- First quarter GAAP net income was $7.39 per share, including
net negative adjustment items of $0.86 per share. Adjusted net
income was $8.25* per share.
- Operating revenue grew by 18.0% over the prior year quarter
to $37.9 billion.
- Operating gain grew by 13.2% over the prior year quarter to
$2.4 billion.
- Medical enrollment increased by 3.3 million members
year-over-year and 1.4 million members sequentially to 46.8 million
members.
- Second quarter 2022 dividend of $1.28 per share declared to
shareholders.
Anthem, Inc. (NYSE: ANTM) reported first quarter 2022 results
reflecting strong financial performance, including double-digit top
and bottom line growth.
"Our strong momentum across all our businesses is evidence that
our transformation to become a lifetime, trusted health partner
continues to drive our growth and accelerate our capabilities
focused on whole person health," said Gail K. Boudreaux, President
and CEO. "The shared commitment of our more than 98,000 associates
to our purpose to improve the health of humanity, is both profound
and powerful, and inspires a culture of performance that remains
focused on customers and communities we serve."
The Company now expects GAAP net income to be greater than
$26.43 per share, including approximately $1.97 per share of net
unfavorable items. The Company now expects full-year adjusted net
income to be greater than $28.40 per share, based on stronger than
expected first quarter results.
*Refer to GAAP reconciliation tables.
CONSOLIDATED HIGHLIGHTS
Earnings Per Share: GAAP net income was $7.39 per share
in the first quarter, including net negative adjustment items of
$0.86 per share. Adjusted net income was $8.25* per share, up 17.7%
from $7.01 in the same period a year ago.
*Please refer to the GAAP reconciliation
tables.
Membership: Medical enrollment totaled approximately 46.8
million members as of March 31, 2022, an increase of 3.3 million,
or 7.5 percent from the prior year quarter. Government Business
enrollment increased by 2.1 million lives compared to the prior
year quarter, primarily driven by organic growth in the Medicaid
business, aided by the suspension of eligibility recertification
efforts in our markets, the acquisitions of MMM and Paramount
Advantage, the launch of HealthyBlue in North Carolina, and organic
growth in Medicare Advantage. Commercial & Specialty Business
enrollment increased by 1.1 million year over year primarily driven
by strong sales in both fee-based and risk-based businesses.
During the first quarter of 2022, medical enrollment increased
by 1.4 million lives driven by organic growth in our Commercial
fee-based business, the acquisition of Paramount Advantage's
Medicaid members in Ohio, and growth in Individual Medicare
Advantage enrollment.
Operating Revenue: Operating revenue was $37.9 billion in
the first quarter of 2022, an increase of $5.8 billion, or 18.0
percent, from the prior year quarter. The increase was driven by
higher premium revenue due to membership growth in Medicaid, the
acquisitions of MMM and Paramount, growth in Medicare Advantage and
Commercial risk-based membership, and premium rate increases to
cover overall cost trends. The increase was further attributable to
growth in pharmacy product revenue within IngenioRx.
Benefit Expense Ratio: The benefit expense ratio was 86.1
percent in the first quarter of 2022, an increase of 50 basis
points versus the prior year quarter. The increase was primarily
driven by the continued shift in mix of business, as Anthem has
grown Government Business, which has a higher benefit expense
ratio, faster than the Commercial & Specialty risk
business.
Medical claims reserves established at December 31, 2021,
developed in line with the Company’s expectations as of the first
quarter of 2022.
Days in Claims Payable: Days in Claims Payable was 46.9
days as of March 31, 2022, an increase of 1.7 days from December
31, 2021 and unchanged compared to March 31, 2021.
SG&A Expense Ratio: The SG&A expense ratio was
11.5 percent in the first quarter of 2022, a decrease of 70 basis
points from 12.2 percent in the first quarter of 2021. The decrease
was primarily driven by operating expense leverage associated with
growth in operating revenue, partially offset by increased spend to
support growth.
Operating Cash Flow: Operating cash flow was
approximately $2.5 billion, or 1.4 times net income in the first
quarter of 2022, an increase of $36 million as compared to the
prior year quarter. The year-on-year increase was driven by an
increase in net income, partially offset by the impact of working
capital changes.
Share Repurchase Program: During the first quarter of
2022, the Company repurchased 1.2 million shares of its common
stock for $545 million, at a weighted average price of $453.32. As
of March 31, 2022, the Company had approximately $3.6 billion of
Board-approved share repurchase authorization remaining.
Cash Dividend: During the first quarter of 2022, the
Company paid a quarterly dividend of $1.28 per share, representing
a distribution of cash totaling $309 million.
