Item 16. FORM 10-K SUMMARY.

None.

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Schedule II—Condensed Financial Information of Registrant

Elevance Health, Inc. (Parent Company Only)

Balance Sheets

(In millions, except share data)			December 31, 2022						December 31, 2021
Assets
Current assets:
Cash and cash equivalents			$	942					$	630
Fixed maturity securities (amortized cost of $175 and $512; allowance for credit losses of $0 and $1)			163						515
Equity securities			104						49
Other receivables			55						40
Net due from subsidiaries			—						446
Other current assets			721						655
Total current assets			1,985						2,335
Other invested assets			783						808
Property and equipment, net			187						207
Deferred tax assets, net			313						77
Investments in subsidiaries			59,042						56,375
Other noncurrent assets			240						265
Total assets			$	62,550					$	60,067
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses			$	894					$	559
Net due to subsidiaries			789						—
Current portion of long-term debt			1,500						1,599
Other current liabilities			361						344
Total current liabilities			3,544						2,502
Long-term debt, less current portion			22,324						21,132
Other noncurrent liabilities			375						373
Total liabilities			26,243						24,007
Commitments and contingencies—Note 5
Shareholders’ equity
Preferred stock, without par value, shares authorized - 100,000,000; shares issued and outstanding - none			—						—
Common stock, par value $0.01, shares authorized - 900,000,000; shares issued and outstanding - 237,958,067 and 241,770,746			2						2
Additional paid-in capital			9,084						9,148
Retained earnings			29,724						27,088
Accumulated other comprehensive (loss) income			(2,503)						(178)
Total shareholders’ equity			36,307						36,060
Total liabilities and shareholders’ equity			$	62,550					$	60,067

See accompanying notes.

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Elevance Health, Inc. (Parent Company Only)

Statements of Income

			Years ended December 31
(In millions)			2022						2021						2020
Revenues
Net investment income			$	4					$	6					$	65
Net gains on financial instruments			2						6						28
Administrative fees and other revenue			7						24						22
Total revenues			13						36						115
Expenses
General and administrative expense			188						119						169
Interest expense			845						794						779
Loss on extinguishment of debt			—						21						36
Total expenses			1,033						934						984
Loss before income tax credits and equity in net income of subsidiaries			(1,020)						(898)						(869)
Income tax credits			(461)						(244)						(386)
Equity in net income of subsidiaries			6,584						6,758						5,055
Shareholders’ net income			$	6,025					$	6,104					$	4,572

See accompanying notes.

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Elevance Health, Inc. (Parent Company Only)

Statements of Comprehensive Income

			Years ended December 31
(in millions)			2022						2021						2020
Shareholders' net income			$	6,025					$	6,104					$	4,572
Other comprehensive (loss) income, net of tax:
Change in net unrealized gains/losses on investments			(2,249)						(455)						428
Change in non-credit component of impairment losses on investments			(3)						2						—
Change in net unrealized gains/losses on cash flow hedges			10						11						12
Change in net periodic pension and postretirement costs			(70)						123						(1)
Foreign currency translation adjustments			(13)						(9)						7
Other comprehensive (loss) income			(2,325)						(328)						446
Total shareholders’ comprehensive income			$	3,700					$	5,776					$	5,018

See accompanying notes.

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Elevance Health, Inc. (Parent Company Only)

Statements of Cash Flows

			Years ended December 31
(In millions)			2022						2021						2020
Net cash provided by operating activities			$	1,447					$	2,038					$	4,810
Investing activities
Purchases of investments			(367)						(2,059)						(2,729)
Proceeds from sales, maturities, calls and redemptions of investments			618						2,449						2,593
Repayment (issuance) of note to subsidiary			1,500						(1,500)						—
Capitalization of subsidiaries			(411)						(807)						(2,460)
Changes in securities lending collateral			36						173						(234)
Purchases of property and equipment, net of sales			(47)						(77)						(107)
Other, net			—						—						11
Net cash provided by (used in) investing activities			1,329						(1,821)						(2,926)
Financing activities
Net (repayments of) proceeds from commercial paper borrowings			(300)						50						(150)
Proceeds from long-term borrowings			3,071						3,462						2,484
Repayments of long-term borrowings			(1,899)						(1,068)						(1,932)
Changes in securities lending payable			(36)						(173)						234
Repurchase and retirement of common stock			(2,316)						(1,900)						(2,700)
Cash dividends			(1,290)						(1,158)						(1,000)
Proceeds from issuance of common stock under employee stock plans			182						203						176
Taxes paid through withholding of common stock under employee stock plans			(93)						(102)						(128)
Other, net			217						399						14
Net cash used in financing activities			(2,464)						(287)						(3,002)
Change in cash and cash equivalents			312						(70)						(1,118)
Cash and cash equivalents at beginning of year			630						700						1,818
Cash and cash equivalents at end of year			$	942					$	630					$	700

See accompanying notes.

