Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.

The table below provides selected consolidated financial data of Anthem. The information has been derived from our consolidated financial statements for each of the years in the five-year period ended December 31, 2020. You should read this selected consolidated financial data in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2020 included in Part II, Item 8 “Financial Statements and Supplementary Data,” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Annual Report on Form 10-K.


	As of and for the Years Ended December 31
	2020 1			2019			2018 1			2017 1			2016
(in millions, except where indicated and except per share data)
Income Statement Data
Total operating revenue2	$	120,808		$	103,141		$	91,341		$	89,061		$	84,194
Total revenues	121,867			104,213			92,105			90,040			84,863

Net income	4,572			4,807			3,750			3,843			2,470
Per Share Data
Basic net income per share	$	18.23		$	18.81		$	14.53		$	14.70		$	9.39
Diluted net income per share	17.98			18.47			14.19			14.35			9.21
Dividends per share	3.80			3.20			3.00			2.70			2.60
Other Data (unaudited)
Benefit expense ratio3	84.6		%	86.8		%	84.2		%	86.4		%	84.8		%
Selling, general and administrative expense ratio4	14.4		%	13.0		%	15.3		%	14.2		%	14.9		%
Income before income tax expense as a percentage of total revenues	5.1		%	5.7		%	5.5		%	4.4		%	5.4		%
Net income as a percentage of total revenues	3.8		%	4.6		%	4.1		%	4.3		%	2.9		%
Medical membership (in thousands)	42,925			41,000			39,938			40,299			39,940
Balance Sheet Data
Cash and investments5	$	31,295		$	26,127		$	22,639		$	25,179		$	23,263
Total assets	86,615			77,453			71,571			70,540			65,083
Long-term debt, less current portion	19,335			17,787			17,217			17,382			14,359
Total liabilities	53,416			45,725			43,030			44,037			39,982
Total shareholders’ equity	33,199			31,728			28,541			26,503			25,101

1The net assets of and results of operations for Beacon, America’s 1st Choice and HealthSun are included from their respective acquisition dates of February 28, 2020, February 15, 2018 and December 21, 2017, respectively.

2Operating revenue is obtained by adding premiums, product revenue, and administrative fees and other revenue.

3The benefit expense ratio represents benefit expenses as a percentage of premium revenue.

4The selling, general and administrative expense ratio represents selling, general and administrative expenses as a percentage of total operating revenue.

5Cash and investments is obtained by adding cash and cash equivalents, current and long-term fixed maturity securities and equity securities.

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