Elevance Health laying off 123 workers in California
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Elevance Health Inc. is laying off 123 people in two offices in southern California, just a week after reporting a disappointing third-quarter profit and lowering its full-year earnings guidance.
The Indianapolis-based health insurer, formerly known as Anthem Inc., reported the layoffs to California officials last Friday in a WARN notice, one day after issuing its earnings report.
The WARN Act requires employers to disclose impending large layoffs and plant closings to employees, their representatives, and the state workforce office.
The layoffs will affect 64 people in the company’s Cerritos office and 59 people in the Woodland Hills office.
An Elevance spokeswoman did not immediately respond to an IBJ email requesting details of the layoffs, or to say whether other sites were affected. Elevance is the largest public company in Indiana, based on revenue, and has about 5,000 employees in the state.
Elevance has been trimming its workforce in recent months around the country. Last fall, it said it would lay off 87 workers in California and 57 workers in Minnesota. In January, it said it would lay off 90 employees in Michigan, according to industry newsletter HealthcareDive.
Last month, the company disclosed it planned to expand operations in Indianapolis with an $11.9 million investment at two sites: its headquarters at 220 Virginia Avenue and another site at 4740 Victory Lane on the southeast side. The second location is currently a large logistics hub.
Elevance signed a contract with the Indiana Economic Development Corp. in which it committed to adding 230 jobs by Dec. 31, 2025.
Separately, Elevance announced last month it had agreed to acquire Indiana University Health Plans, the health care provider’s managed care branch. Elevance Health is the parent company of Anthem Blue Cross and Blue Shield, which will serve as the provider for customers of IU Health Plans after the deal closes.
Elevance shares were up 2.3% in midday trading, to $428.52 each.