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Elevance Health, Inc.

(Parent Company Only)

Notes to Condensed Financial Statements

December 31, 2022

(In Millions, Except Per Share Data)

1. Basis of Presentation and Significant Accounting Policies

In the parent company only financial statements of Elevance Health, Inc. (“Elevance Health”), Elevance Health’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. Elevance Health’s share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting.

Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Elevance Health.

Elevance Health’s parent company only financial statements should be read in conjunction with Elevance Health’s audited consolidated financial statements and the accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K.

2. Subsidiary Transactions

Dividends from Subsidiaries

Elevance Health received cash dividends from subsidiaries of $3,097, $3,134 and $3,618 during 2022, 2021 and 2020, respectively.

Dividends to Subsidiaries

Certain subsidiaries of Elevance Health own shares of Elevance Health common stock. Elevance Health paid cash dividends to subsidiaries related to these shares of common stock in the amount of $61, $54 and $46 during 2022, 2021 and 2020, respectively.

Investments in Subsidiaries

Capital contributions to subsidiaries were $411, $3,271 and $2,460 during 2022, 2021 and 2020, respectively.

Amounts Due From and To Subsidiaries

At December 31, 2022 and 2021, Elevance Health reported amounts due (to) from subsidiaries of $(789) and $446, respectively. The amounts due (to) and from subsidiaries primarily include amounts for allocated administrative expenses or daily cash management activities. These items are routinely settled, and as such, are classified as current liabilities or assets.

In June 2021 Elevance Health entered into a short-term loan agreement with a subsidiary for the amount of $1,500, which is also included in amounts due from subsidiaries at December 31, 2021. This loan was repaid in February 2022.

Guarantees on Behalf of Subsidiaries

Elevance Health guarantees contractual or financial obligations or solvency requirements for certain of its subsidiaries. These guarantees approximated $550 at December 31, 2022. There were no payments made on these guarantees in 2022.

3. Derivative Financial Instruments

The information regarding derivative financial instruments contained in Note 6, “Derivative Financial Instruments,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.

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4. Long-Term Debt

The information regarding long-term debt contained in Note 13, “Debt,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.

5. Commitments and Contingencies

The information regarding commitments and contingencies contained in Note 14, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.

6. Capital Stock

The information regarding capital stock contained in Note 15, “Capital Stock,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ELEVANCE HEALTH, INC.
By:			/s/ GAIL K. BOUDREAUX
			Gail K. Boudreaux President and Chief Executive Officer

Dated: February 15, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature						Title			Date
/s/ GAIL K. BOUDREAUX						President and Chief Executive Officer, Director (Principal Executive Officer)			February 15, 2023
Gail K. Boudreaux
/s/ JOHN E. GALLINA						Executive Vice President and Chief Financial Officer (Principal Financial Officer)			February 15, 2023
John E. Gallina
/s/ RONALD W. PENCZEK						Chief Accounting Officer and Controller (Principal Accounting Officer)			February 15, 2023
Ronald W. Penczek
/s/ ELIZABETH E. TALLETT						Chair of the Board			February 15, 2023
Elizabeth E. Tallett
/s/ R. KERRY CLARK						Director			February 15, 2023
R. Kerry Clark
/s/ SUSAN D. DEVORE						Director			February 15, 2023
Susan D. DeVore
/s/ ROBERT L. DIXON, JR.						Director			February 15, 2023
Robert L. Dixon, Jr.
/s/ LEWIS HAY III						Director			February 15, 2023
Lewis Hay III
/s/ BAHIJA JALLAL						Director			February 15, 2023
Bahija Jallal
/s/ ANTONIO F. NERI						Director			February 15, 2023
Antonio F. Neri
/s/ RAMIRO G. PERU						Director			February 15, 2023
Ramiro G. Peru
/s/ RYAN M. SCHNEIDER						Director			February 15, 2023
Ryan M. Schneider
/s/ DEANNA D. STRABLE						Director			February 15, 2023
Deanna D. Strable

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