Ladies and gentlemen, thank you for standing by, and welcome to the Elevance Health Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session where participants are encouraged to present a single question. [Operator Instructions] These instructions will be repeated prior to the question-and-answer portion of this call. As a reminder, today's conference is being recorded. I would now like to turn the conference over to the company's management. Please go ahead.

Good morning, and welcome to Elevance Health's third quarter 2023 earnings call. This is Steve Tanal, Vice President of Investor Relations. And with us this morning on the earnings call are Gail Boudreaux, President and CEO; John Gallina, our CFO; and Peter Haytaian, President of Carelon; Morgan Kendrick, President of our Commercial and Specialty Health Benefits business; and Felicia Norwood, President of our Government Health Benefits business. Gail will begin the call with a brief discussion of the quarter and recent progress against our strategic initiatives. John will then discuss our financial results and outlook in greater detail. After our prepared remarks, the team will be available for Q&A. During the call, we will reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available on our website, elevancehealth.com. We will also be making some forward-looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Elevance Health. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors discussed in today's press release and in our quarterly filings with the SEC. I will now turn the call over to Gail.

Thanks, Steve, and good morning, everyone. Today, we're pleased to share that Elevance Health delivered another solid quarter of financial and operational performance, reflecting the strength and resilience of our diversified portfolio of businesses. Third quarter GAAP earnings per share was $5.45, including a charge we took during the quarter that I will discuss in detail in a moment. Adjusted earnings per share was $8.99 and reflecting growth of approximately 20% over the third quarter of 2022. Our results demonstrate our ability to execute on our enterprise strategy of delivering whole health solutions that are affordable, personalized and simple. Based on our strong year-to-date results and confidence in our outlook, we are increasing our guidance for adjusted earnings per share to be greater than $33 for 2023, which includes incremental investments planned for the fourth quarter that will accelerate our strategy and enhance the performance of our Medicare Advantage business. It is the strength and resilience of our diverse businesses that provides comfort in our outlook, while the earnings power of our Health Benefits and Carelon division provides us the confidence to reiterate our commitment to our long-term target compound annual growth rate in adjusted earnings per share of 12% to 15%. Let me now turn to some highlights from our business segments. Starting with our Health Benefits division, which delivered robust third quarter results as we continue optimizing our diverse set of businesses, while responding to a dynamic and evolving business environment. In our Commercial Risk business, we are successfully executing on our goal to deliver operating margins in line with pre-pandemic norms. Retention has been consistent with our expectations, and we're pleased with our progress, which we expect will extend well into 2024. In the employer market, we're delivering differentiated value where it matters for employers, affordability, experience…

Thank you, Gail, and good morning to everyone on the line. As Gail mentioned earlier, we reported strong third quarter results. Given outperformance against our initial expectations year-to-date, we have increased our outlook for adjusted earnings per share in 2023 to be greater than $33, reflecting growth consistent with our long-term compound annual target of 12% to 15%. Our outlook includes incremental investments we have planned for the fourth quarter to support growth in Medicare Advantage in 2024 and beyond. Based on our updated guidance, our five-year compound annual growth rate in earnings per share is expected to be 16%, which makes Elevance Health the only company in our sector to have exceeded 15% over that time frame. We ended the third quarter with 47.3 million members, an increase of 42,000 members year-over-year driven by growth in BlueCard and ACA membership. During the quarter, medical membership declined by 664,000, driven by attrition in Medicaid due to eligibility redeterminations and a new entrant into one of our state programs in July, which resulted in a loss of approximately 140,000 Medicaid members. We are now three to four months into redeterminations of most of our states, and this enrollment in many appears to be front loaded with approximately three quarters of those terminated from Medicaid having lost coverage for administrative reasons. We are seeing many consumers return to Medicaid after being temporarily disenrolled, while others are experiencing gaps in coverage before transitioning on to ACA exchange plans. Given the patterns we have observed to-date, we expect reenrollment in the Medicaid and transitions to ACA exchange plans to accelerate. Operating revenue in the third quarter was $42.5 billion, an increase of 7.2% over the prior year quarter. Growth was driven by rate increases to cover overall trend in our health benefits business, coupled…

[Operator Instructions] For our first question, we'll go to the line of A.J. Rice from UBS. Please go ahead.

