of Non-GAAP Financial Measures6Elevance HealthMembership and Other Metrics(Unaudited)Change fromMedical Membership(in thousands)March 31,2025March 31,2024December 31,2024

34、March 31,2024December 31,2024Individual .1,423 1,246 1,287 14.2%10.6%Employer Group Risk-Based .3,638 3,648 3,713 (0.3)%(2.0)%Commercial Risk-Based .5,061 4,894 5,000 3.4%1.2%BlueCard .6,608 6,635 6,630 (0.4)%(0.3)%Employer Group Fee-Based .20,522 20,622 20,569 (0.5)%(0.2)%Commercial Fee-Based .27,1

35、30 27,257 27,199 (0.5)%(0.3)%Medicare Advantage .2,255 2,017 2,066 11.8%9.1%Medicare Supplement .876 896 891 (2.2)%(1.7)%Total Medicare .3,131 2,913 2,957 7.5%5.9%Medicaid .8,862 9,327 8,917 (5.0)%(0.6)%Federal Employee Program .1,649 1,658 1,661 (0.5)%(0.7)%Total Medical Membership .45,833 46,049 4

36、5,734 (0.5)%0.2%Other Metrics(in millions)CarelonRx Quarterly Adjusted Scripts .83.9 77.0 82.9 9.0%1.2%Carelon Services Consumers Served .99.5 102.9 101.1(3.3)%(1.6)%7Elevance HealthConsolidated Statements of Income(Unaudited)(In millions,except per share data)Three Months Ended March 3120252024Chan

37、geRevenuesPremiums .$40,887$35,696 14.5%Product revenue .5,809 4,499 29.1%Service fees .2,069 2,078 (0.4)%Total operating revenue .48,765 42,273 15.4%Net investment income .590 465 26.9%Net losses on financial instruments .(464)(161)NMTotal revenues .48,891 42,577 14.8%ExpensesBenefit expense .35,31

38、2 30,546 15.6%Cost of products sold .4,983 3,825 30.3%Operating expense .5,300 4,886 8.5%Interest expense .344 265 29.8%Amortization of other intangible assets .155 116 33.6%Total expenses .46,094 39,638 16.3%Income before income tax expense .2,797 2,939 (4.8)%Income tax expense .613 690 (11.2)%Net

39、income .2,184 2,249 (2.9)%Net income attributable to noncontrolling interests .(1)(3)NMShareholders net income .$2,183$2,246 (2.8)%Shareholders earnings per diluted share .$9.61$9.59 0.2%Diluted shares .227.2 234.2 (3.0)%Benefit expense as a percentage of premiums .86.4%85.6%80 bpOperating expense a

40、s a percentage of total operating revenue .10.9%11.6%(70)bpIncome before income tax expense as a percentage of total revenue .5.7%6.9%(120)bp NM=calculation not meaningful8Elevance HealthCondensed Consolidated Balance Sheet(In millions)March 31,2025December 31,2024Assets(Unaudited)Current assets:Cas

41、h and cash equivalents .$7,500$8,288Fixed maturity and equity securities .26,152 26,393 Premium and other receivables .22,181 19,071 Other current assets .5,288 4,700 Assets held for sale .490 Total current assets .61,121 58,942 Long-term investments .11,227 10,784 Property and equipment,net .4,617

42、4,652 Goodwill and other intangible assets .40,360 40,371 Other noncurrent assets .2,392 2,140 Total assets .$119,717$116,889Liabilities and equityLiabilitiesCurrent liabilities:Medical claims payable .$16,812$15,746Short-term borrowings .250 365 Current portion of long-term debt .1,643 1,649 Other

43、current liabilities .23,993 22,668 Liabilities held for sale .153 Total current liabilities .42,698 40,581 Long-term debt,less current portion .28,110 29,218 Other noncurrent liabilities .6,289 5,664 Total liabilities .77,097 75,463 Total shareholders equity .42,503 41,315 Noncontrolling interests .