On April 19, 2022, the Audit Committee of the Company's Board of
Directors declared a second quarter 2022 dividend to shareholders
of $1.28 per share. The second quarter dividend is payable on June
24, 2022, to shareholders of record at the close of business on
June 10, 2022.
Investment Portfolio & Capital Position: During the
first quarter of 2022, the Company recorded net losses of $151
million. During the first quarter of 2021, the Company recorded net
losses of $4 million. These amounts are excluded from adjusted
earnings per share.
As of March 31, 2022, the Company’s net unrealized loss position
in the investment portfolio was $755 million, consisting primarily
of fixed maturity securities. As of March 31, 2022 cash and
investments at the parent company totaled approximately $1.4
billion.
REPORTABLE SEGMENTS
Anthem, Inc. has four reportable segments: Commercial &
Specialty Business (comprised of Individual, Group risk-based,
Group fee-based, and BlueCard businesses); Government Business
(comprised of the Medicaid, Medicare, and Federal Health Products
& Services businesses); IngenioRx; and Other (comprised of the
Diversified Business Group and corporate expenses not allocated to
our other reportable segments).
Anthem, Inc.
Reportable Segment
Highlights
(Unaudited)
(In millions)
Three Months Ended March 31
2022
2021
Change
Operating Revenue
Commercial & Specialty Business
$10,269
$9,491
8.2 %
Government Business
23,758
19,283
23.2 %
IngenioRx
6,683
5,862
14.0 %
Other
3,221
2,370
35.9 %
Eliminations
(6,045)
(4,908)
23.2 %
Total Operating Revenue1
$37,886
$32,098
18.0 %
Operating Gain
Commercial & Specialty Business
$1,082
$1,268
(14.7) %
Government Business
789
478
65.1 %
IngenioRx
398
407
(2.2) %
Other
178
8
NM
Total Operating Gain1
$2,447
$2,161
13.2 %
Operating Margin
Commercial & Specialty Business
10.5 %
13.4 %
(290) bp
Government Business
3.3 %
2.5 %
80 bp
IngenioRx
6.0 %
6.9 %
(90) bp
Total Operating Margin1
6.5 %
6.7 %
(20) bp
1.
See “Basis of Presentation.”
2.
"NM" = calculation not meaningful.
Commercial & Specialty Business: Operating gain in
the Commercial & Specialty Business segment totaled $1,082
million in the first quarter of 2022, a decrease of $186 million
from $1,268 million in the first quarter of 2021. The decrease was
primarily driven by the net unfavorable effect of COVID and
increased spend to support growth and innovation. These impacts
were partially offset by the positive contribution from growth in
risk-based and fee-based membership.
Government Business: Operating gain in the Government
Business segment was $789 million in the first quarter of 2022, an
increase of $311 million from $478 million in the first quarter of
2021. The increase was primarily attributable to the acquisition of
MMM, membership growth in Medicaid, improved risk revenue in
Medicare, and out-of-period items in Medicaid. These impacts were
partially offset by increased spend in support of growth.
IngenioRx: Operating gain was $398 million in the first
quarter of 2022, a decrease of $9 million from $407 million in the
first quarter of 2021. The decrease was primarily driven by the
non-recurrence of a favorable out-of-period adjustment in the first
quarter of 2021, partially offset by the impact of higher
prescription volume resulting from growth in integrated medical and
pharmacy members.
Other: The Company reported an operating gain of $178
million in the Other segment for the first quarter of 2022, an
increase of $170 million from $8 million in the prior year quarter.
The increase was driven by improved performance in the Diversified
Business Group's Affiliated and Unaffiliated earnings and the
acquisition of myNEXUS in April 2021. This increase in operating
gain was further driven by changes in unallocated corporate costs
year-over-year.
Basis of Presentation
1. 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 revenue less benefit
expense, cost of products sold and selling, general and
administrative 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 corporate shared service environment and are not the
responsibility of operating segment management. Refer to the GAAP
reconciliation tables.
2. Operating margin is defined as operating gain divided by
operating revenue.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30
a.m. Eastern Daylight Time (“EDT”) to discuss the company’s first
quarter 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)
800-813-5525 (Domestic Replay)
312-470-0178 (International)
203-369-3346 (International Replay)
The access code for today's conference call is 3972058. The
replay will be available from 11:30 a.m. EDT today, until the end
of the day on May 20, 2022. The call will also be available through
a live webcast at www.antheminc.com
under the “Investors” link. A webcast replay will be available
following the call.
About Anthem, Inc.
