It has been about a month since the last earnings report for Elevance Health (NYSE: ELV). Shares have added about 7.3% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Elevance Health due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Elevance Health's Q2 Earnings Beat on Lower Benefit Expense Elevance Health reported second-quarter 2024 adjusted earnings of $10.12 per share, which outpaced the Zacks Consensus Estimate by 1.3%. The bottom line improved 12% year over year. Operating revenues of $43.2 billion dipped 0.4% year over year. However, the top line beat the consensus mark by 0.5%. The quarterly results were driven by improved product revenues in the CarelonRx business and a significant rise in net investment income. However, the upside was partly offset by a decline in Medicaid and Medicare membership and reduced premium revenues, thus impacting overall margins. Q2 Operational Update Medical membership of Elevance Health was around 45.8 million as of Jun 30, 2024, which slipped 5% year over year. The decrease was due to attrition in its Medicaid business, partially offset by growth in commercial fee-based business. The reported figure missed the Zacks Consensus Estimate of 46.2 million and our estimate of 46.4 million. Premiums decreased 3.2% year over year to $35.4 billion and came lower than the consensus mark of $35.8 billion and our estimate of $35.6 billion. Product revenues of $5.5 billion advanced 13.8% year over year, higher than the Zacks Consensus Estimate of $5.1 billion and our estimate of $5.2 billion. Net investment income climbed 22.1% year over year to $508 million, which surpassed the consensus mark of $474.6 million and our estimate of $451.4 million. Total operating margin improved 30 bps ...