44、117 111 Total equity .42,620 41,426 Total liabilities and equity .$119,717$116,8899Elevance HealthCondensed Consolidated Statement of Cash Flows(Unaudited)(In millions)Three Months Ended March 3120252024Operating activitiesNet income .$2,184$2,249Depreciation and amortization .373 331 Share-based co

45、mpensation .81 62 Changes in operating assets and liabilities .(1,785)(988)Other non-cash items .164 324 Net cash provided by operating activities .1,017 1,978 Investing activitiesProceeds from(purchases of)investments,net of sales and maturities .610 (670)Proceeds from(purchases of)subsidiaries,net

46、 of cash acquired/sold .4 (1,120)Purchases of property and equipment .(196)(279)Other,net .(315)(241)Net cash used in investing activities .103 (2,310)Financing activitiesNet change in short-term and long-term borrowings .(1,365)1,350 Repurchase and retirement of common stock .(880)(566)Cash dividen

47、ds .(386)(379)Other,net .722 (373)Net cash(used in)provided by financing activities .(1,909)32 Effect of foreign exchange rates on cash and cash equivalents .1 Change in cash and cash equivalents .(788)(300)Cash and cash equivalents at beginning of period .8,288 6,526 Cash and cash equivalents at en

48、d of period .$7,500$6,22610REPORTABLE SEGMENTSElevance Health has four reportable segments:Health Benefits(comprised of Individual,Employer Group risk-based,Employer Group fee-based,BlueCard,Medicare,Medicaid,and Federal Employee Program businesses);CarelonRx;Carelon Services;and Corporate&Other(com

49、prised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).Elevance HealthReportable Segment Highlight Details(Unaudited)(In millions)Three Months Ended March 3120252024ChangeO

50、perating RevenueHealth Benefits .$41,431$37,258 11.2%CarelonRx .10,1168,067 25.4%Carelon Services .6,5364,009 63.0%Corporate&Other .165127 29.9%Eliminations .(9,483)(7,188)NM5Total Operating Revenue1 .$48,765$42,273 15.4%Operating Gain(Loss)Health Benefits2 .$2,217$2,287(3.1)%CarelonRx .602523 15.1%

51、Carelon Services2 .491290 69.3%Corporate&Other2,3 .(140)(84)NM5Total Operating Gain1,4 .$3,170$3,016 5.1%Operating MarginHealth Benefits .5.4%6.1%(70)bpCarelonRx .6.0%6.5%(50)bpCarelon Services .7.5%7.2%30 bpTotal Operating Margin1 .6.5%7.1%(60)bp1.See“Basis of Presentation”on page 5 herein.2.Operat

52、ing Gain for the three months ended March 31,2024,included$60 million of 2024 business dispositions and related items;including$44 million for the Carelon Services segment;and$16 million for the Health Benefits segment.Operating Gain for the three months ended March 31,2024,included$52 million of tr

53、ansaction and integration related costs,$2 million of litigation and settlement expenses,and($4)million of business optimization charges,all of which reside in the Corporate&Other reportable segment.3.Operating Gain for the three months ended March 31,2025,included$80 million of transaction and inte

54、gration related costs and$5 million of litigation and settlement expenses,which reside in the Corporate&Other reportable segment.4.Operating Gain for the three months ended March 31,2025,and March 31,2024,included items excluded from adjusted shareholders net income.See GAAP Reconciliation on pages

55、13 and 14 herein.5.NM=calculation not meaningful.11Elevance HealthReconciliation of Medical Claims PayableThree Months Ended March 31Years Ended December 3120252024202420232022(In millions)(Unaudited)(Unaudited)Gross medical claims payable,beginning of period$15,580$15,865$15,865$15,348$13,282 Ceded

56、 medical claims payable,beginning of period(13)(7)(7)(6)(21)Net medical claims payable,beginning of period 15,567 15,858 15,858 15,342 13,261 Business combinations and purchase adjustments(85)143 133 Net incurred medical claims:Current year 35,313 30,708 125,370 121,798 113,414 Prior years redundanc

57、ies1(1,025)(1,205)(1,731)(1,571)(869)Total net incurred medical claims 34,288 29,503 123,639 120,227 112,545 Net payments attributable to:Current year medical claims 23,392 19,580 110,930 107,146 98,997 Prior years medical claims 9,863 9,606 13,143 12,565 11,600 Total net payments 33,255 29,186 124,

