ELV
Elevance Health Inc.
Is ELV Halal?
Health-benefits and care-services core with financial ratios passing; conventional insurance and investment income remain methodology-dependent.
What You Should Know
Elevance Health serves about 45.4 million medical members through health-benefit plans, pharmacy and care services. Debt/assets are 25.31%, liquidity is 29.15%, receivables plus cash are 25.79%, and net investment income is 1.52% of total first-quarter revenue; insurance activity is not universally classified.
⚠️ Concerns
- •Conventional insurance involves gharar and risk-transfer questions
- •Investment portfolio includes $27.019 billion of fixed-maturity securities and net investment income
- •Medicare Advantage sanctions and risk-adjustment data exposure require review
- •Health-plan, pharmacy, behavioral-health and government-program activity is not fully allocated
- •Claims fairness, privacy, access, provider and affordability obligations require continuing review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
31,842 / 125,827
36,676 / 125,827
32,447 / 125,827
765 / 50,181
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31%, liquidity is 29.15%, receivables plus cash are 25.79% and disclosed investment income is 1.52%; each is below the examined FTSE asset and income limits. Conventional-insurance and activity allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31%, liquidity is 29.15% and receivables plus cash are 25.79%, below the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim; insurance and business allocation remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 25.31% and liquidity is 29.15%, below the examined 33% Malaysia SAC financial limits. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security; screened business revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Elevance provides health-benefit plans, pharmacy products and services, and care-management services. Health insurance is debated in Islamic finance: some scholars distinguish socially necessary coverage, while others identify gharar and conventional risk-transfer concerns.
Limitation: The filing reports premiums, product revenue, service fees and investment income but does not quantify a universal prohibited-revenue numerator for conventional insurance, pharmacy, behavioral-health, government-plan or investment activity.
Purification
Elevance discloses $765 million of net investment income, or 1.52% of total first-quarter revenue, but does not prescribe a scholar-approved purification percentage or complete allocation for investment and insurance activities. Readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Debt uses $724 million of short-term borrowings, $350 million of current long-term debt and $30.768 billion of long-term debt at March 31, 2026.
- Cash uses $9.657 billion of cash and cash equivalents. Interest-bearing securities use $25.905 billion of current and $1.114 billion of long-term fixed-maturity securities; equity securities and other invested assets are not assumed to be interest-bearing securities in this input.
- Receivables use $11.525 billion of premium receivables, $5.098 billion of self-funded receivables and $6.167 billion of other receivables. Revenue uses $50.181 billion of total revenue, including $765 million of net investment income.
- The filing reports $765 million of net investment income, including income from fixed-maturity securities and alternative investments. It is used transparently for the income screen; net losses on financial instruments are not treated as income.
- Elevance operates health-benefit plans, pharmacy and care services. Conventional insurance, investment income, medical necessity, government programs and Carelon activities are debated or incompletely allocated across Islamic methodologies.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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