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a picture of health
2002 annual report
Anthem®

Table of contents

  • Page 1
    Anthem ® a picture of health 2002 annual report

  • Page 2
    ANTHEM'S MISSION IS TO IMPROVE THE HEALTH OF THE PEOPLE WE SERVE.

  • Page 3
    anthem was a picture of health in 2002. We are committed to further improvement in 2003.

  • Page 4
    ... 1 2 Refer to footnotes to Selected Consolidated Financial Data on pages 26 and 27 of this Annual Report to Shareholders. The Southeast region was formed with the July 31, 2002 acquisition of Trigon Healthcare, Inc. Same-store information as presented excludes Southeast region membership and...

  • Page 5

  • Page 6

  • Page 7
    ... her advice. I came to rely on Diana and on Anthem. It was a lifesaver." Stacey's second son, Aidan, was born-happy and healthy-in July of 2002.

  • Page 8
    MaternOhio It began with a prominent physician in Columbus, Ohio, who wanted to find a better way for doctors and health plans to work together to focus on health care quality. It became a forerunner of what is now a national trend...basing physician reimbursement from health plans in part on ...

  • Page 9
    Anthem member Sharon Worrell and Christopher M. Copeland, M.D.

  • Page 10

  • Page 11
    ... breathing wasn't getting any better," she says. "I wasn't able to walk at all. I couldn't even laugh...my breath got too short." In September of 2002, Tammy connected with Janice and offered to put her in Anthem's asthma management program. The results have been dramatic. "She has helped me. Period...

  • Page 12
    Wenco Industries As President of Wenco Industries-which operates nine Midas Muffler shops in Denver and Colorado Springs, Colo.-Ron Genuario faces the problem so many small business owners struggle with: how to provide benefits to employees as health care costs keep rising. Adding to the problem is...

  • Page 13
    Ron Genuario, President, Wenco Industries

  • Page 14
    ...n i t i e s : Our mission is to improve the health of the people we serve, and we continued to make significant progress in 2002. At the same time, we improved the company's overall performance in providing value to our shareholders, customers and communities. • We acquired Trigon Healthcare, Inc...

  • Page 15
    ... and preventive care quality measures. Anthem was also recognized for outstanding business and financial performance. Fortune magazine continued to recognize Anthem on its annual list of most admired health care companies in America. In July, we were added to the Standard & Poor's 500 Index. Fortune...

  • Page 16
    .... From left to right (standing), Samuel Nussbaum, M.D., John Murphy, Keith Faller, Jane Niederberger, Michael Smith and Michael Houk. We made great strides in 2002, and we are committed to further improvement in 2003. Products that meet the needs of our members will continue to be a major focus, as...

  • Page 17
    13

  • Page 18
    ... professionals and facilities that provide care, and for the communities in which we live and work. Our membership growth remained strong in 2002. We grew our existing membership by 8 percent, again outperforming our peer group of publicly traded health benefits companies. This reflects high levels...

  • Page 19

  • Page 20

  • Page 21
    ...Caroline Matthews Chief Operating Officer Anthem Blue Cross and Blue Shield West Region Affordability Few issues commanded more of our attention in 2002 than health care affordability. As a leading health insurer, we recognize our responsibility to provide access to high-quality care and benefits...

  • Page 22
    ... on innovative programs that have earned it a national reputation for quality. We began sales of our life insurance products in Maine and New Hampshire in 2002, and initiated life sales in Virginia at the beginning of 2003. We will continue to expand these offerings in each of our regions throughout...

  • Page 23
    ... 44,000 to 98,000 unnecessary deaths annually, costing between $17 billion and $29 billion. In 2002, we celebrated the 10th anniversary of a... the percentage of hospitals instituting measures to reduce employees' fear of reporting medical errors rose from 86 percent to 99 percent. Another long-...

  • Page 24
    ... Management Corporation, acquired as a part of Trigon, has built a reputation for its nationally acclaimed disease management initiatives. During 2002, new "advanced" or "proactive" care management programs-which identify members who require special assistance in dealing with significant health...

  • Page 25
    " One of the things that differentiates us is that our customer service has become very high-tech while also remaining very 'high-touch'." Michael Houk President Anthem Blue Cross and Blue Shield National Accounts

  • Page 26
    ...improving the quality of care and making administrative processes and access to information easier for physicians and consumers across the country. In 2002, Anthem's President and CEO, Larry Glasscock, was elected chairman of CAQH, leading such programs as a national effort to ensure the appropriate...

