(Reuters) -Elevance Health on Wednesday reported a nearly $700 million charge due to job cuts and write-offs from some technology assets after a strategic review it conducted during the third quarter to help boost profit.
The health insurer posted a better-than-expected adjusted quarterly profit helped by lower-than-expected medical costs.
Elevance’s medical loss ratio, the percentage of claims paid to premiums collected, was 86.8% for the third quarter compared with 86.4% in the previous quarter. Analysts had expected a ratio of 87.32%, according to LSEG data.
Excluding items, the company made a profit of $8.99 per share, above analysts’ estimates of $8.44 per share, according to LSEG data.
(Reporting by Sriparna Roy and Mariam Sunny in Bengaluru; Editing by Krishna Chandra Eluri)
