Elevance sees quarterly profit above estimates on seasonality

Shares of health insurer Elevance ELV.N rise 2.8% to $420.92 in afternoon trade

Company says current Wall Street expectations for Q1 profit is "about a $1.00 light" compared to its expectation, due to seasonality

Analysts, on average, expect first-quarter profit of $10.62 per share, according to data compiled by LSEG

Company says its Q1 medical loss ratio, the percentage of premiums spent on medical care, is expected to benefit from a favorable calendar, as there are lesser number of workdays compared to last year

ELV sees no change to its full-year profit estimate of $34.15 to $34.85 per share

Up to last close, stock down 18.6% in the past 12 months