  • Page 27
    ...our regions and our specialty business unit reported improved customer service in 2002...extending a trend that has spanned the... "outstanding website" in the annual WebAward competition conducted by the Web Marketing Association and received a gold award in the 2002 World Wide Web Health Awards ...

  • Page 28
    ... "Shining Smiles" mobile dental clinic program in Nevada and Colorado. Recognizing these efforts, Colorado Biz magazine named Anthem Blue Cross and Blue Shield a 2002 Company of the Year. Business New Haven honored Anthem Blue Cross and Blue Shield in Connecticut as Corporate Citizen of the Year. In...

  • Page 29
    BOARD OF DIRECTO RS L. Ben Lytle Chairman of the Board Anthem, Inc. Lenox D. Baker, Jr., M.D. President Mid-Atlantic Cardiothoracic Surgeons, Ltd. Susan B. Bayh Distinguished Visiting Professor College of Business Administration Butler University Larry C. Glasscock President and Chief Executive ...

  • Page 30
    ... Flows...Notes to Consolidated Financial Statements ...Report of Management ...Report of Independent Auditors...56 57 58 59 60 85 86 26 28 55 Company Information Corporate Information ...Board Committees, Corporate Officers and Principal Operations ...87 88 Anthem, Inc. 2002 Annual Report 25

  • Page 31
    ... respective acquisition dates of October 27, 1999, November 16, 1999, June 5, 2000 and July 31, 2002. The 1999 operating gain and net income includes a non-recurring charge of $41.9 million related to..., Ohio and Connecticut to settle charitable asset claims. 2 26 Anthem, Inc. 2002 Annual Report

  • Page 32
    ..., 2001 was used to calculate pro forma earnings per share for all periods prior to 2002. Operating revenue and premium equivalents is a measure of the volume of business serviced by the...' equity represents policyholders' surplus prior to 2001. 5 6 7 8 Anthem, Inc. 2002 Annual Report 27

  • Page 33
    ..., Nevada and Virginia (excluding the Northern Virginia suburbs of Washington, D.C.). As of December 31, 2002, we provided health benefit services to more than 11 million members of our health plans. Our ...effect of escalating health care costs as well as any 28 Anthem, Inc. 2002 Annual Report

  • Page 34
    ...Shawnee County District Court. We joined BCBS-KS in the appeal, which was filed on March 7, 2002. On June 7, 2002, the Shawnee County District Court ruled on the BCBS-KS appeal in favor of us and BCBS-KS... and our Medicare Supplement (age 65 and over) business. Anthem, Inc. 2002 Annual Report 29

  • Page 35
    ... member per year based on our experience and BCBSA guidelines. In addition to reporting our membership by customer type, we report membership by funding arrangement according to the level of risk we assume in the... of the period, rounded to the nearest thousand. 30 Anthem, Inc. 2002 Annual Report

  • Page 36
    ...1,626 as of December 31, 2001. NM = Not meaningful. During the year ended December 31, 2002, total membership increased approximately 3.2 million, or 40%, primarily due to our acquisition of Trigon, which became... 15,000, or 2%, primarily in our Midwest segment. Anthem, Inc. 2002 Annual Report 31

  • Page 37
    ... count included 6,000 Colorado Medicare + Choice members. As of January 1, 2002, we discontinued offering this product in Colorado. Excluding our withdrawal from this market...30.4) (24.3) 38.3 (1.3) (27.6) 283.0 71.8 4.3 $ 206.9 15.7 18.0 1.30 1.21 $ $ $ $ $ $ 32 Anthem, Inc. 2002 Annual Report

  • Page 38
    ... the fourth quarter of 2002, CMS awarded this contract to a different company, despite our superior performance ratings earned each year since receiving the contract in 1997. We will begin transitioning this contract to the new contractor beginning April 1, 2003. Anthem, Inc. 2002 Annual Report 33

  • Page 39
    ... anticipated medical costs in all of our business segments. Our 2002 benefit expense was also reduced by favorable developments of reserves reported as of December 31, 2001. The following discussion summarizes our...depend on the drug selected. Generic drugs have 34 Anthem, Inc. 2002 Annual Report

  • Page 40
    ...decreased $30.4 million, or 50%. A summary is as follows: Years Ended December 31 2002 Net realized gains from the sale of equity securities Net realized gains from the sale of....4) (99)% 32.9 20.7 12.2 59% (3.1) $30.4 (28.9) $ 60.8 25.8 $(30.4) 89% (50)% Anthem, Inc. 2002 Annual Report 35

