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

Rhea-AI Filing Summary

Elevance Health director and EVP & Chief Legal Officer Erin M. Wessling filed an initial Form 3 disclosing direct beneficial ownership of 4,241 shares of common stock (restricted share units vesting 9/3/2025–3/3/2028) and two employee stock options covering 394 shares (exercise price $562.29) and 1,922 shares (exercise price $395.50). The filing notes a paper Form 3 was delivered 08/21/2025 because the reporting person's Form ID was pending.

Positive

• Transparent disclosure of direct beneficial ownership including RSUs and option grants
• Vesting schedules and exercise prices are clearly stated enabling timeline analysis

Negative

• Form ID pending caused a paper Form 3 delivery rather than an initial electronic filing

Insights

Corporate Governance Expert

TL;DR: Routine initial ownership disclosure by a newly reported officer; no material governance concerns evident.

The Form 3 documents standard Section 16 reporting for an officer who is also a director. Holdings consist of restricted share units and time‑vesting options with multi‑year vest schedules, aligning management incentives with shareholder value over time. The paper filing due to a pending Form ID is procedural and explained in the remarks; it does not alter the disclosed ownership.

Securities Analyst

TL;DR: Ownership and option grants disclosed are modest relative to a large-cap issuer and are typical compensation instruments.

The reported 4,241 RSUs and options for 2,316 total option shares (394 + 1,922) reflect executive compensation structures rather than material capital positions. Exercise prices are stated, and vesting/exercisability timelines are explicit, enabling investors to model potential dilution timing. No sales, purchases, or other unusual transactions were reported.

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Wessling Erin M

(Last) (First) (Middle)

220 VIRGINIA AVENUE

(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 Legal 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	4,241(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)	09/03/2034	Common Stock	394	$562.29	D
Employee Stock Option (Right to Buy)	(3)	03/03/2035	Common Stock	1,922	$395.5	D

Explanation of Responses:

1. Represents restricted share units which vest on varying dates between 9/3/2025 and 3/3/2028.

2. The option represents a right to purchase a total of 394 shares, and is exercisable in three annual installments, with two installments of 131 shares each and one installment of 132 shares, beginning on 9/3/2025, which is the one-year anniversary of the option grant date.

3. The option represents a right to purchase a total of 1,922 shares, and is exercisable in three annual installments, with one installment of 640 shares and two installments of 641 shares each, 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 did Erin M. Wessling disclose on the Form 3 for ELV?

The filing discloses 4,241 shares of common stock (restricted share units) and two employee stock options covering 394 and 1,922 shares with exercise prices of $562.29 and $395.50.

When do the restricted share units and options vest or become exercisable?

RSUs vest on varying dates between 9/3/2025 and 3/3/2028. The 394‑share option becomes exercisable in installments beginning 9/3/2025; the 1,922‑share option begins annual installments on 3/3/2026.

Does the Form 3 indicate any sales or purchases of ELV shares by the reporting person?

No. The Form 3 reports holdings and options only; it does not show any purchases or sales transactions.

Why was the Form 3 filed on paper before electronic filing?

The filing states the reporting person's Form ID application was pending, preventing an electronic filing; a paper Form 3 was delivered on 08/21/2025 and the electronic version was filed after EDGAR codes were issued.

What is Erin Wessling's role at Elevance Health (ELV)?

The Form 3 lists her relationship as Director and EVP & Chief Legal Officer.