Anthem is a leading health company dedicated to improving lives
and communities, and making healthcare simpler. Through its
affiliated companies, Anthem serves approximately 118 million
people, including nearly 47 million within its family of health
plans. Delivering health beyond healthcare, Anthem is expanding
from being a partner in health benefits to a lifetime, trusted
health partner. For more information, please visit www.antheminc.com or follow @AnthemInc on
Twitter.
Anthem, Inc.
Membership Summary
(Unaudited and in Thousands)
Change from
Medical
Membership
March 31,
2022
March 31,
2021
December 31,
2021
March 31, 2021
December 31,
2021
Commercial & Specialty
Business
Individual
818
731
759
11.9
%
7.8
%
Group Risk-Based
4,028
3,837
4,006
5.0
%
0.5
%
Commercial Risk-Based
4,846
4,568
4,765
6.1
%
1.7
%
BlueCard®
6,370
6,166
6,178
3.3
%
3.1
%
Group Fee-Based
20,148
19,515
19,395
3.2
%
3.9
%
Commercial Fee-Based
26,518
25,681
25,573
3.3
%
3.7
%
Total Commercial & Specialty
Business
31,364
30,249
30,338
3.7
%
3.4
%
Government Business
Medicare Advantage
1,921
1,538
1,859
24.9
%
3.3
%
Medicare Supplement
939
930
952
1.0
%
(1.4
) %
Total Medicare
2,860
2,468
2,811
15.9
%
1.7
%
Medicaid
10,919
9,172
10,600
19.0
%
3.0
%
Federal Employees Health Benefits
1,632
1,632
1,625
—
%
0.4
%
Total Government Business
15,411
13,272
15,036
16.1
%
2.5
%
Total Medical Membership
46,775
43,521
45,374
7.5
%
3.1
%
Other
Membership
Life and Disability Members
4,679
4,766
4,782
(1.8
) %
(2.2
) %
Dental Members
6,649
6,599
6,674
0.8
%
(0.4
) %
Dental Administration Members
1,588
1,488
1,491
6.7
%
6.5
%
Vision Members
9,211
7,798
8,031
18.1
%
14.7
%
Medicare Part D Standalone Members
279
450
438
(38.0
) %
(36.3
) %
Anthem, Inc.
Consolidated Statements of
Income
(Unaudited)
(In millions, except per share data)
Three Months Ended
March 31
2022
2021
Change
Revenues
Premiums
$
32,785
$
27,676
18.5
%
Product revenue
3,301
2,737
20.6
%
Administrative fees and other revenue
1,800
1,685
6.8
%
Total operating revenue
37,886
32,098
18.0
%
Net investment income
360
291
23.7
%
Net losses on financial instruments
(151
)
(4
)
NM
Total revenues
38,095
32,385
17.6
%
Expenses
Benefit expense
28,215
23,699
19.1
%
Cost of products sold
2,883
2,313
24.6
%
Selling, general and administrative
expense
4,341
3,925
10.6
%
Interest expense
201
192
4.7
%
Amortization of other intangible
assets
129
80
61.3
%
Total expenses
35,769
30,209
18.4
%
Income before income tax expense
2,326
2,176
6.9
%
Income tax expense
531
509
4.3
%
Net income
1,795
1,667
7.7
%
Net loss/(income) attributable to
noncontrolling interests
10
(2
)
NM
Shareholders' net income
$
1,805
$
1,665
8.4
%
Shareholders' net income per diluted
share
$
7.39
$
6.71
10.1
%
Diluted shares
244.4
248.2
(1.5
) %
Benefit expense as a percentage of
premiums
86.1
%
85.6
%
50 bp
Selling, general and administrative
expense as a percentage of total operating revenue
11.5
%
12.2
%
(70) bp
Income before income tax expense as a
percentage of total revenue
6.1
%
6.7
%
(60) bp
"NM" = calculation not meaningful
Anthem, Inc.
Consolidated Balance
Sheets
(In millions)
March 31, 2022
December 31,
2021
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
6,161
$
4,880
Fixed maturity securities
26,219
26,267
Equity securities, current
1,662
1,881
Premium receivables
7,349
5,681
Self-funded receivables
3,979
4,010
Other receivables
3,334
3,749
Other current assets
5,193
4,654
Total current assets
53,897
51,122
Long-term investments:
Fixed maturity securities
596
632
Other invested assets
5,365
5,225
Property and equipment, net
3,986
3,919
Goodwill
24,251
24,228
Other intangible assets
10,588
10,615
Other noncurrent assets
1,803
1,719
Total assets
$
100,486
$
97,460
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable
$
14,713
$
13,518
Other policyholder liabilities
5,396
5,521
Unearned income
1,210
1,153
Accounts payable and accrued expenses
5,493
4,970
Short-term borrowings
275
275
Current portion of long-term debt
3,097
1,599
Other current liabilities
9,549
7,849
Total current liabilities
39,733
34,885
Long-term debt, less current portion
19,883
21,157
Reserves for future policy benefits
811
802
Deferred tax liabilities, net
2,349
2,805
Other noncurrent liabilities
1,679
1,683
Total liabilities
64,455
61,332
Shareholders’ equity
Common stock
2
2
Additional paid-in capital
9,151
9,148
Retained earnings
28,058
27,088
Accumulated other comprehensive loss
(1,236
)
(178
)
Total shareholders’ equity
35,975
36,060
Noncontrolling interests
56
68
Total equity
36,031
36,128
Total liabilities and equity
$
100,486
$
97,460
Anthem, Inc.
