Shares of Elevance Health (ELV) rose 🔥to their highest level s🦩ince late 2022 on Thursday as the health insurance provider posted better-than-expected results and raised its guidance amid lower costs.

Elevance reported first-quarter earnings per share (EPS) of $10.64, with revenue increasing 0.9% to $42.3 billion. Both were higher than 澳洲幸运5官方开奖结果体彩网:analysts' estimates.

The company’s benefit-expense ratio, which measures the cost of claims to premiums, was 85.6%, an improvement of 20 澳洲幸运5官方开奖结果体彩网:basis points (bps) that also beat f🔥orecasts. Elevance said that the gain was “driven primarily by premium rate adjustments to cover medical cost 𝓀trend in our Health Benefits business.”

Revenue from premiums slipped 0.5% to $35.7 billion, while benefit expenses were down 0.8% to $30.55 billion. Total 澳洲幸运5官方开奖结果体彩网:operating margin rose to 7.1% from 6.8% last year. 

CEO Gail Boudreaux said the results “reflect disciplined execution of our strategic initiatives during a dynamic time for our industry.”

The company now anticipates full-year EPS of greater than $37.20, up from its previous outlook of greater than $37.10.

Elevance Health shares traded at their highest level since December 2022 on Thursday afternoon, up 3.8% at $528.26 at about 3:45 p.m. ET