ANTHEM REPORTS SECOND QUARTER 2016 RESULTS.

Indianapolis, Ind: Anthem, Inc has issued following news release:

Anthem, Inc. (NYSE: ANTM) today announced that second quarter 2016 net income was $780.6 million, or $2.91 per share. These results included net negative adjustment items of $0.42 per share. Net income in the second quarter of 2015 was $859.1 million, or $3.13 per share, which included net positive adjustment items of $0.03 per share.

Excluding the items noted in each period, adjusted net income was $3.33 per share in the second quarter of 2016, an increase of 7.4 percent compared with adjusted net income of $3.10 per share in the prior year quarter (refer to page 14 for a reconciliation to the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles, or "GAAP").

"Our second quarter results reflect the continued growth and diversification of our company. Our commitment to the pending Cigna acquisition remains as strong as ever and we believe this acquisition will further advance affordability and quality for our customers," said Joseph Swedish, president and chief executive officer.

"Our second quarter 2016 earnings were in line with our expectations and reflected contributions from both of our business segments and an ongoing commitment to administrative expense efficiency," said John Gallina, executive vice president and chief financial officer.

1

CONSOLIDATED HIGHLIGHTS

Membership: Medical enrollment totaled approximately 39.8 million members at June 30, 2016, an increase of approximately 1.2 million members, or 3.2 percent, from 38.5 million at June 30, 2015. Commercial & Specialty Business enrollment increased by 654 thousand medical members as the Company experienced growth in the National and Local Group business, partially offset by a slight decrease in the Individual business. Enrollment also grew by 572 thousand in the Medicaid business.

Medical enrollment increased by 148 thousand members, or 0.4 percent, sequentially during the second quarter of 2016. The increase reflected enrollment gains in the Medicaid business, partially offset by declines in the Individual and National businesses.

Operating Revenue: Operating revenue was nearly $21.3 billion in the second quarter of 2016, an increase of approximately $1.5 billion, or 7.7 percent, versus the nearly $19.8 billion in the prior year quarter. The growth in revenue reflected premium increases to cover overall cost trends, adjustments made to the prior and current year risk adjustment estimates in ACA compliant products and higher enrollment in the Medicaid and Commercial self-funded businesses. These increases were partially offset by a decline in Local Group fully insured enrollment.

Benefit Expense Ratio: The benefit expense ratio was 84.2 percent in the second quarter of 2016, an increase of 210 basis points from 82.1 percent in the prior year quarter. The increase was largely driven by medical cost experience exceeding the net impact of annual premium rate adjustments and higher membership in the Medicaid business, which carries a higher benefit expense ratio than the...