Net Income Sees 3% Growth, Reaching $5,160 Million
Total Operating Revenue Surges to $127,755 Million, Marking a 10.1% Increase
Elevance Health, Inc. (ANTM.), a leading player in the hea lthcare industry, has released its unaudited Consolidated Statements of Income for the nine months ended September 30, 2023. The report reflects a strong financial performance, with notable increases in net income and total operating revenue.
Robust Revenue Growth
Elevance Health, Inc. showcased impressive revenue figures for the first three quarters of 2023. Total operating revenue reached $127,755 million, marking a remarkable increase of 10.1% compared to the same period in 2022. This growth was primarily driven by substantial increases in premiums, product revenue, and service fees. Premiums surged to $107,716 million, reflecting an 8.2% increase, while product revenue reached $14,058 million, exhibiting a substantial 29.7% growth. Service fees also saw a healthy increase of 7.4%, reaching $5,981 million.
Net Income Climbs
Elevance Health, Inc. reported a commendable net income of $5,160 million for the nine months ended September 30, 2023. This represents a 3% increase compared to the same period in 2022, demonstrating EH Inc.'s robust financial health and resilience in a challenging economic environment.
Strong Balance Sheet
Elevance Health, Inc.'s unaudited Consolidated Balance Sheet for September 30, 2023, illustrates a healthy financial position. The company's total assets stand at $110,478 million, showcasing a substantial increase compared to the previous year. The company's cash and cash equivalents also saw substantial growth, reaching $10,919 million, an increase of $3,532 million from the beginning of the year. The company's long-term investments, including fixed maturity securities and equity securities, also exhibited strong performance.
Balanced Liabilities and Equity
Elevance Health, Inc. maintains a sound balance between its liabilities and equity. The company's total liabilities stand at $71,939 million, with long-term debt comprising $24,045 million. Shareholders' equity, on the other hand, stands at $38,423 million, indicating EH Inc.'s strong financial foundation.
Cash Flow Insights
The Consolidated Statements of Cash Flows for the nine months ended September 30, 2023, highlight EH Inc.'s efficient cash management. The net cash provided by operating activities reached $11,032 million, showcasing the company's ability to generate substantial cash flow. Additionally, the company demonstrated prudent financial management in its investing and financing activities, maintaining a healthy cash and cash equivalents balance.
Elevance Health, Inc.'s impressive financial performance for the nine months ended September 30, 2023, reaffirms its position as a prominent player in the healthcare sector, with strong revenue growth and robust net income. The company continues to strengthen its financial foundation, positioning itself for sustained success in the future.