58、073 119,711 110,597 Net medical claims payable,end of period 16,515 16,175 15,567 15,858 15,342 Ceded medical claims payable,end of period 14 8 13 7 6 Gross medical claims payable,end of period2$16,529$16,183$15,580$15,865$15,348 Current year medical claims paid as a percentage of current year net i

59、ncurred medical claims 66.2%63.8%88.5%88.0%87.3%Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year 7.1%8.2%12.3%11.4%7.0%Prior year redundancies in the current year as a percentage of prior year net in

60、curred medical claims 0.8%1.1%1.4%1.4%0.9%1.Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated.2.Excludes insurance lines other than short duration.12Elevance HealthGAAP Reconciliation(Unaudited

61、)This document references non-GAAP measures,including“Adjusted Shareholders Net Income,”“Adjusted Shareholders Net Income Per Share,”“Adjusted EPS,”“Adjusted Operating Gain,”“Adjusted Operating Expense”and“Adjusted Operating Expense Ratio,”which are non-GAAP measures.These non-GAAP measures are inte

62、nded to aid investors when comparing Elevance Healths financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP.Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are a

63、vailable below.In addition to these non-GAAP measures,references are made to the measures“Operating Revenue”and“Operating Gain/Loss,”“Operating Margin”and“Adjusted EPS”.Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable

64、 segments,allocate resources,set incentive compensation targets and to forecast future operating performance.Operating gain/loss is calculated as total operating revenue less benefit expense,cost of products sold and operating expense.It does not include net investment income,net gains/losses on fin

65、ancial instruments,interest expense,amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes,as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management.Each of these measures is provide

66、d to further aid investors in understanding and analyzing Elevance Healths operating and financial results.A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.A reconciliation of the non-GAAP measures to the most directly comparable mea

67、sures calculated in accordance with GAAP,together with a reconciliation of reportable segments operating gain to income before income tax expense,is provided below.Prior amounts may be grouped differently to conform to the current presentation.Net adjustment items per share may not sum due to roundi

68、ng.A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.Three Months Ended March 31(In millions,except per share data)20252024ChangeShareholders net income .$2,183$2,246 (2.8)%Add/(Subtract):Net losses on financial instruments .464 161 A

69、mortization of other intangible assets .155 116 Transaction and integration related costs1 .80 52 Litigation and settlement expenses1 .5 2 Business dispositions and related items2 .60 Business optimization charges1 .(4)Tax impact of non-GAAP adjustments .(168)(96)Net adjustment items .536 291 Adjust

70、ed shareholders net income .$2,719$2,537 7.2%Shareholders earnings per diluted share .$9.61$9.59 0.2%Add/(Subtract):Net losses on financial instruments .2.04 0.69 Amortization of other intangible assets .0.68 0.50 Transaction and integration related costs1 .0.35 0.22 Litigation and settlement expens

71、es1 .0.02 0.01 Business dispositions and related items2 .0.26 Business optimization charges1 .(0.02)Tax impact of non-GAAP adjustments .(0.74)(0.41)Net adjustment items .2.36 1.24 Adjusted shareholders earnings per diluted share .$11.97$10.83 10.5%Three Months Ended March 31(In millions)20252024Chan

72、geIncome before income tax expense .$2,797$2,939 (4.8)%Net investment income .(590)(465)Net losses on financial instruments .464 161 Interest expense .344 265 Amortization of other intangible assets .155 116 Reportable segments operating gain .$3,170$3,016 5.1%1.Adjustment item resides in the Corpor

73、ate&Other reportable segment.2.Adjustment item resides in the Health Benefits and Carelon Services reportable segments.13Elevance HealthGAAP Reconciliation(Unaudited)Three Months Ended March 31(In millions)20252024ChangeReportable segments operating gain .$3,170$3,016 5.1%Add/(Subtract):Transaction

74、and integration related costs1 .80 52 Litigation and settlement expenses1 .5 2 Business dispositions and related items2 .60 Business optimization charges1 .(4)Net adjustment items .85 110 Reportable segments adjusted operating gain .$3,255$3,126 4.1%Three Months Ended March 31(In millions)20252024Ch

