[Form 3] Elevance Health, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Craig R. Ryan, Executive Vice President and Chief HR Officer of Elevance Health, Inc. (ELV), disclosed initial beneficial ownership in a Form 3 filed for the 08/11/2025 event date. He directly owns 4,383 shares of common stock, including 3,341 restricted stock units that vest between 02/01/2026 and 03/03/2028. He also holds two employee stock options: one for 965 shares exercisable beginning 03/01/2025 at $499.11 and one for 1,201 shares exercisable beginning 03/03/2026 at $395.50, both vesting in annual installments. The paper Form 3 was delivered 08/21/2025 due to a pending Form ID; an electronic filing followed when EDGAR access was available.

Positive

• Clear disclosure of direct ownership, RSUs, and option grants including vesting schedules and exercise prices
• Transparency about filing process with explanation for the paper filing and prompt electronic submission once EDGAR access was available

Negative

• Initial electronic filing was delayed due to a pending Form ID, requiring a paper submission on 08/21/2025

Insights

Securities Analyst

TL;DR Reporting shows modest insider ownership via shares, RSUs and options; filing timing was affected by Form ID processing.

The Form 3 documents an officers initial ownership stake of 4,383 common shares, with significant compensation-linked holdings in the form of 3,341 RSUs and two option grants totaling 2,166 underlying shares. These holdings appear typical for a senior HR executive and reflect standard long-term incentive structures rather than immediate market-moving ownership changes. The filing was initially submitted on paper on 08/21/2025 because the reporting persons Form ID was pending; an electronic filing followed once EDGAR access was issued. For investors, the disclosure provides transparency on insider alignment without indicating a material change in control or unusual transactions.

Corporate Governance Expert

TL;DR Disclosure aligns with Section 16 requirements; delayed electronic submission due to Form ID is disclosed and explained.

The report properly identifies the reporting persons role as EVP and Chief HR Officer and details direct ownership, RSU vesting schedules, and option grant structures with exercise prices and installment vesting. The explanatory remarks transparently describe the administrative delay caused by a pending Form ID and the interim paper filing dated 08/21/2025. From a governance perspective, the filing meets transparency expectations and documents incentive compensation arrangements, supporting oversight of insider incentives without revealing material governance concerns.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Craig Ryan R

(Last) (First) (Middle)

220 VIRGINIA AVEUNE

(Street)

INDIANAPOLIS IN 46204

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/11/2025

3. Issuer Name and Ticker or Trading Symbol
Elevance Health, Inc. [ ELV ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief HR Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,383(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	(2)	03/01/2034	Common Stock	965	$499.11	D
Employee Stock Option (Right to Buy)	(3)	03/03/2035	Common Stock	1,201	$395.5	D

Explanation of Responses:

1. Includes 3,341 restricted share units which vest on varying dates between 2/1/2026 and 3/3/2028.

2. The option represents a right to purchase a total of 965 shares, and is exercisable in three annual installments, with one installment of 321 shares and two installments of 322 shares each, beginning on 3/1/2025, which is the one-year anniversary of the option grant date.

3. The option represents a right to purchase a total of 1,201 shares, and is exercisable in three annual installments, with two installments of 400 shares each and one installment of 401 shares, beginning on 3/3/2026, which is the one-year anniversary of the option grant date.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney The reporting person's Form ID application was pending as of the Form 3 filing deadline, preventing an electronic filing. A paper Form 3 was delivered to the SEC on August 21, 2025, and this electronic Form 3 was filed promptly upon issuance of EDGAR codes.

	/s/ Kathleen S. Kiefer, Attorney in fact	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares does Craig R. Ryan own in Elevance Health (ELV)?

The Form 3 reports 4,383 shares of common stock held directly, which include 3,341 restricted stock units that vest between 02/01/2026 and 03/03/2028.

What employee stock options does Craig R. Ryan hold at ELV?

He holds two options: one for 965 shares exercisable beginning 03/01/2025 at an exercise price of $499.11, and one for 1,201 shares exercisable beginning 03/03/2026 at $395.50, each vesting in annual installments.

Why was the Form 3 filed on paper and when was it submitted?

The reporting persons Form ID application was pending as of the Form 3 filing deadline, so a paper Form 3 was delivered to the SEC on 08/21/2025; the electronic Form 3 was filed promptly after EDGAR codes were issued.

What is Craig R. Ryans role at Elevance Health?

The Form 3 identifies him as Executive Vice President & Chief HR Officer and as an officer of the issuer.

Do the disclosed holdings indicate a change in control at ELV?

No. The filing documents standard compensation-related holdings and does not indicate a change in control or material ownership shift.