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Healthcare · Profile from Healthcare Research Companion

Elevance Health, Inc. (formerly Anthem and WellPoint)

The largest for-profit operator of Blue Cross Blue Shield plans and the second-largest US health insurer by medical membership. It was assembled from converted nonprofit Blues across fourteen states, rebuilt itself as a Medicaid powerhouse after 2012, lost its fight to buy Cigna, took its pharmacy benefit in-house, and in 2022 renamed itself Elevance Health with a services arm, Carelon, meant to make it look more like UnitedHealth's Optum. Since 2024 it has been squeezed by Medicaid and ACA exchange cost trends.

At a glance

Founded
Corporate roots in Blue Cross of California (1937) and Blue Cross and Blue Shield of Indiana (1940s); WellPoint Health Networks created 1992; Anthem name from 1996; WellPoint–Anthem merger completed November 30, 2004
Founders / builders
No single founder. Key builders: Leonard Schaeffer (Blue Cross of California / WellPoint, CEO from 1986); L. Ben Lytle and Larry Glasscock (Anthem); Angela Braly, Joseph Swedish and Gail Boudreaux (CEOs after the merger)
Headquarters
Indianapolis, Indiana
Ownership / structure
Public company, NYSE: ELV (ticker changed from ANTM on June 28, 2022); independent licensee of the Blue Cross Blue Shield Association in 14 states
Leadership (2026)
Gail K. Boudreaux, President and CEO (since November 2017); Mark Kaye, CFO; segment leaders for Health Benefits and Carelon (a new Carelon president was named in October 2026, reported; verify names and titles)
Segment
Payer (commercial, Medicaid, Medicare, ACA individual) plus health services (pharmacy benefit management, specialty pharmacy, behavioural health, home and specialty-care management)
Scale
~45.2m medical members at end-2025 and ~44.9m at Q3 2026 (reported); 2025 operating revenue ~$197.6bn; Q3 2026 operating revenue ~$50.4bn (reported)
Market value
Roughly $70–80bn range in 2025–26, well below its 2024 peak of ~$130bn (approximate; verify)
Signature moves (incl. failures)
Blue Cross of California's for-profit conversion and the $3bn+ California foundations (1996); WellPoint–Anthem merger (2004); Amerigroup Medicaid acquisition (2012); 2015 data breach (78.8m people); failed $54bn Cigna merger and the damages fight (2015–2021); Express Scripts lawsuit and IngenioRx in-house PBM (2016–2020); Elevance rename and Carelon (2022); failed Blue Cross Blue Shield of Louisiana purchase (2023–24); Medicaid and ACA cost shock (2024–26)

8 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1996

    Blue Cross Conversion and WellPoint

    Founding / for-profit conversion (spin-off of managed-care business in 1992, minority IPO 1993, full recapitalization 1996)

  2. 2004

    WellPoint Anthem Merger

    Merger (stock-and-cash acquisition of WellPoint by Anthem; combined company renamed WellPoint, Inc.)

  3. 2012

    Amerigroup Medicaid Acquisition

    Acquisition

  4. 2015

    Data Breach

    Crisis response / regulatory settlement (cyberattack, notification, litigation and settlements)

  5. 2015

    Failed Cigna Merger

    Merger (blocked on antitrust grounds) followed by litigation between the parties

  6. 2016

    Express Scripts Lawsuit and IngenioRx

    Litigation, then launch of an in-house PBM (partnership with CVS Health for claims processing and fulfilment)

  7. 2022

    Elevance Rename and Carelon

    Rebrand and restructuring (new corporate name; services businesses grouped under the Carelon brand)

  8. 2025

    Medicaid and ACA Cost Shock

    Guidance reset and repricing (earnings guidance cuts, Medicaid rate negotiations, ACA exchange repricing and footprint adjustments)