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About Anthem, Inc.

Health benefits provider Anthem, through a number of subsidiaries, provides health coverage to approximately 41 million members in the US. One of the nation's largest health insurers, Anthem is a Blue Cross and Blue Shield Association licensee in more than a dozen states (where it operates as Anthem, Empire, and BCBS) and provides non-BCBS plans under the Unicare, Amerigroup, CareMore, Simply Healthcare, HealthSun, HealthLink, and other brands in more than 25 states. Plans include PPO, HMO, POS, indemnity, and hybrid plans offered to employers, individuals, and Medicare and Medicaid recipients. Anthem also provides administrative services to self-insured groups, as well as specialty insurance.


Anthem operates through three segments: Government Business, Commercial and Specialty Business, and Other.

The Government Business segment, accounting for about 60% of Anthem's total revenue, provides Medicare Advantage, Medicare Part D, supplemental, special needs, and dual-eligibility plans, as well as Medicaid and Children's Health Insurance Programs (CHIP) coverage. The segment's National Government Services unit acts as a Medicare contractor in some regions. The segment also includes services related to the Federal Employee Program.

The Commercial and Specialty Business segment, accounting for about 35% of sales, provides BCBS and non-BCBS health plans for employer groups and individuals; managed care services such as claims processing and underwriting for self-funded groups; and specialty products including dental, vision, life, and disability coverage. The remaining revenue comes from the others segment.

Through several of its subsidiaries, Anthem also performs claims processing, stop loss insurance, benefits management, and other administrative tasks for government-run Medicare plans, other insurance firms, and employer groups.

Altogether, the company serves more than 79 million customers.

Geographic Reach

Anthem is headquartered in Indianapolis, Indiana, and its subsidiaries are licensed to conduct insurance operations in about 50 states. It serves BCBS customers in more than a dozen states including California, New York, and Virginia and serves non-BCBS customers in more than 25 other states under UniCare, Amerigroup, Simply Healthcare, and other brand names.

The firm has its largest concentration of customers in California, Florida, Georgia, Indiana, New York, Ohio, Texas, and Virginia.

Sales and Marketing

Anthem markets most of its products through a network of independent agents and brokers. The exception is the company's national account and large, employer-focused products, which are sold by an in-house sales force, customer-hired consultants, and independent brokers.

The company uses print, broadcast, and other modes of advertising to promote itself. Advertising expenses totaled $467 million, $385 million, and $338 million for 2019, 2018, and 2017, respectively.

Altogether, the company serves more than 79 million people, including approximately 41 million health plan members.

Financial Performance

The company's revenue increased 13% to $104.2 billion in 2019, compared to $92.1 billion in the prior year. The increase in operating revenue was primarily from higher premiums, and, to a lesser extent, increased administrative fees and other revenue.

Net income for the year ended December 31, 2019 was $4.8 billion, an increase of $1.1 billion, or 28%, from the year ended December 31, 2018. The increase in net income was due to higher operating results in both our Commercial & Specialty Business and Government Business segments, in part due to the benefits realized from the launch of IngenioRx in 2019, net realized gains on financial instruments and lower income tax expense.

Cash held by the company in 2019 was $4.9 billion, compared to $3.9 billion in the prior year. Cash provided by operations was $6.1 billion while cash used for investing and financing activities were $2.8 billion and $2.3 billion, respectively.


The company intend to retain the responsibilities for IngenioRx's clinical and formulary strategy and development, member and employer experiences, operations, sales, marketing, account management and retail network strategy. From December 2009 through December 2019, we delegated certain PBM functions and administrative services to Express Scripts, Inc., or Express Scripts, pursuant their PBM agreement with Express Scripts, or the ESI PBM Agreement.

The future results of their operations will also be impacted by certain external forces and resulting changes in the company's business model and strategy. The continuing growth in their government-sponsored business exposes them to increased regulatory oversight.

Anthem's strategy has been, and will continue to be, to only participate in rating regions where they have an appropriate level of confidence that these markets are on a path toward sustainability, including, but not limited to, factors such as expected financial performance, regulatory environment, and underlying market characteristics.

Mergers and Acquisitions

In 2020, Anthem completed acquiring Beacon Health Options a Boston-based behavioral company as part of its strategy to diversify into health services. The firm aims to provide integrated and personalized care delivery models for people with complex and chronic conditions. Terms were not disclosed.

In 2020, Anthem, Inc. announced that it has completed its acquisition of Medicaid plans in Missouri and Nebraska following the recent regulatory approval of WellCare's merger with Centene Corporation.

This acquisition expands Anthem's footprint to serve Medicaid beneficiaries in 23 states and the District of Columbia. The Missouri and Nebraska health plans will become wholly owned subsidiaries under the Government Business Division of Anthem, Inc.

Company Background

Anthem traces its roots back to the formation of Blue Cross of Indiana and Blue Shield of Indiana in 1944 and 1946. The company changed its name to WellPoint after merging with WellPoint Health Networks in 2004; WellPoint Health Networks was formed by Blue Cross of California in 1992. The company changed its name from WellPoint back to Anthem in 2014.

In 2017 a federal judge blocked the planned $48 billion merger between Anthem and rival Cigna. The combined health insurance behemoth would have served some 53 million customers and generated sales of about $115 billion. The merger was blocked just weeks after a similar planned merger between Aetna and Humana was halted.

Recent acquisitions have included HealthSun (Medicare Advantage in Florida, 2017) and Simply Healthcare (2015).

Anthem, Inc.

220 Virginia Ave
Indianapolis, IN 46204-3632
Phone: 1 (317) 488-6000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: ANTM
Stock Exchange: , NYSE
President, CEO and Director: Gail K. Boudreaux
EVP and CFO: John E. Gallina
Chairman: Joseph R. Swedish
Employees (This Location): 146
Employees (All Locations): 70,600

Major Office Locations

Indianapolis, IN

Other Locations

Costa Mesa, CA
Downey, CA
Glendale, CA
La Mirada, CA
Long Beach, CA
Los Angeles, CA
Modesto, CA
Montebello, CA
San Jose, CA
Santa Barbara, CA
Thousand Oaks, CA
Walnut Creek, CA
Westlake Village, CA
Whittier, CA
Maitland, FL
Miami, FL
Orlando, FL
Plantation, FL
Brookhaven, GA
Chicago, IL
Deerfield, IL
Westchester, IL
Indianapolis, IN
Lexington, KY
Shelbyville, KY
Baton Rouge, LA
Metairie, LA
Andover, MA
Hanover, MD
Saint Louis, MO
Iselin, NJ
Las Vegas, NV
Reno, NV
Albany, NY
Bronx, NY
Brooklyn, NY
East Syracuse, NY
Jackson Heights, NY
Middletown, NY
New York, NY
Canton, OH
Cincinnati, OH
Mason, OH
Seven Hills, OH
Worthington, OH
Nashville, TN
Bellaire, TX
Corpus Christi, TX
El Paso, TX
Houston, TX
San Antonio, TX
Bristol, VA
Newport News, VA
Richmond, VA
Fond Du Lac, WI
Waukesha, WI
Beijing, China