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Elevance Health is laying off 123 people across its two Southern California offices, just one week after reporting disappointing third-quarter profits and lowering its full-year profit outlook.
The Indianapolis-based health insurance company, formerly known as Anthem Inc., reported the layoffs to California regulators in a WARN notice Friday, a day after it released its earnings report.
The WARN Act requires employers to disclose impending large-scale layoffs or plant closures to employees, their representatives, and state labor departments.
The layoffs will affect 64 people in the company’s Cerritos office and 59 people in its Woodland Hills office.
An Elevance spokeswoman did not immediately respond to an email from the bank asking for details of the job cuts or whether other sites would be affected. Elevance is Indiana’s largest publicly traded company by revenue, with approximately 5,000 employees in the state.
Elevance has been cutting its workforce across the U.S. in recent months. Last fall, the company announced it would lay off 87 people in California and 57 in Minnesota. In January, the company announced it would lay off 90 employees in Michigan, according to industry publication Healthcare Dive.
Last month, the company announced plans to expand its presence in Indianapolis by investing $11.9 million in two locations: its headquarters at 220 Virginia Avenue and another location at 4740 Victory Lane on the Southeast Side. The second location is now a large logistics hub.
Elevance entered into an agreement with the Indiana Economic Development Corporation, committing to add 230 jobs by December 31, 2025.
Separately, Elevance announced last month that it had agreed to acquire Indiana University Health Plans, the provider’s managed care division. Elevance Health is the parent company of Anthem Blue Cross and Blue Shield and will serve as a provider to IU Health Plans customers upon closing.
Elevance stock rose 2.3% in midday trading to $428.52 per share.
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