Hi everybody. Thanks and John, I wish you the best and the retirement. It's been great working with you, and I really appreciate all the help over the years. I want to maybe just ask on the commercial at margin improvement story and what you've been doing there, is if you ex-out that the year this quarter, what was the underlying cost trend for you? Did you see any pockets of variance and utilization that are worth calling out? And you guys have said on the recorded or the message so far, several times that you have that there will be some additional benefits on the commercial margin improvement story into next year. Is there any way to size that that or talk about relative to how much gain you had this year from that repricing and the other things you're doing to improve the margin on the commercial side?

Good morning, A.J. and thank you for the kind words at the beginning. In terms of answering your question specifically though, we're certainly obviously very pleased with the performance of our health benefits businesses in the third quarter as well as year-to-date. As you know, we've increased margins quite significantly. And the health benefit segment margins, we guided to improve those 30 to 60 basis points year-over-year, and we're very much on track to deliver that. From a line of business, in particular, we're not providing specific margin information and specific detail on commercial versus Medicaid versus Medicare since we are operating this as a holistic health benefit segment. But we do expect continued improvement in the commercial margins into '24 as we continue to work on our strategy of ensuring that the pricing truly reflects the underlying cost structure, as well as additional penetrations in the fee-based businesses what we used to call the 5 to 131 strategy. So, we feel very good about where we're heading and our trajectory into 2024. So thank you for the question.

Yes. Thanks for the question, A.J., and I'll just reiterate John's comments on commercial. I think the team has done a really nice job as we shared, this is a multiyear journey in terms of the commercial business, and we feel like we're right on track. And as -- the team has done a really nice job of balancing both membership retention, as well as getting our margins in line where we believe they need to be. So thanks for the question. And next question, please.

Next, we'll go to the line of Nathan Rich from Goldman Sachs. Please go ahead.

Great. Good morning, and thanks for the question. And let me just echo my congratulations, John, on your retirement. I wanted to ask on the Medicare business. Could you talk about the goal for improving Star scores? Are you investing to kind of get back to the level that you are out with 65% of members in 4-star plans? And over what period are you thinking? And how should we think about the magnitude of the incremental investments planned for the fourth quarter as well as into next year. And any comment on the kind of how long it would take to reach the run rate of optimization savings, the $750 million that you talked about would be helpful as well. Thank you.

Thanks for the question, Nathan. Let me -- I anticipate a number of questions around star. So perhaps I'll just address that topic holistically. Improving stars for us is an enterprise priority. So I want to start with that. And we have a long-term commitment to the MA business and are committed to offering high-quality plans for seniors. But as I said in my opening comments, we're extremely disappointed on the recent results of the Stars and the decline that we saw in the number of our members in 4-star plans for payment year '25. Just a little background, I think, might help. We experienced some declines in the CAP survey scores, which were the most heavily weighted measures. And we were also impacted by that new CMS statistical methodology, which caused some significant increases in cut points. As you think about our performance, we improved in about half of the star measures, but those were not enough to offset the impact of the heavily weighted measures and higher cut points, therefore, having three of our largest contracts suffered in our star ratings, which you've noted. As I shared, we have already started making those investments and earlier this year, we were specifically addressing areas around the heightened focus for CAHPS that drove the decline. One of the very specific examples is scaling the My Health Advocate model, which again I shared a little bit about that in my opening remarks. The model is unique and highly personalized customer service and it's tailored specifically to help members with problems central to CAHPS improvement. It's a model that we've had in place in our commercial business and has been incredibly successful. Other areas that we saw in the data were about enhancing our core and supplemental benefits to reduce members out-of-pocket…

Next, we'll go to the line of Lisa Gill from JPMorgan. Please go ahead.

Yes, hi, good morning. This is [Kyle] on for Lisa. Just want to add my thanks to John. I'm wishing all the best. Switching to Medicaid, appreciate all the color on the redeterminations and the front-loaded disenrollment trends. Can you talk about how membership is trending relative to what you expected earlier this year and how acuity mix is trending? And then related on the commercial side, how membership growth is tracking it in the employer group and individual businesses? Are you guys getting the growth you anticipated? And is there anything to call out on the margin side? Is there anything about this year and the 2024? Thanks.