  • Page 41
    ... will vary from period to period. Our gain on the sale of subsidiary operations of $0.7 million in 2002 related primarily to the sale of our third party occupational health services businesses, and the $25.0 million ... Group fully-insured and Individual businesses. 36 Anthem, Inc. 2002 Annual Report

  • Page 42
    ... $15.7 million favorable adjustment for prior year reserve releases recognized in the third quarter of 2002 and an $11.2 million strengthening of reserves during the third quarter of 2001. Operating gain... in our Local Large Group and Small Group businesses. Anthem, Inc. 2002 Annual Report 37

  • Page 43
    ...which were not material to the earnings of this segment or our consolidated results. On June 1, 2002, we acquired certain assets of PRO Behavioral Health, or PRO, a Denver, Colorado-based behavioral ... increased 29% and retail prescription volume increased 10%. 38 Anthem, Inc. 2002 Annual Report

  • Page 44
    ... in 2002 and $214.0 million in 2001, operating revenue decreased $225.3 million, or 56%, primarily due to the sale of our TRICARE operations. Excluding our TRICARE operations from 2001 and intersegment operating revenue eliminations, operating revenue increased Anthem, Inc. 2002 Annual Report 39

  • Page 45
    ... many competitors have left the market, leaving us as one of the few remaining companies offering this product. As of January 1, 2002, we exited the Colorado Medicare + Choice market. Our 2001 membership count included 6,000 Colorado Medicare + Choice members. 40 Anthem, Inc. 2002 Annual Report

  • Page 46
    ... audited consolidated financial statements for the years ended December 31, 2002, 2001 and 2000. 4 For the remaining footnote explanations, see table in the "Results of Operations-Year Ended December 31, 2002 Compared to Year Ended December 31, 2001" discussion. Anthem, Inc. 2002 Annual Report 41

  • Page 47
    ... On May 31, 2001, we sold our TRICARE operations. The results of our TRICARE operations were reported in our Other segment during 2001 and included $263.2 million in operating revenue and $4.2 million in ... and expanded the use of formularies for our members. 42 Anthem, Inc. 2002 Annual Report

  • Page 48
    ... issuance of our 6.00% Equity Security Units on November 2, 2001 and the commitment fee associated with our new $800.0 million line of credit. Anthem, Inc. 2002 Annual Report 43

  • Page 49
    ...public offering. See Note 11 to our audited consolidated financial statements for the years ended December 31, 2002, 2001 and 2000. Midwest Our Midwest segment is comprised of health benefit and related business for ...31, 2000, and no members at December 31, 2001. 44 Anthem, Inc. 2002 Annual Report

  • Page 50
    ...in National Accounts business. We exited the Medicare + Choice market in Colorado effective January 1, 2002. At December 31, 2001, our Medicare + Choice membership in Colorado was approximately 6,000. ...2001, we added approximately 35,000 members from Sloan's Lake. Anthem, Inc. 2002 Annual Report 45

  • Page 51
    ...accounting principles requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes and within this Management's ... Alliance was a subsidiary that provided the health care 46 Anthem, Inc. 2002 Annual Report

  • Page 52
    ... to total incurred claims recorded in each past year. This metric was 1.3% in 2000, 1.5% in 2001 and 1.9% at the end of 2002. When this metric remains constant or increases, it is an indication of the consistency of our reserving procedures and policies. Anthem, Inc. 2002 Annual Report 47

  • Page 53
    ...income reported on our 2001 tax return, income generated during 2002 and taxable income expected in future periods. As a result of this determination, during 2002, we reduced our valuation allowance. The net decrease in the valuation allowance for 2002 was $112.4 48 Anthem, Inc. 2002 Annual Report

  • Page 54
    ...assets (with indefinite lives) during the second quarter of 2002. In addition, we completed our annual impairment test of goodwill and other intangible assets (with indefinite... consolidated financial statements for the years ended December 31, 2002, 2001 and 2000. Anthem, Inc. 2002 Annual Report 49

  • Page 55
    ...developed using a benchmark rate of the Moody's Aa Corporate Bonds index at our measurement date (September 30, 2002). At our measurement date, we selected a discount rate of 6.75%. Changes in the discount rates over... from the sale or maturity of our investment 50 Anthem, Inc. 2002 Annual Report

  • Page 56
    ...stock during 2002. The $46.6 million of cash provided by financing activities during 2001 is related to the demutualization and initial public offering, which is described below in "Liquidity-Year Ended December 31, 2001 Compared to Year Ended December 31, 2000." Anthem, Inc. 2002 Annual Report 51

