We remain confident in the long-term earnings potential of our diverse businesses as we navigate a dynamic operating environment and unprecedented challenges in the Medicaid business,” Chief Executive Gail K.

Elevance Health is the latest health insurance company to report higher-than-expected medical costs as third quarter profits tumbled more than 20%.

Key Takeaways The S&P 500 was essentially flat on Thursday, Oct. 17, closing less than 0.1% lower despite strong retail sales data and a resurgence in AI chip stocks.Shares of health insurance companies dropped after Elevance Health missed quarterly profit estimates,