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Exhibit 99.1
PRESS RELEASE |
ANTHEM REPORTS THIRD QUARTER RESULTS
REAFFIRMS COMMITMENT TO STAKEHOLDERS
DURING COVID-19 PANDEMIC
Indianapolis, Ind. - October 28, 2020 - Anthem, Inc. (NYSE: ANTM) reported third quarter 2020 results that reflect the impacts of ongoing
COVID-19 costs and the continued recovery in healthcare utilization while upholding its commitment to addressing financial imbalances for its health plan members, customers, care providers, associates, and local communities.Against the backdrop of the ongoing pandemic, Anthem and its dedicated associates have continued to respond quickly and with compassion to meet the evolving needs of our members, customers, partners and communities, said Gail K. Boudreaux, President and CEO, Anthem, Inc. I am proud of our performance this quarter to drive continued growth across our business, provide new and innovative solutions as a trusted health partner, and create positive and sustainable change for our communities. As we look ahead, I know we are well positioned to continue our strong momentum and continue to deliver greater value for all of our stakeholders.
As part of Anthems efforts to combat the global pandemic, address health inequities, and adapt to the ever-changing healthcare environment, the Company has remained focused on fostering deeper relationships and developing innovative solutions to meet critical needs for its stakeholders. Actions taken to support our members, customers, care providers and local communities include:
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Anthem, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The decrease in operating gain was primarily driven by expenses for the BCBSA litigation accrual and business optimization initiatives recognized in the third quarter of 2020 as well as costs associated with actions taken to support our members in response to the pandemic and COVID-19 related care.
New Accounting Pronouncements For information regarding new accounting pronouncements that were adopted and new accounting pronouncements that were issued during the nine months ended September 30, 2020, see the "Recently Adopted Accounting Guidance" and "Recent Accounting Guidance Not Yet Adopted" sections of Note 2, "Basis of Presentation and Significant Accounting Policies," of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q.
The favorable development recognized in the nine months ended September 30, 2020 and 2019 resulted primarily from trend factors in late 2019 and late 2018, respectively, developing more favorably than originally expected.
The decrease in operating gain was primarily driven by costs associated with actions taken to support our members in response to the pandemic and COVID-19 related care and retroactive rate adjustments in our Medicaid business.
Financial Condition We maintained a strong financial condition and liquidity position, with consolidated cash, cash equivalents and investments in fixed maturity and equity securities of $30,324 at September 30, 2020.
Should commercial paper issuance become...Read more
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Cost of products sold increased...Read more
Cost of products sold increased...Read more
Investments On January 1, 2020,...Read more
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Nine Months Ended September 30,...Read more
Following the opt out deadline,...Read more
The amendments in ASU 2016-13...Read more
Our benefit expense ratio decreased...Read more
For the nine months ended...Read more
The following table presents a...Read more
Product revenue represents services performed...Read more
We believe these initiatives largely...Read more
The COVID-19 pandemic has caused...Read more
Our benefit expense ratio decreased...Read more
Other significant changes in sources...Read more
Our selling, general and administrative...Read more
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These two key assumptions can...Read more
We have an authorized commercial...Read more
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1 Includes interest expense, amortization...Read more
At September 30, 2020, we...Read more
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Medicare membership increased primarily due...Read more
Vision membership increased due to...Read more
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Operating revenue for the three...Read more
Operating revenue for the nine...Read more
Operating loss remained steady as...Read more
The decrease was partially offset...Read more
Medical Cost Trends: Our medical...Read more
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The increase in product revenue...Read more
The HIP Fee was suspended...Read more
The HIP Fee has been...Read more
Regulatory Trends and Uncertainties Federal...Read more
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Other Operating revenue increased primarily...Read more
-58- Liquidity A summary of...Read more
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Risk-Based Capital Our regulated subsidiaries'...Read more
Net income for the nine...Read more
This information is not intended...Read more
Operating gain is calculated as...Read more
We may take additional actions...Read more
There have been no material...Read more
Financial Statements, Disclosures and Schedules
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Anthem, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ANTM
CIK: 1156039
Form Type: 10-Q Quarterly Report
Accession Number: 0001156039-20-000089
Submitted to the SEC: Wed Oct 28 2020 4:02:19 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Hospital And Medical Service Plans