ELV vs MFC Comparison

Elevance Health remains one of the leading health insurers in the US, providing medical benefits to 46 million medical members as of June 2025. The company offers employer, individual, and government-sponsored coverage plans. Elevance 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, Elevance's reach expands beyond those states through government-sponsored programs, such as Medicaid and Medicare Advantage plans, too. It is also an emerging player in pharmacy benefit management and other healthcare services.

Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, and asset management products to individuals and group customers in Canada, the United States, and Asia. The Canadian business segment contributes approximately 22% of adjusted earnings. The Asia segment operates across 12 countries and contributes around 36% of earnings, with a significant presence in Hong Kong and Singapore. The US business, which primarily operates under the John Hancock brand, contributes about 23% of earnings and is one of the top 20 life insurers in the US. Manulife's global asset and wealth management business contributes approximately 20% of its earnings and had around CAD 1.03 trillion in assets under management and administration as of the end of 2024.