Thank you for the question, Kyle, and certainly appreciate all the commentary. First of all, on Medicaid, the Medicaid disenrollment, as we said, has been very much front-loaded. And in terms of how that compares to our expectations, our expectations were as it would have been more normalized over a 12 to 14 month process. What we are seeing is that there's administrative churn and that a lot of people are losing Medicaid coverage temporarily and then they're coming back on. We're reenrolling folks 30, 60, 90 days after they were disenrolled and that was, that dynamic was not part of the original thought process but it's certainly part of the reality. I'd like to say September 30th or December 31st for that matter is just going to be one point in time over a 12 month to 14 month process. What we have not seen, and maybe the most important element is that at the beginning of the year, when we discussed that we think that we're going to going to retain about 40% to 45% of all Medicaid members who received coverage during the PHE, we still believe that is a very good estimate. And by the time the dust settles in the third quarter of 2024, we feel good about that estimate. It's just going to be a little bumpier or rockier along the way because of the gaps in coverage and because of the administrative churn. And on the commercial side, we're actually seeing really excellent growth in the individual ACA. Once redeterminations began in a particular state, the level of applications on the ACA products were up three times the amount that they were prior to that. And so that really does point to the fact that we do have the catcher's mitt in action. The employer-sponsored side that's actually going maybe a little bit less than we had anticipated. So individual ACA is going a little bit faster, employers sponsored a little bit slower. But all in, we really do believe that by the time we get through this entire process, which won't be completed until sometime in the third quarter of 2024, that the estimates we provided at beginning of the year will prove to be pretty good estimates. So hopefully, that helps. Thank you. Next question, please.

Next, we'll go to the line of Stephen Baxter from Wells Fargo. Please go ahead.

Hi, thanks. Wanted to follow-up on the Medicaid redeterminations question there. So I appreciate all that commentary you just made. Would it be fair to say that at this point in part driven by the fact that you've got seemingly good and actuarially sound rate updates from your states that you haven't really seen all that much normalization of your margins in 2023. I believe you came into the year thinking that you performed in 2022 above your long-term targeted range, and there might be some pressure. I would love to just get an update on how that's performed in 2023 and how you're thinking or potentially considering that in your comments on 2024? Thank you.

Yes, sure. Thank you very much for that question. And actually, I think Kyle did ask about Acuity as well. So hopefully, I'll address both of those here with this answer. Medicaid continues to be doing very well very much in line with our expectations and in line with what we saw coming. The one thing that I will reinforce is that in the rating formulas in the future or currently now is an acuity factor that's supposed to take changes in acuity into consideration. That factor was not in place in 2019. So comparisons to 2019 really aren't all that relevant at this point in time for that purpose. What we've seen thus far though is very little change in the overall acuity of the book. We are taking a very close look at that. And as I stated in my prepared comments, we're going to be monitoring that extremely closely and working with our states. So I'm very happy to report that all of the renewals that we've had with the discussions we've had with the states thus far, we have been provided actuarially sound rates. And we believe with actuarially sound rates, we can continue to deliver on Medicaid consistent with how we have in the past, providing a lot of benefits to beneficiaries and providing returns to the shareholders. So, thank you.

Yes. Thanks, John. And I think as -- just to put a, sort of, summary on that, we feel we've got great visibility into the rest of this year. And the discussions around 2024 have been incredibly productive with about 50% of our premiums with good visibility there. So we think that those conversations are going well, and things are tracking according to expectations. So thanks for the question and next question please.

Next we'll go to line of Ben Hendrix from RBC Capital Markets. Please go ahead.

Thank you very much. I just also want to reiterate congratulations to John and thank you for all the help. Just wanted to circle up with a quick follow-up on MA. Appreciate all the questions on my health advocate and efforts there. I just wanted to know if there's any early thoughts on how much of the headwind you can mitigate with contract diversification/ And then kind what the time line is for getting all those approvals at the state level to carry that forward. Thank you.

Yes. Thanks for the question, Ben. As we think about that, as I said, we've got a number of levers at our disposal. And so I would focus on that. But in terms of contract diversification, about a third of the members affected were in group contracts. So we'll look at moving those potentially to a 4-Star contract. But again, I just want to reiterate, it's just one lever in our toolbox, and so we're not just looking at that, but we're looking across all of the things to have a mitigation for 2025. So thanks again for the question. And again, a lot happening in our enterprise around the efforts there to make sure that we remediate and stay very focused. This is an enterprise priority for us. Next question please.

Next, we'll go to line of Kevin Fischbeck from Bank of America. Please go ahead.

