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Anthem Inc ANTM

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Status Quo Likely to Be Maintained on U.S. Health Insurance and Tax Rates; Some MCO FVEs Increased

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

After Sen. Joe Manchin (D-VA) announced opposition to the Build Back Better bill, we do not expect Congress to enact policies that will significantly increase the insured rate in the U.S. beyond recent measures. While we view this development as mildly negative operationally for medical services firms, positively, those concerns appear likely to be at least offset in our fair value estimates by a reversal of our assumption that the U.S. corporate tax rate would rise and recent cash flows. However, maintaining the status quo in the U.S. healthcare system could keep ESG risks alive for medical service firms in the long run.

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Company Profile

Business Description

Anthem remains one of leading health insurers in the U.S., providing medical benefits to roughly 45 million medical members. The company offers employer, individual, and government-sponsored coverage plans. Anthem differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Anthem's reach expands beyond those states through government-sponsored programs such as Medicaid, too.

220 Virginia Avenue
Indianapolis, IN, 46204
T +1 800 331-1476
Sector Healthcare
Industry Healthcare Plans
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 83,400