Elevance slides despite annual forecast raise; peers also fall
BUZZ-Elevance slides despite annual forecast raise; peers also fall ** Shares of health insurer Elevance Health ELV.N fall 7.2% to $395 premarket
** Co raises annual adjusted profit forecast to $27 per share, compared with at least $26.75 per share projected earlier
** Analysts on average estimate an annual profit of $26.86 per share, according to data compiled by LSEG
** Analysts said the forecast raise was less than what investors had hoped
** Shares of other health insurers also down premarket, with UnitedHealth UNH.N down 1.6%, Humana HUM.N down 1.9%, Molina Healthcare MOH.N down 6% and Centene CNC.N down 3.8%
** ELV posts a medical loss ratio, the percentage of premiums spent on medical care, of 89.7%, up from 88.9% a year earlier
** Analysts on average had expected a ratio of 90.15%
** "While expectations had been running high into the print, MLR likely just slightly missed," Evercore ISI says, adding that investors appeared to expect a larger improvement in medical costs
** ELV posts Q2 adjusted profit of $7.45 per share, above analysts' average estimate of $6.21 per share
** As of last close, ELV up 21.8% YTD
(Reporting by Kunal Das in Bengaluru)