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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number: 001-16751
ANTHEM, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-2145715
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
220 Virginia Avenue
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (800331-1476
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueANTMNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒
As of October 14, 2021, 242,714,676 shares of the Registrant’s Common Stock were outstanding.



Anthem, Inc.
Quarterly Report on Form 10-Q
For the Period Ended September 30, 2021
Table of Contents
 
  Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
-1-


PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
Anthem, Inc.
Consolidated Balance Sheets
September 30,
2021
December 31,
2020
(In millions, except share data)(Unaudited) 
Assets
Current assets:
Cash and cash equivalents$5,490 $5,741 
Fixed maturity securities (amortized cost of $25,495 and $22,222; allowance for credit losses of $6 and $7)26,348 23,433 
Equity securities2,119 1,559 
Premium receivables6,008 5,279 
Self-funded receivables3,349 2,849 
Other receivables3,450 2,830 
Other current assets5,140 4,060 
Total current assets51,904 45,751 
Long-term investments:
Fixed maturity securities (amortized cost of $606 and $532; allowance for credit losses of $0 and $0)625 562 
Other invested assets4,959 4,285 
Property and equipment, net3,835 3,483 
Goodwill24,184 21,691 
Other intangible assets10,749 9,405 
Other noncurrent assets1,804 1,438 
Total assets$98,060 $86,615 
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable$13,562 $11,359 
Other policyholder liabilities5,201 4,590 
Unearned income954 1,259 
Accounts payable and accrued expenses5,960 5,493 
Short-term borrowings175  
Current portion of long-term debt849 700 
Other current liabilities8,461 6,052 
Total current liabilities35,162 29,453 
Long-term debt, less current portion21,761 19,335 
Reserves for future policy benefits788 794 
Deferred tax liabilities, net2,629 2,019 
Other noncurrent liabilities1,912 1,815 
Total liabilities62,252 53,416 
Commitments and contingencies – Note 11
Shareholders’ equity
Preferred stock, without par value, shares authorized – 100,000,000; shares issued and outstanding – none  
Common stock, par value $0.01, shares authorized – 900,000,000; shares issued and outstanding –
242,847,676 and 245,401,430
2 3 
Additional paid-in capital9,138 9,244 
Retained earnings26,700 23,802 
Accumulated other comprehensive (loss) income(103)150 
Total shareholders’ equity35,737 33,199 
Noncontrolling interests71  
Total equity35,808 33,199 
Total liabilities and equity$98,060 $86,615 









See accompanying notes.
-2-


Anthem, Inc.
Consolidated Statements of Income
(Unaudited) 
 Three Months Ended 
 September 30
Nine Months Ended 
 September 30
(In millions, except per share data)2021202020212020
Revenues
Premiums$30,395 $26,392 $86,604 $77,001 
Product revenue3,353 2,598 9,132 7,485 
Administrative fees and other revenue1,800 1,659 5,189 4,789 
Total operating revenue35,548 30,649 100,925 89,275 
Net investment income335 280 1,026 591 
Net realized (losses) gains on financial instruments(61)229 107 177 
Total revenues35,822 31,158 102,058 90,043 
Expenses
Benefit expense26,645 22,921 75,107 63,957 
Cost of products sold2,898 2,222 7,825 6,431 
Selling, general and administrative expense3,946 5,305 11,692 13,132 
Interest expense201 198 598 593 
Amortization of other intangible assets136 93 306 269 
Loss on extinguishment of debt 30 5 34 
Total expenses33,826 30,769 95,533 84,416 
Income before income tax expense
1,996 389 6,525 5,627 
Income tax expense494 167 1,555 1,606 
Net income1,502 222 4,970 4,021 
Net loss (income) attributable to noncontrolling interests7  (3) 
Shareholders’ net income$1,509 $222 $4,967 $4,021 
Shareholders’ net income per share
Basic $6.20 $0.88 $20.33 $15.96 
Diluted $6.13 $0.87 $20.09 $15.75 
Dividends per share$1.13 $0.95 $3.39 $2.85 
















See accompanying notes.
-3-


Anthem, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended 
 September 30
Nine Months Ended 
 September 30
(In millions)2021202020212020
Net income$1,502 $222 $4,970 $4,021 
Other comprehensive (loss) income, net of tax:
Change in net unrealized losses/gains on investments(97)113 (284)154 
Change in non-credit component of impairment losses on investments
(1)16 1 (6)
Change in net unrealized gains/losses on cash flow hedges4 4 10 10 
Change in net periodic pension and postretirement costs8 8 26 25 
Foreign currency translation adjustments(1)1 (7)1 
Other comprehensive (loss) income(87)142 (254)184 
Net loss (income) attributable to noncontrolling interests7  (3) 
Other comprehensive loss attributable to noncontrolling interests1  1  
Total shareholders’ comprehensive income$1,423 $364 $4,714 $4,205 
