Consolidated Statements of
Cash Flows
(Unaudited)
(In millions)
Three Months Ended March 31
2022
2021
Operating activities
Net income
$
1,795
$
1,667
Adjustments to reconcile net income to net
cash provided by operating activities:
Net losses on financial instruments
151
4
Equity in net earnings of other invested
assets
(153
)
(108
)
Depreciation and amortization
358
282
Deferred income taxes
(92
)
31
Share-based compensation
50
64
Changes in operating assets and
liabilities:
Receivables, net
(1,348
)
(1,258
)
Other invested assets
7
(20
)
Other assets
(353
)
(288
)
Policy liabilities
1,075
1,455
Unearned income
57
(119
)
Accounts payable and other liabilities
428
358
Income taxes
568
438
Other, net
(2
)
(1
)
Net cash provided by operating
activities
2,541
2,505
Investing activities
Purchases of investments
(5,050
)
(6,978
)
Proceeds from sale of investments
3,047
4,650
Maturities, calls and redemptions from
investments
1,209
998
Changes in securities lending
collateral
(441
)
(731
)
Purchases of subsidiaries, net of cash
acquired
(61
)
(27
)
Purchases of property and equipment
(254
)
(204
)
Other, net
(28
)
(15
)
Net cash used in investing activities
(1,578
)
(2,307
)
Financing activities
Net proceeds from (repayments of)
commercial paper borrowings
225
(250
)
Net (repayments of) proceeds from
long-term borrowings
(14
)
3,462
Changes in securities lending payable
441
731
Repurchase and retirement of common
stock
(545
)
(447
)
Cash dividends
(309
)
(277
)
Proceeds from issuance of common stock
under employee stock plans
76
89
Taxes paid through withholding of common
stock under employee stock plans
(86
)
(91
)
Other, net
534
171
Net cash provided by financing
activities
322
3,388
Effect of foreign exchange rates on cash
and cash equivalents
(4
)
(1
)
Change in cash and cash equivalents
1,281
3,585
Cash and cash equivalents at beginning of
period
4,880
5,741
Cash and cash equivalents at end of
period
$
6,161
$
9,326
Anthem, Inc.
Reconciliation of Medical
Claims Payable
Three Months Ended
March 31
Years Ended December 31
2022
2021
2021
2020
2019
(In millions)
(Unaudited)
(Unaudited)
Gross medical claims payable, beginning of
period
$
13,282
$
11,135
$
11,135
$
8,647
$
7,266
Ceded medical claims payable, beginning of
period
(21
)
(46
)
(46
)
(33
)
(34
)
Net medical claims payable, beginning of
period
13,261
11,089
11,089
8,614
7,232
Business combinations and purchase
adjustments
3
—
420
339
—
Net incurred medical claims:
Current year
28,064
24,215
100,440
85,094
78,695
Prior years redundancies(1)
(933
)
(1,488
)
(1,703
)
(637
)
(500
)
Total net incurred medical claims
27,131
22,727
98,737
84,457
78,195
Net payments attributable to:
Current year medical claims
17,116
15,031
88,156
74,629
70,294
Prior years medical claims
8,826
6,748
8,829
7,692
6,519
Total net payments
25,942
21,779
96,985
82,321
76,813
Net medical claims payable, end of
period
14,453
12,037
13,261
11,089
8,614
Ceded medical claims payable, end of
period
17
39
21
46
33
Gross medical claims payable, end of
period
$
14,470
$
12,076
$
13,282
$
11,135
$
8,647
Current year medical claims paid as a
percentage of current year net incurred medical claims
61.0
%
62.1
%
87.8
%
87.7
%
89.3
%
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
7.6
%
15.5
%
18.1
%
8.0
%
7.4
%
Prior year redundancies in the current
year as a percentage of prior year net incurred medical claims
0.9
%
1.8
%
2.0
%
0.8
%
0.7
%
(1) Negative amounts reported for net
incurred medical claims related to prior years result from claims
being settled for amounts less than originally estimated.
