[Form 4] Elevance Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Craig Ryan R, EVP & Chief HR Officer of Elevance Health, Inc. (ELV), reported equity awards and an option grant on 09/02/2025. He was awarded 970 restricted share units (RSUs) with a $0 purchase price and now beneficially owns 5,353 shares. He also received an employee stock option with an exercise price of $322.33 for 3,690 shares, exercisable in three annual installments beginning 09/02/2026 and expiring 09/02/2035, leaving 3,690 underlying shares from the option. The RSUs vest in annual installments of 323, 323, and 324 shares on 9/2/2026, 9/2/2027 and 9/2/2028 respectively.

Insights

Securities Analyst

TL;DR: Insider equity awards reported — RSUs and time‑vesting options granted to a senior executive on 09/02/2025.

The filing documents a non‑derivative award of 970 restricted share units and a derivative award comprising an employee stock option to purchase 3,690 shares at $322.33. The option vests in three annual installments starting 09/02/2026 and expires 09/02/2035. Following the transactions the reporting person beneficially owns 5,353 common shares and has 3,690 option shares outstanding. This is a routine Section 16 filing reflecting compensation-related equity grants rather than open-market trading.

Corporate Governance Expert

TL;DR: Governance disclosure: officer grant with scheduled vesting and multi-year exercise window documented.

The form discloses structured vesting: RSUs vest over three annual dates (323/323/324 shares) and the option becomes exercisable in three annual installments of 1,230 shares beginning 09/02/2026. The record is signed by an attorney-in-fact and appears to be a standard compensation disclosure under Section 16. No amendments or additional restrictions beyond vesting schedules are noted in the filing.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Craig Ryan R

(Last) (First) (Middle)

220 VIRGINIA AVEUNE

(Street)

INDIANAPOLIS IN 46204

(City) (State) (Zip)

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

5. 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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		A		970(1)	A	$0	5,353	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$322.33	09/02/2025		A		3,690		(2)	09/02/2035	Common Stock	3,690	$0	3,690	D

Explanation of Responses:

1. Represents restricted share units. Restrictions lapse as follows: 323 shares each on 9/2/2026 and 9/2/2027, and 324 shares on 9/2/2028.

2. The option represents a right to purchase a total of 3,690 shares, and is exercisable in three annual installments of 1,230 shares, beginning on 9/2/2026, which is the one-year anniversary of the option grant date.

Remarks:

	/s/ Kathleen S. Kiefer, Attorney in fact	09/04/2025
	** 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 4 (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 Elevance Health insider Craig Ryan R report on Form 4 (ELV)?

The filing reports a grant of 970 restricted share units and an employee stock option for 3,690 shares at $322.33, dated 09/02/2025.

How many shares does Craig Ryan R beneficially own after the reported transactions?

Following the reported transactions he beneficially owns 5,353 common shares and has 3,690 option shares outstanding.

When do the RSUs and options vest for Craig Ryan R?

The RSUs vest as 323 shares on 9/2/2026, 323 on 9/2/2027, and 324 on 9/2/2028. The option vests in three annual installments of 1,230 shares beginning 09/02/2026.

What is the exercise price and expiration date of the option granted to Craig Ryan R?

The option has an exercise price of $322.33 and an expiration date of 09/02/2035.

Was the Form 4 filing signed and when?

Yes. The filing includes a signature by Kathleen S. Kiefer, Attorney in fact dated 09/04/2025.