ELV posted 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 said, adding that investors appeared to expect a larger improvement in medical costs.
ELV also posted second-quarter adjusted profit of $7.45 per share, above analysts' average estimate of $6.21 per share.
As of the last close, ELV was up 21.8% year to date.
Shares of health insurer Elevance Health (ELV.N) fell 7.2% to $395 in premarket trading after the company raised its annual adjusted profit forecast, but by less than investors had hoped.
The stock move came even though the company increased its annual adjusted profit outlook 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 fell premarket, with down 1.6%, down 1.9%, down 6% and down 3.8%.