Anthem, Inc. GAAP Reconciliation
(Unaudited)
Anthem, Inc. has referenced “Adjusted Net
Income” and “Adjusted Net Income Per Share,” which are non-GAAP
measures, in this document. These non-GAAP measures are not
intended to be alternatives to any measure calculated in accordance
with GAAP. In addition to these non-GAAP measures, references are
made to the measures “Operating Revenue” and “Operating Gain.” Each
of these measures is provided to further aid investors in
understanding and analyzing the company’s core operating results
and comparing Anthem, Inc.’s 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 measures calculated in
accordance with GAAP, together with a reconciliation of reportable
segments operating gain to income before income tax expense, is
reported below. Prior amounts may be grouped differently to conform
to current presentation.
Three Months Ended
March 31
(In millions, except per share data)
2022
2021
Change
Shareholders' net income
$
1,805
$
1,665
8.4
%
Add / (Subtract):
Net losses on financial instruments
151
4
Amortization of other intangible
assets
129
80
Transaction and integration related
costs
9
9
Litigation expenses
1
6
Tax impact of non-GAAP adjustments
(78
)
(25
)
Net adjustment items
212
74
Adjusted shareholders' net income
$
2,017
$
1,739
16.0
%
Shareholders' net income per diluted
share
$
7.39
$
6.71
10.1
%
Add / (Subtract):
Net losses on financial instruments
0.62
0.02
Amortization of other intangible
assets
0.53
0.32
Transaction and integration related
costs
0.04
0.04
Litigation expenses
—
0.02
Tax impact of non-GAAP adjustments
(0.32
)
(0.10
)
Rounding impact
(0.01
)
—
Net adjustment items
0.86
0.30
Adjusted shareholders' net income per
diluted share
$
8.25
$
7.01
17.7
%
Full Year 2022 Outlook
Shareholders' net income per diluted
share
Greater than $26.43
Add / (Subtract):
Net losses on financial instruments
$
0.61
Transaction and integration related
costs
$
0.04
Amortization of other intangible
assets
Approximately $2.11
Tax impact of non-GAAP adjustments
Approximately $(0.79)
Net adjustment items
Approximately $1.97
Adjusted shareholders' net income per
diluted share
Greater than $28.40
Three Months Ended
March 31
(In millions)
2022
2021
Change
Income before income tax expense
$
2,326
$
2,176
6.9
%
Net investment income
(360
)
(291
)
Net losses on financial instruments
151
4
Interest expense
201
192
Amortization of other intangible
assets
129
80
Reportable segments operating gain
$
2,447
$
2,161
13.2
%
Forward-Looking Statements
This document contains certain 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,” “anticipate,” “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
expectations 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 those
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 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 otherwise required by federal
securities laws, we do not undertake any obligation to republish
revised forward-looking statements to reflect events or
circumstances after the date hereof. These risks and uncertainties
include, but are not limited to: the impact of large scale medical
emergencies, such as public health epidemics and pandemics,
including COVID-19, and catastrophes; trends in healthcare costs
and utilization rates; our ability to secure sufficient premium
rates, including regulatory approval for and implementation of such
rates; the impact of federal, state and international law and
regulation, including ongoing changes in the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010, as amended; changes in economic and
market conditions, as well as regulations that may negatively
affect our liquidity and investment portfolios; our ability to
contract with providers on cost-effective and competitive terms;
competitive pressures and our ability to adapt to changes in the
industry and develop and implement strategic growth opportunities;
reduced enrollment; the impact of a cyber-attack or other cyber
security breach resulting in unauthorized disclosure of member or
employee sensitive or confidential information, including the
impact and outcome of any investigations, inquiries, claims and
litigation related thereto; 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 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
investigations, audits or reviews; risks and uncertainties related
to our pharmacy benefit management (“PBM”) business, including
non-compliance by any party with the PBM services agreement between
us and CaremarkPCS Health, L.L.C.; medical malpractice or
professional liability claims or other risks related to healthcare
and PBM services provided by our subsidiaries; general risks
associated with mergers, acquisitions, joint ventures and strategic
alliances; changes in tax laws; possible impairment of the value 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 dividends 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; a downgrade in our financial
strength ratings; the effects of any negative publicity related to
the health benefits industry in general or us in particular;
failure to effectively maintain and modernize our information
systems; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220419006123/en/
Investor Relations
Stephen Tanal Stephen.Tanal@anthem.com
Media Leslie Porras
Leslie.Porras@anthem.com
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