# Elevance Health

Elevance Health is an Insurance based in Indianapolis, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Indianapolis, United States
- **Region:** North America
- **Address:** 220 Virginia Avenue, Indianapolis, IN 46204, United States
- **Founded:** 1944
- **Assets under management:** Undisclosed
- **Website:** elevancehealth.com
- **LinkedIn:** https://www.linkedin.com/company/elevance-health
- **Wikidata:** Q677488

## Regulatory record

- **Reports private funds:** No

## About

Elevance Health Master Trust was established in 2004 to deliver retirement benefits tied to the managed-care operations of Anthem. The trust remains linked to the parent healthcare company and its Blue Cross Blue Shield Association membership. The plan holds a diversified book of operating subsidiaries and joint ventures. Confirmed positions include full ownership of Carelon, CareBridge, BioPlus, Kroger Specialty Pharmacy and Paragon Healthcare, plus a joint venture stake in Mosaic Health alongside Clayton, Dubilier & Rice. Geographic exposure centers on the United States with office assets in Indiana, Virginia, Georgia and Massachusetts. The Elevance Health Foundation, formed in 2000, runs separate grant-making focused on health equity and maternal health, including a $150 million five-year commitment announced for 2025-2029. The trust itself reports no additional offices or investment staff figures. Governance flows through the corporate parent rather than an independent family succession structure, with investment decisions executed inside the Elevance Health treasury and benefits organization.

## Sectors

- Healthcare Services
- Real Estate
- Private Credit

## Offices

- Richmond, VA
- Boston, MA

## People

- Gail K. Boudreaux — President and Chief Executive Officer
- Mark Kaye — Executive Vice President and Chief Financial Officer

## Questions

### How does Elevance Health's investment portfolio differ from a traditional asset manager?

Elevance is an asset owner, not a third-party manager. The portfolio exists to support insurance liabilities, regulatory reserves, and statutory capital ratios. Fixed income — corporate bonds, Treasuries, mortgage-backed securities — dominates the allocation to match the duration and liquidity profile of health-insurance claims. Real estate and private credit represent smaller, higher-yield sleeves that sit against long-dated liabilities. Unlike a standard asset manager, Elevance does not market funds to external LPs or charge management fees; invested assets serve the insurance book first.

### What is Mosaic Health, and why was it formed?

Mosaic Health is a joint venture between Elevance Health and private equity firm Clayton, Dubilier & Rice, launched to combine care-delivery assets with payer capabilities. The structure allows Elevance to capture economics beyond insurance underwriting — moving into provider-operations margin. No standalone AUM or deployment figure for Mosaic has been publicly disclosed, but the partnership represents Elevance's most direct move into the care-delivery value chain.

### How is Elevance Health related to the Blue Cross Blue Shield Association?

Elevance is the largest for-profit licensee within the Blue Cross Blue Shield Association, operating BCBS plans in 14 states. The affiliation gives it access to the national Blue network for provider contracting and brand recognition, while its public-company structure imposes different capital-market pressures than the not-for-profit BCBS plans that dominate other regions. This hybrid model — public equity shareholders atop a Blue license — is unique among large US health insurers.

### What is Elevance Health's posture on real assets and direct real estate?

Elevance holds a portfolio of directly owned commercial office and industrial real estate, including its Indianapolis headquarters, Richmond and Boston office campuses, and the Victory Lane Logistics Hub in Indianapolis. These assets are carried on the balance sheet as investment properties that support the general account, not as a separately marketed real estate fund. The holdings reflect a liability-hedging function: long-dated physical assets matched against long-duration insurance obligations.

## Related profiles

- [Elephant Tree Capital](https://altss.com/profile/elephant-tree-capital)
- [Elevate Wealth Advisory](https://altss.com/profile/elevate-wealth-advisory)

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Last updated: 2026-07-06T00:33:07.326Z

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