  • Page 57
    ... of $6.6 billion at December 31, 2002. Total cash and investments increased by $2.2 billion since December 31, 2001, primarily resulting from our acquisition of Trigon and strong cash flows from operations, partially offset by cash used for stock repurchases. 52 Anthem, Inc. 2002 Annual Report

  • Page 58
    ...the sum of debt divided by the sum of debt plus shareholders' equity) was 24.7% as of December 31, 2002 and 28.4% as of December 31, 2001. We expect to maintain our debt-to-total-capital ratio at 25..., subject to certain restrictions on volume, pricing and timing. Anthem, Inc. 2002 Annual Report 53

  • Page 59
    ... end of each calendar year. Our risk-based capital as of December 31, 2002, which was the most recent date for which reporting was required, was in excess of all mandatory RBC thresholds. In addition to ...or to reflect the occurrence of unanticipated events. 54 Anthem, Inc. 2002 Annual Report

  • Page 60
    ... approximate $214.2 million increase in fair value. As of December 31, 2002, no portion of our fixed income portfolio was invested in non-US dollar... as of December 31, 2002. As of December 31, 2002, we held no derivative financial or commodity-based instruments. Anthem, Inc. 2002 Annual Report 55

  • Page 61
    ..., par value $0.01, shares authorized-900,000,000; shares issued and outstanding: 2002, 139,332,132; 2001, 103,295,675 Additional paid in capital Retained earnings ...216.6 - 1.4 4,762.2 481.3 (5.3) 122.7 5,362.3 $12,293.1 - 1.1 1,960.8 55.7 - 42.4 2,060.0 $6,276.6 56 Anthem, Inc. 2002 Annual Report

  • Page 62
    CONSOLIDATED STATEMENTS OF INCOME (In Millions, Except Per Share Data) Year Ended December 31 2002 2001 $ 9,244.8 817.3 58.2 10,120.3 238.6 60.8 25.0 10,444.7 7,814.7 1,986... forma earnings per share prior to the initial public offering. See accompanying notes. Anthem, Inc. 2002 Annual Report 57

  • Page 63
    ... stock incentive plan and employee stock purchase plan Adjustments related to the demutualization Balance at December 31, 2002 1 - - - 286.5 - - 286.5 - - - - - - - - -... on November 2, 2001 represent "Policyholders' surplus". See accompanying notes. 58 Anthem, Inc. 2002 Annual Report

  • Page 64
    CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31 (In Millions) 2002 $ 549.1 $ 2001 342.2 $ 2000 226.0 Operating activities Net income ... 116.8 47.5 684.5 (3,544.8) 2,925.2 (85.1) 5.4 11.5 (73.3) (761.1) 295.9 (220.4 75.5 (1.1) 204.4 203.3 Anthem, Inc. 2002 Annual Report 59

  • Page 65
    ... all investments in its portfolio are available to support current operations and, accordingly, has classified such 60 Anthem, Inc. 2002 Annual Report investment securities as current assets. The unrealized gains or losses on these securities are included in accumulated other comprehensive income...

  • Page 66
    ... also specifies the types of acquired intangible assets that are required to be recognized and reported separately from goodwill. Under FAS 142, goodwill and other intangible assets with indefinite lives ...combination of a fixed fee per claim plus a percentage of the Anthem, Inc. 2002 Annual Report 61

  • Page 67
    ... Earnings Per Share: Earnings per share amounts, on a basic and diluted basis, have been calculated based upon 62 Anthem, Inc. 2002 Annual Report the weighted-average common shares outstanding for the period after the date of the demutualization and initial public offering. Basic earnings per share...

  • Page 68
    ...the results of operations had Trigon been owned by Anthem for the full years ended December 31, 2002 and 2001, nor is it necessarily indicative of future results of operations. The pro forma information ...material to the Company's consolidated financial statements. Anthem, Inc. 2002 Annual Report 63

  • Page 69
    ... related to divestitures Balance as of December 31, 2002 $133.6 - - - $133.6 East $121.5 10.7 (7.0) - $125.2 West $ 74.9 - (13.8) - $ 61.1 Southeast $ - 2,166.6 (11.2) - $2,155.4 Specialty $ 8.1 3.4 (0.8) (1.1) $ 9.6 Total $ 338.1 2,180.7 (32.8) (1.1) $2,484.9 64 Anthem, Inc. 2002 Annual Report