See accompanying notes.
-4-


Anthem, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended 
 September 30
(In millions)20212020
Operating activities
Net income$4,970 $4,021 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized gains on financial instruments(107)(177)
Depreciation and amortization942 864 
Deferred income taxes114 (102)
Impairment of property and equipment 195 
Share-based compensation196 214 
Changes in operating assets and liabilities:
Receivables, net(1,751)(845)
Other invested assets(56)6 
Other assets(470)(988)
Policy liabilities2,328 1,624 
Unearned income(308)(95)
Accounts payable and other liabilities1,093 1,953 
Income taxes168 104 
Other, net(427)101 
Net cash provided by operating activities6,692 6,875 
Investing activities
Purchases of investments(15,130)(16,708)
Proceeds from sale of investments8,339 8,739 
Maturities, calls and redemptions from investments3,388 3,763 
Changes in securities lending collateral(1,030)(668)
Purchases of subsidiaries, net of cash acquired(3,442)(1,973)
Purchases of property and equipment(747)(743)
Other, net(50)(39)
Net cash used in investing activities(8,672)(7,629)
Financing activities
Net repayments of commercial paper borrowings(150)(400)
Proceeds from long-term borrowings3,462 2,485 
Repayments of long-term borrowings(954)(964)
Proceeds from short-term borrowings175 970 
Repayments of short-term borrowings (1,520)
Changes in securities lending payable1,030 668 
Repurchase and retirement of common stock(1,378)(1,342)
Cash dividends(831)(720)
Proceeds from issuance of common stock under employee stock plans161 112 
Taxes paid through withholding of common stock under employee stock plans(101)(112)
Other, net324 623 
Net cash provided by (used in) financing activities1,738 (200)
Effect of foreign exchange rates on cash and cash equivalents(9)1 
Change in cash and cash equivalents(251)(953)
Cash and cash equivalents at beginning of period5,741 4,937 
Cash and cash equivalents at end of period$5,490 $3,984 









See accompanying notes.
-5-


Anthem, Inc.
Consolidated Statements of Shareholders’ Equity
(Unaudited)
Nine Months Ended September 30, 2021
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
(In millions)Number of
Shares
Par
Value
January 1, 2021245.4 $3 $9,244 $23,802 $150 $ $33,199 
Net income— — — 1,665 — 2 1,667 
Other comprehensive loss— — — — (345)(2)(347)
Noncontrolling interests adjustment— — — — — 65 65 
Repurchase and retirement of common stock(1.4)(1)(53)(393)— — (447)
Dividends and dividend equivalents— — — (281)— — (281)
Issuance of common stock under employee stock plans, net of related tax benefits0.9 — 62 — — — 62 
March 31, 2021244.9 2 9,253 24,793 (195)65 33,918 
Net income— — — 1,793 — 8 1,801 
Other comprehensive income— — — — 178 2 180 
Noncontrolling interests adjustment— — — — — 3 3 
Repurchase and retirement of common stock(1.3)— (47)(433)— — (480)
Dividends and dividend equivalents— — — (279)— — (279)
Issuance of common stock under employee stock plans, net of related tax benefits0.3 — 119 — — — 119 
Convertible debenture repurchases and conversions— — (216)— — — (216)
June 30, 2021243.9 2 9,109 25,874 (17)78 35,046 
Net income (loss)— — — 1,509 — (7)1,502 
Other comprehensive loss— — — — (86)(1)(87)
Noncontrolling interest adjustment— — — — — 1 1 
Repurchase and retirement of common stock(1.2)— (44)(407)— — (451)
Dividends and dividend equivalents— — — (276)— — (276)
Issuance of common stock under employee stock plans, net of related tax benefits0.1 — 75 — — — 75 
Convertible debenture repurchases and conversions— — (2)— — — (2)
September 30, 2021242.8 $2 $9,138 $26,700 $(103)$71 $35,808 




See accompanying notes.
-6-


Anthem, Inc.
Consolidated Statements of Shareholders’ Equity (continued)
(Unaudited)
Nine Months Ended September 30, 2020
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity
(In millions)Number of
Shares
Par
Value
December 31, 2019 (audited)252.9 $3 $9,448 $22,573 $(296)$— $31,728 
Adoption of Accounting Standards Update No. 2016-13— — — (35)— — (35)
January 1, 2020252.9 3 9,448 22,538 (296)— 31,693 
Net income— — — 1,523 — — 1,523 
Other comprehensive loss— — — — (712)— (712)
Repurchase and retirement of common stock(1.9)— (71)(458)— — (529)
Dividends and dividend equivalents— — — (243)— — (243)
Issuance of common stock under employee stock plans, net of related tax benefits
1.0 — 3 — — — 3 
Convertible debenture repurchases and conversions
— — (42)— — — (42)
March 31, 2020252.0 3 9,338 23,360 (1,008)— 31,693 
Net income— — — 2,276 — — 2,276 
Other comprehensive income— — — — 754 — 754 
Repurchase and retirement of common stock
(0.2) (9)(46)— — (55)
Dividends and dividend equivalents— — — (244)— — (244)
Issuance of common stock under employee stock plans, net of related tax benefits
0.3 — 113 — — — 113 
Convertible debenture repurchases and conversions
— — (82)— — — (82)
June 30, 2020252.1 3 9,360 25,346 (254)— 34,455 
Net income
— — — 222 — — 222 
Other comprehensive income— — — — 142 — 142 
Repurchase and retirement of common stock
(2.9) (106)(652)— — (758)
Dividends and dividend equivalents
— — — (238)— — (238)
Issuance of common stock under employee stock plans, net of related tax benefits
0.2 — 98 — — — 98 
September 30, 2020249.4 $3 $9,352 $24,678 $(112)$— $33,921 