75、angeOperating expense .$5,300$4,886 8.5%Add/(Subtract):Transaction and integration related costs1 .(80)(52)Litigation and settlement expenses1 .(5)(2)Business dispositions and related items2 .(60)Business optimization charges1 .4 Net adjustment items .(85)(110)Adjusted operating expense .$5,215$4,77

76、6 9.2%Operating revenue .$48,765$42,273 15.4%Operating expense ratio .10.9%11.6%(70)bpAdjusted operating expense ratio .10.7%11.3%(60)bpFull Year 2025 OutlookShareholders earnings per diluted share .$28.30 to$29.00Add/(Subtract):Net losses on financial instruments3 .$3.21 Amortization of other intan

77、gible assets3 .$2.98 Transaction and integration related costs1,3 .$1.35 Litigation and settlement expenses1,3 .$0.06 Tax impact of non-GAAP adjustments3 .Approximately($1.75)Net adjustment items .$5.85 Adjusted shareholders earnings per diluted share .$34.15 to$34.851.Adjustment item resides in the

78、 Corporate&Other reportable segment.2.Adjustment item resides in the Health Benefits and Carelon Services reportable segments.3.Adjustment item represents the midpoint of a projected range and serves as the estimated full year adjustment amount.14Forward-Looking StatementsThis document contains cert

79、ain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts.Words such as“expect,”“feel,”“believe,”“will,”“may,”“should,”“an

80、ticipate,”“intend,”“estimate,”“project,”“forecast,”“plan”and similar expressions are intended to identify forward-looking statements.These statements include,but are not limited to:financial projections and estimates and their underlying assumptions;statements regarding plans,objectives and expectat

81、ions with respect to future operations,products and services;and statements regarding future performance.Such statements are subject to certain risks and uncertainties,many of which are difficult to predict and generally beyond our control,that could cause actual results to differ materially from th

82、ose expressed in,or implied or projected by,the forward-looking statements.You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.You are also urged to carefully review and consider the various risks and other disclosures discussed in

83、our reports filed with the U.S.Securities and Exchange Commission from time to time,which attempt to advise interested parties of the factors that affect our business.Except to the extent required by law,we do not update or revise any forward-looking statements to reflect events or circumstances occ

84、urring after the date hereof.These risks and uncertainties include,but are not limited to:trends in healthcare costs and utilization rates;reduced enrollment;our ability to secure and implement sufficient premium rates;the impact of large scale medical emergencies,such as public health epidemics and

85、 pandemics,and other catastrophes;the impact of new or changes in existing federal,state and international laws or regulations,including laws and regulations impacting healthcare,insurance,pharmacy services and other diversified products and services,or their enforcement or application;the impact of

86、 cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy,data or security laws or regulations,including any investigations,claims or litigation related thereto;failure to effectively maintain and modernize our information systems,or failure of our informat

87、ion systems or technology,including artificial intelligence,to operate as intended;failure to effectively maintain the availability and integrity of our data;changes in economic and market conditions,as well as regulations that may negatively affect our liquidity and investment portfolios;competitiv

88、e pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities;risks and uncertainties regarding Medicare and Medicaid programs,including those related to non-compliance with the complex regulations imposed thereon;our ability to maintain and

89、 achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein;a negative change in our healthcare product mix;costs and other liabilities associated with litigation,government inv

90、estigations,audits or reviews;our ability to contract with providers on cost-effective and competitive terms;risks associated with providing healthcare,pharmacy and other diversified products and services,including medical malpractice or professional liability claims and non-compliance by any party

91、with the pharmacy services agreement between us and CaremarkPCS Health,L.L.C.;the effects of any negative publicity related to the health benefits industry in general or us in particular;risks associated with mergers,acquisitions,joint ventures and strategic alliances;possible impairment of the valu

92、e of our intangible assets if future results do not adequately support goodwill and other intangible assets;possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital;our ability to repurchase shares of our common stock and pay dividen

93、ds on our common stock due to the adequacy of our cash flow and earnings and other considerations;the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the c

94、ost of financing;a downgrade in our financial strength ratings;events that may negatively affect our licenses with the Blue Cross and Blue Shield Association;intense competition to attract and retain employees;risks associated with our international operations;and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.15