
	Year Ended December 31, 2024
In millions	Health Care Benefits		Health Services (1)		Pharmacy & Consumer Wellness		Corporate/ Other		Consolidated Totals
Revenues from external customers	$	129,120	$	158,016	$	83,464	$	56	$	370,656
Intersegment revenues	72		15,304		41,036		—		56,412
Net investment income	1,473		285		—		395		2,153
Total revenues	130,665		173,605		124,500		451		429,221
Intersegment eliminations (2)									(56,412)
Total consolidated revenues									$	372,809
Less: Net realized capital gains (losses)	(97)		289		—		(75)
Cost of products sold	—		160,036		99,337		—
Health care costs	113,659		3,407		—		187
Other segment items (3)	16,796		2,630		19,389		1,687
Adjusted operating income (loss)	$	307	$	7,243	$	5,774	$	(1,348)	$	11,976

Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)									2,025
Net realized capital gains (5)									(117)
Acquisition-related integration costs (6)									243
Restructuring charges (7)									1,179
Office real estate optimization charges (8)									30
Opioid litigation charge (9)									100
Operating income (GAAP measure)									8,516
Interest expense									2,958
Gain on early extinguishment of debt (12)									(491)
Other income									(99)
Income before income tax provision									$	6,148

Depreciation and amortization	$	1,599	$	1,059	$	1,543	$	396	$	4,597


	Year Ended December 31, 2023
In millions	Health Care Benefits		Health Services (1)		Pharmacy & Consumer Wellness		Corporate/ Other		Consolidated Totals
Revenues from external customers	$	104,800	$	174,018	$	77,748	$	57	$	356,623
Intersegment revenues	81		12,826		39,020		—		51,927
Net investment income (loss)	765		(1)		(5)		394		1,153
Total revenues	105,646		186,843		116,763		451		409,703
Intersegment eliminations (2)									(51,927)
Total consolidated revenues									$	357,776
Less: Net realized capital losses	(402)		—		(5)		(90)
Cost of products sold	—		175,424		91,447		1
Health care costs	85,504		1,607		—		210
Other segment items (3)	14,967		2,500		19,358		1,648
Adjusted operating income (loss)	$	5,577	$	7,312	$	5,963	$	(1,318)	$	17,534

Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)									1,905
Net realized capital losses (5)									497
Acquisition-related transaction and integration costs (6)									487
Restructuring charges (7)									507
Office real estate optimization charges (8)									46
Loss on assets held for sale (10)									349
Operating income (GAAP measure)									13,743
Interest expense									2,658
Other income									(88)
Income before income tax provision									$	11,173

Depreciation and amortization	$	1,572	$	880	$	1,549	$	365	$	4,366


	Year Ended December 31, 2022
In millions	Health Care Benefits		Health Services (1)		Pharmacy & Consumer Wellness		Corporate/ Other		Consolidated Totals
Revenues from external customers	$	90,798	$	157,968	$	72,739	$	124	$	321,629
Intersegment revenues	76		11,608		35,901		—		47,585
Net investment income (loss)	476		—		(44)		406		838
Total revenues	91,350		169,576		108,596		530		370,052
Intersegment eliminations (2)									(47,585)
Total consolidated revenues									$	322,467
Less: Net realized capital losses	(225)		—		(44)		(51)
Cost of products sold	—		160,738		82,063		42
Health care costs	71,473		—		—		249
Other segment items (3)	13,764		2,057		20,046		1,903
Adjusted operating income (loss)	$	6,338	$	6,781	$	6,531	$	(1,613)	$	18,037

Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)									1,785
Net realized capital losses (5)									320


Office real estate optimization charges (8)									117
Opioid litigation charge (9)									5,803
Loss on assets held for sale (10)									2,533
Gain on divestiture of subsidiaries (11)									(475)
Operating income (GAAP measure)									7,954
Interest expense									2,287
Other income									(169)
Income before income tax provision									$	5,836

Depreciation and amortization	$	1,579	$	519	$	1,889	$	237	$	4,224

(3)Other segment items for each reportable segment includes operating expenses, which primarily consists of selling, general and administrative expenses. Other segment items excludes the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.

(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.

(6)In 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. In 2023, the acquisition-related transaction and integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related transaction and integration costs are reflected in operating expenses within the Corporate/Other segment.

(7)In 2024, the restructuring charges are primarily comprised of a store impairment charge, corporate workforce optimization costs, including severance and employee-related costs, other asset impairment and related charges associated with the discontinuation of certain non-core assets and a stock-based compensation charge. During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, the Company completed a strategic review of its retail business and determined that it plans to close 271 retail stores in 2025, and, accordingly, it recorded a store impairment charge to write down the associated operating or financing lease right-of-use assets and property and equipment. In addition, during the third quarter of 2024, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, at which time impairment losses were recorded to write down the carrying value of these assets to the Company’s best estimate of their fair value. In 2023, the restructuring charges are primarily comprised of severance and employee-related costs, asset impairment charges and a stock-based compensation charge. The restructuring charges associated with the store impairments are reflected within the Pharmacy & Consumer Wellness segment, other asset impairments and related charges are reflected within the Corporate/Other and Pharmacy & Consumer Wellness segments and corporate workforce optimization costs, including severance and employee-related costs, as well as stock-based compensation charges, are reflected within the Corporate/Other segment.

(8)In 2024, 2023 and 2022, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space in response to its ongoing flexible work arrangement. The office real estate optimization charges are reflected in operating expenses within each segment.

(10)In 2023 and 2022, the loss on assets held for sale relates to the LTC business within the Pharmacy & Consumer Wellness segment. During 2022, the Company determined that its LTC business was no longer a strategic asset and committed to a plan to sell it, at which time the LTC business met the criteria for held-for-sale accounting and its net assets were accounted for as assets held for sale. The carrying value of the LTC business was determined to be greater than its estimated fair value less costs to sell and, accordingly, the Company recorded a loss on assets held for sale during 2022. During the first quarter of 2023, a loss on assets held for sale was recorded to write down the carrying value of the LTC business to the Company’s best estimate of the ultimate selling price which reflected its estimated fair value less costs to sell. As of the third quarter of 2023, the Company determined the LTC business no longer met the criteria for held-for-sale accounting and, accordingly, the net assets associated with the LTC business were reclassified to held and used at their respective fair values. During 2022, the loss on assets held for sale also relates to the Company’s Thailand business, which was included in the Commercial Business reporting unit in the Health Care Benefits segment. The sale of the Thailand business closed in the second quarter of 2022, and the ultimate loss on the sale was not material.