See accompanying notes.
-7-


Anthem, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
September 30, 2021
(In Millions, Except Per Share Data or As Otherwise Stated Herein)
 
1.     Organization
References to the terms “we,” “our,” “us” or “Anthem” used throughout these Notes to Consolidated Financial Statements refer to Anthem, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico, unless the context otherwise requires.
We are one of the largest health benefits companies in the United States in terms of medical membership, serving approximately 45 medical members through our affiliated health plans as of September 30, 2021. We offer a broad spectrum of network-based managed care plans to Individual, Group, Medicaid and Medicare markets. Our managed care plans include: Preferred Provider Organizations (“PPOs”); Health Maintenance Organizations (“HMOs”); Point-of-Service plans; traditional indemnity plans and other hybrid plans, including Consumer-Driven Health Plans; and hospital only and limited benefit products. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, actuarial services, provider network access, medical cost management, disease management, wellness programs and other administrative services. We provide an array of specialty and other insurance products and services such as pharmacy benefits management (“PBM”), dental, vision, life and disability insurance benefits, radiology benefit management and analytics-driven personal healthcare. We also provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Health Benefits (“FEHB”) Program.
We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, and Empire Blue Cross Blue Shield or Empire Blue Cross. We also conduct business through arrangements with other BCBS licensees as well as other strategic partners. Through our subsidiaries, we also serve customers in numerous states and Puerto Rico as AIM Specialty Health, Amerigroup, Aspire Health, Beacon, CareMore, Freedom Health, HealthLink, HealthSun, MMM, Optimum HealthCare, Simply Healthcare, and/or UniCare. Also, we provide PBM services through our IngenioRx, Inc. (“IngenioRx”) subsidiary. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries.
2.     Basis of Presentation and Significant Accounting Policies
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our 2020 Annual Report on Form 10-K, unless the information contained in those disclosures materially changed or is required by GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the consolidated financial statements as of and for the three and nine months ended September 30, 2021 and 2020 have been recorded. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, or any other period. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2020 included in our 2020 Annual Report on Form 10-K.
-8-


Certain of our subsidiaries operate outside of the United States and have functional currencies other than the U.S. dollar (“USD”). We translate the assets and liabilities of those subsidiaries to USD using the exchange rate in effect at the end of the period. We translate the revenues and expenses of those subsidiaries to USD using the average exchange rates in effect during the period. The net effect of these translation adjustments is included in “Foreign currency translation adjustments” in our consolidated statements of comprehensive income.
Cash and Cash Equivalents: We control a number of bank accounts that are used exclusively to hold customer funds for the administration of customer benefits, and we have cash and cash equivalents on deposit to meet certain regulatory requirements. These amounts totaled $186 and $170 at September 30, 2021 and December 31, 2020, respectively, and are included in the cash and cash equivalents line on our consolidated balance sheets.
Investments: We classify fixed maturity securities in our investment portfolio as “available-for-sale” and report those securities at fair value. Certain fixed maturity securities are available to support current operations and, accordingly, we classify such investments as current assets without regard to their contractual maturity. Investments used to satisfy contractual, regulatory or other requirements are classified as long-term, without regard to contractual maturity.
If a fixed maturity security is in an unrealized loss position and we have the intent to sell the fixed maturity security, or it is more likely than not that we will have to sell the fixed maturity security before recovery of its amortized cost basis, we write down the fixed maturity security’s cost basis to fair value and record an impairment loss in our consolidated statements of income. For impaired fixed maturity securities that we do not intend to sell or if it is more likely than not that we will not have to sell such securities, but we expect that we will not fully recover the amortized cost basis, we recognize the credit component of the impairment as an allowance for credit loss in our consolidated balance sheets and record an impairment loss in our consolidated statements of income. The non-credit component of the impairment is recognized in accumulated other comprehensive (loss) income. Furthermore, unrealized losses entirely caused by non-credit-related factors related to fixed maturity securities for which we expect to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive (loss) income.
The credit component of an impairment is determined primarily by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. The net present value is calculated by discounting our best estimate of projected future cash flows at the effective interest rate implicit in the fixed maturity security at the date of purchase. For mortgage-backed and asset-backed securities, cash flow estimates are based on assumptions regarding the underlying collateral, including prepayment speeds, vintage, type of underlying asset, geographic concentrations, default rates, recoveries and changes in value. For all other securities, cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings and estimates regarding timing and amount of recoveries associated with a default.
For asset-backed securities included in fixed maturity securities, we recognize income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the purchase date of the securities. Such adjustments are reported within net investment income.