Great. Thanks. And I was add to my congratulations to John as well. I guess far as the cost cutting -- this cost cutting was quite large. And I guess I just want to get a little more color because exactly kind of what was driving this? It sounds like this was all before your new stars was going to be off for 2025, because it sounds like it was more a 2024 issue. I think in the comments, you said something on the line so that's going to help you deliver lower cost to customers but also addresses some of the uncertainty in 2024. So, I just want a little more color on that, how much of this is going to improve benefits in MA versus, I think you made technology investments. Just a little more rationale for the move why it's so big? And then, if you're doing it this move now, how do you think about your ability to find significant savings to offset Stars in 2025? Thanks.

Yes. Thanks for the question, Kevin. I think let me put this in a little perspective because it's important to note, we're always evaluating our cost structure. And as we headed into 2024, we took very proactive and decisive action in the third quarter. We wanted a couple of things; one, increase our financial and operational flexibility and also ensure that we're positioned to deliver on our commitments to stakeholders. So, if you look at the charge in total, I mean, it really is kind of focused in three areas of cost management. And I think it's prudent to continue to always look at your cost structure, something we've been doing is, obviously, as we've been looking to manage that. And let me go through the three pieces because I think it's important. First, as you know, and we've talked about quite a bit on these calls, we've been investing over the past several years in modernizing our infrastructure, particularly around digital capabilities and migrating a lot of our applications to the cloud, consolidating our systems and our data and now most recently, use cases on using AI to drive greater efficiencies. The pace of technological innovation has changed and it continues to accelerate. And again, as I said, we're committed to deploying those responsibly quickly in our company. So what you're seeing in that first bucket is the write-down of some of those legacy processes that have now been replaced with our support -- that support our long-term goals with digital and AI and other things. And we've gone through that first phase that we've been talking about over the last several years on consolidation, data aggregation, et cetera. The second adjustments were really to our workforce. And that, again -- last year, we aligned our structure on benefits…

Next, we'll go to the line of Sarah James from Cantor Fitzgerald. Please go ahead.

Thank you and echo my congratulations to John. I was hoping that you guys could give a little bit more context around the recapture rate of the terminated Medicaid lives. So are you seeing recapture within Medicaid from the appeal process yet? And then on the ACA side, how do you think about the 30% recapture maturing into 2024 with your members, but then also potentially there's more people looking for ACA plans in 2024.

Thank you for the question, Sarah. So in terms of the Medicaid redeterminations, as I stated, we're three to four months into the process. And it's a little early to have definitive in a very specific data points, but we do have certainly the bias. We've seen at 10% to 20% of the members who lost coverage in Medicaid in June reenrolled with us in the third quarter. So we certainly expect trends like that to continue. That's just one data point. And certainly, there's more time, but there are gaps in coverage. And then on the individual ACA, we are seeing by the time that folks leave Medicaid, there's typically a couple of month gap before they become enrolled an ACA plan. So, some of the membership this enrollment is temporary and there's gaps in coverage. So we've seen that throughout but we think we have a great opportunity in our 14 Blue states. You look at the number of members that were added to Medicaid in our 14 Blue states, that was about 8 million people across all 14 states, about 1.5 million of those were enrolled in Elevance Health Medicaid plans, which means that those other 6.5 million that went to a different carrier if that different carrier is able to retain 40% to 45% of those Medicaid similar to us, which I think is a reasonable expectation, that means that over half of the $6.5 million are in play. And we have leading market share in virtually every market we operate in, both in employer-sponsored as well as very strong in the ACA products. And so we do believe that you will see an acceleration of individual ACA membership in the early 2024 and mid-2024 for Elevance Health so hopefully, that answers your questions. Thank you for the question.

Yes. Thanks, John. And Sarah, I think just to sort of put a bow on this, I think it's really important just to frame it, almost 75% are administrative disenrollments and then over almost 37% are children under 18. So those are two areas, obviously, we're intensely focused on and there's a timing issue associated with this. So there's some delays in coverage and some coverage gaps, and we've been working really closely with our states. But as John said, we are seeing some encouraging signs where that 30% or more of our Medicaid members who are terminated prior to the end of June are now returning and retaining coverage with Elevance. So we expect that reenrollment to accelerate in the coming quarters. So I think that's important to keep in mind as we're all working through this process And certainly, the states are working through this process, and we have been continuing to adapt how we get to these members particularly the ones that were just enrolled for administrative reasons. So again, we feel pretty comfortable with the numbers that we shared and the guidelines we showed, and we are seeing pickup certainly in the individual business as this progresses. So thanks again for the question. And next question please.

