SEC FORM 3

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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

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1. Name and Address of Reporting Person^*

Craig Ryan R

(Last)

(First)

(Middle)

220 VIRGINIA AVEUNE

(Street)

INDIANAPOLIS

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 HR 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	4,383⁽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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Employee Stock Option (Right to Buy)	⁽²⁾	03/01/2034	Common Stock	965	$499.11	D
Employee Stock Option (Right to Buy)	⁽³⁾	03/03/2035	Common Stock	1,201	$395.5	D

Explanation of Responses:

1. Includes 3,341 restricted share units which vest on varying dates between 2/1/2026 and 3/3/2028.

2. The option represents a right to purchase a total of 965 shares, and is exercisable in three annual installments, with one installment of 321 shares and two installments of 322 shares each, beginning on 3/1/2025, which is the one-year anniversary of the option grant date.

3. The option represents a right to purchase a total of 1,201 shares, and is exercisable in three annual installments, with two installments of 400 shares each and one installment of 401 shares, 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.
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