(Reuters) – Health insurer Elevance Health Inc’s quarterly profit beat Wall Street estimates on Wednesday, boosted by its Medicaid business.
Medical membership in the fourth quarter increased by 248,000, driven by organic growth in Medicaid, it said.
Excluding items, the insurer reported a profit of $5.23 per share for the quarter ended Dec. 31, compared with analysts’ estimates of $5.19 per share, according to Refinitiv IBES data.
Elevance expects adjusted net income in 2023 to be more than $32.60 per share, compared with estimates of $32.67 per share, according to Refinitiv.
(Reporting by Khushi Mandowara in Bengaluru; Editing by Shailesh Kuber)