Next, we'll go to the line of Michael Ha from Morgan Stanley. Please go ahead.

Thanks and congrats to John as well. I wanted to ask a quick question first regarding BioPlus. I wanted to confirm, did you mention you're going start migrating specialty script away from your legacy platform early next year. Would that imply you've made the decision to in-source your specialty drug spend away from CBS? And then my real question, just regarding MA and STAR ratings, in terms of the improvement efforts for CAP specifically, how much of the overall underperformance would you attribute to the providers pivot? And how can you fix those results for that without actually having ownership of providers? I mean how can you effectively drive your provider network to make the necessary changes to improve your results? Curious what the plan is there.

Thanks for the question, Michael. I'll have Pete start, and then I'll address your question on MA.

Thanks for the question, Michael. Yes, to answer your question directly, we are beginning the migration to BioPlus starting January 1. And again, just to reiterate, we've been very, very focused on the last year with regard to implementation and integration of BioPlus as it relates to our specialty strategy. A lot of the focus this year has been building the infrastructure and the team. So that we have the appropriate scale and capacity to take on the Elevance Health volume. And we feel very good about that. As Gail noted in his prepared remarks, we are accelerating the time line in that regard, and we are moving forward with that for January 1. And again, this is all a part of our strategy in pharmacy, just to reiterate, and that is to in-source the strategic levers that matter. Specialty pharmacy is very critical to that as well as what we're doing in advanced home delivery. So again, excited about that. And yes, it is launching January 1.

Yes. And to the second part of your question is we have delved in and really looked deeply at sort of what the drivers especially around the three contracts and sort of what the cut points were. I guess I would say there's a couple of things. One, has been easier navigation for our members. So I would not say it's because of ownership or lack of ownership, but I will address sort of value-based care. Remember, this was measurement around year 2022. We've made significant progress around moving a lot of our contracts to value-based care and embedding that into the way we do it. We've also worked closely with aggregators and have been building quite frankly, the numbers in that. So we do feel that our strategies are intensely focused, and our health navigator will significantly help them. The other area, quite frankly, around the cut points that impacted us was appeals and grievances, in some of our processes back in 2022. Those were very high performing contracts in the past and the cut points, while still good performance for us, were below the cut points. So I think those are very specific things that we can address. I want to take a moment, though, I think, to talk about where we are in value-based care because I think it is important to Medicare Advantage it's an area that we've been intensely focused on. As I mentioned on the primary care side, we've been working with a number of aggregators, plus increasing the amount of value-based care, but more importantly, embedding in those contracts quality and outcome measures as well as access and service. And I think those will have it, continue to, I guess, have an important impact on those. The other opportunity that we have is…

Next, we'll go to the line of Josh Raskin from Nephron Research. Please go ahead.

Hi, thanks. I'll add my congrats for 88 quarters for John as well. My question, can you speak to the strategy of how Carelon and benefits segments aim to really work together over time? I'm specifically interested in how you tie sort of the various companies within Carelon together and then also on that care delivery side as part of the answer. And then lastly, are there certain any capabilities, certain capabilities that you think are missing or would be helpful for Elevance in terms of putting together that totality of strategy?

Yes. Thanks for that question, Josh. We'd love to share more about our strategy. I'm going to have Pete Haytaian talk about it as you know he leads that part of our business.

Yes. No, thanks for the question. I really appreciate it. I think it is a good opportunity to talk about our strategy holistically. As Gail mentioned in her prepared remarks, we talk about whole health and integrated care and driving affordability. But I really want to tag off of what Gail just talked about because I really do believe it's what we're focused on and differentiating ourselves on. And that is looking at high cost, high spend areas of healthcare. We face off with our health plan partners. We identify those areas. Specialty care is a tremendous opportunity and a real differentiator. Gail mentioned some areas that are critically important to us as we move forward and this is across all lines of business. Not one particular line of business, but when you think about high spend areas like oncology, like MSK, like renal, we have a wonderful opportunity to manage the member holistically and take full risk on those members. Now importantly that's - it's a big part of our strategy in terms of assuming full risk on those categories, driving earnings through Carelon, our unregulated entity and also focusing on areas and profit pools that are growing where we have a wonderful commercialization opportunity. And how this all plays together is we face off with Elevance Health. We identify these areas. We drive capitated full risk in many of these instances, and then we deploy those capabilities externally. This is really playing through in a nice way, and we're seeing that play through in terms of our growth trajectory. To just, again, reiterate what Gail said in January of this year, we're going to be launching an oncology program at full risk. We are also looking at taking full risk on the seriously mentally ill in behavioral health, where we're not only managing the behavioral health, but the physical health side. And this is all the type of thing that is playing through into our external pipeline, which we're seeing grow nicely. So I really appreciate the question, Josh. I think -- oh yes, and by the way, you did ask questions around additional capabilities. I would say that M&A also is an important part of our strategy as we move forward. And when you think about these highly specialized areas of care, we're not naive to think that we have the capabilities internally to handle all of it. When you think about MSK, when you think about renal, even what we're doing around the seriously mentally ill, we will be looking to not only partnerships, but acquisitions that can help us in that regard.

Thanks, Pete, and thanks for the question. And I think if just summarize everything Pete said, we're really working in Carelon across kind of four major areas. Obviously, pharmacy with CarelonRx and then three pillars inside of our Carelon services business, care delivery, our insights and our behavioral health and all of those come together in all of Pete said. And we have a great opportunity to provide greater certainty and cost management to our owned health businesses, but externally commercialize that and seen a lot of momentum going into '24 on that, prove it on ourselves and then show the market the capabilities, particularly around the Blue system. So, thanks again for the question, Josh, and this will be our last question.

And our final question, we'll go to the line of Justin Lake from Wolfe Research. Please go ahead.

Thanks for squeezing me in, and I'll ask it my thanks to John for everything over the years. Really appreciate it, bud. Along those lines, Gail, maybe you can give us a little color around the CFO search and what you expect Mark to bring to the organization. And then just curious, if you have any early views on 2024 Medicare Advantage membership growth, both for Elevance and the market overall? Thanks.

Well, thanks for the question, Justin. And first of all, I will also offer my appreciation to John for his guidance and his counsel and honestly, our partnership over the time that I have been CEO. John and Mark has been here now for about a month. We're excited about having Mark Kaye join us. As you know, he was the CFO of Moody's. Mark brings -- he's an actuary by training, brings an incredible insight to our business. He and John have been working hand-in-hand on the transition, and John will be continuing as an adviser to me through the first quarter, as you heard in his opening remarks. I think we're at an incredible time in our business. We have great growth. We have a very diversified business and I'm excited about Mark joining our team and excited about the whole team. And thank John, we will all miss him, but he deserves time with his family and an opportunity to do things and work on his golf game, as you know, Justin. So, from that -- and I'm going to ask Felicia to comment a little bit about Medicare Advantage as you know, AEP has just started. So, it's really very early in days, so maybe Felicia can share a few comments about her thoughts on what we expect.

So good morning, Justin, and thank you. We are actually very excited about AEP. As Gail referenced, we are only three days in, but we're actually very pleased with the response we have from our brokers regarding the competitive positioning of our benefits and we believe that will be able to grow membership above the market in excess of some strategic decisions that we made around targeted market exit. So I want to point out that we made the very intentional and discrete decision to leave some markets that have been underperforming for us some period of time. Strategically, it was the right thing to do so that we can make sure we are focused on those markets where we have an opportunity to be very successful, deliver strong benefits for the members that we're privileged to serve. So as we think about where are today, we feel good about our positioning. As I said, we're very early in terms of where we are. But we believe as we head into 2024, we're going to be able deliver solid growth. As I said, I believe that will be above the overall market rate, based on where we're positioned. So thank you very much for the question.

Well, thank you, Felicia. And thank you to all of you on the line for your continued support and for joining us. Through a steadfast focus on whole health our diverse and expanding suite of products and solutions, we will continue to meet the needs of clients, consumers and the communities we serve, advancing our strategy of becoming a lifetime trusted health partner, while delivering on our commitments to all of our stakeholders. Thank you for your interest in Elevance Health. And have a great rest of the week.

Ladies and gentlemen, a recording of this conference will be available for replay after 11:00 AM today through November 17, 2023, you may access the replay system at any time by dialing 866-405-7293, and international participants can dial 203-369-0605. This concludes our conference for today. Thank you for your participation and for using Verizon Conferencing. You may now disconnect.