  • Page 70
    ... for 2002, 2001 and 2000 was $30.2, $31.5 and $27.1, respectively. As of December 31, 2002, estimated amortization expense for each of the five calendar years ending December 31, is as follows: 2003, $47.4; 2004, $44.4; 2005, $39.5; 2006, $37.0; and 2007, $34.8. Anthem, Inc. 2002 Annual Report 65

  • Page 71
    ... maturity and equity securities during 2002, 2001 and 2000 were $4,535.9, $3,488.8 and $2,911.8, respectively. Gross gains of $72.7, $164.3 and $71.3 and gross losses of $42.3, $103.5 and $45.4 were realized in 2002, 2001 and 2000, respectively, on those sales. 66 Anthem, Inc. 2002 Annual Report

  • Page 72
    ...Senior guaranteed notes of $99.9, which mature in July 2003, are reported with other current liabilities as of December 31, 2002. Debentures included in Equity Security Units are obligations of Anthem and are... time of the offering. Proceeds from any offering will Anthem, Inc. 2002 Annual Report 67

  • Page 73
    ... amortization expense for 2002, 2001 and 2000 was $108.1, $89.6 and $75.3, respectively. Costs related to the development or purchase of internal-use software of $116.4 and $91.4 at December 31, 2002 and 2001, respectively, are reported with computer software. 68 Anthem, Inc. 2002 Annual Report

  • Page 74
    ... for the years ended December 31 are as follows: 2002 Written Consolidated: Direct Assumed Ceded Net premiums Reportable segments: Midwest East West Southeast Specialty Other Net premiums....0 571.1 - 123.7 76.3 $7,764.5 $4,203.1 2,768.9 569.6 - 123.7 72.0 $7,737.3 Anthem, Inc. 2002 Annual Report 69

  • Page 75
    ... of the stock at the date of grant were granted to eligible employees and non-employee directors during 2002 and 2001. These options generally vest at the end of two or three years and expire 10 years...yield Weighted-average expected life 4.96% 42.00% - 7 years 70 Anthem, Inc. 2002 Annual Report

  • Page 76
    ...1,663,294 1,983,432 682,065 1,535,945 Number Exercisable 1,662,594 679,740 650,565 - During 2002, pursuant to the Stock Plan, the Company granted 95,300 shares of the Company's common stock as restricted ... purchased, the stock is accumulated in the employee's Anthem, Inc. 2002 Annual Report 71

  • Page 77
    ...purchase date for the employee stock purchases. The Company's pro forma information is as follows: 2002 Reported net income Total stock-based employee compensation expense determined under fair value based method for all ... 48,095,675 shares of common stock (which 72 Anthem, Inc. 2002 Annual Report

  • Page 78
    ...date of demutualization and initial public offering) through December 31, 2001 is as follows: 2002 Denominator for basic earnings per share-weighted-average shares Effect of dilutive securities-employee and... exceeds a stated threshold price of $43.92 per share. Anthem, Inc. 2002 Annual Report 73

  • Page 79
    ... Other, net $282.7 9.4 - (0.6) (37.2) 0.9 $255.2 % 35.0 1.2 - (0.1) (4.6) 0.1 31.6 2001 Amount $183.6 3.5 5.9 (1.4) (20.3) 12.1 $183.4 % 35.0 0.7 1.1 (0.2) (3.9) 2.3 35.0 2000 Amount $115.4 2.6 5.6 (1.2) (20.0) (0.2) $102.2 % 35.0 0.8 1.7 (0.4) (6.0) (0.1) 31.0 74 Anthem, Inc. 2002 Annual Report

  • Page 80
    ... earn interest at a rate based on the lesser of the 1-year Treasury note or 7%. Effective January 1, 2002, participant accounts earn interest at a rate based on 10-year Treasury notes. This plan merged into the Anthem Insurance plan effective December 31, 2002. Anthem, Inc. 2002 Annual Report 75

  • Page 81
    ... date of September 30 are as follows: Pension Benefits 2002 Benefit obligation at beginning of year Service cost Interest cost... $ 650.6 (115.7) 3.0 (42.6) - $ 495.3 Other Benefits 2002 $ 23.7 (2.4) 12.0 (13.0) 14.1 $ 34.4 2001 $28.4 (3.6) 2.0 (3.1) - $23.7 76 Anthem, Inc. 2002 Annual Report

  • Page 82
    ... rate of 50%, up to a maximum depending upon the plan, subject to certain limitations. Contributions made by the Company totaled $14.3, $11.2 and $10.3 during 2002, 2001 and 2000, respectively. Anthem, Inc. 2002 Annual Report 77

  • Page 83
    ... and other similarly situated physicians. The Company has appealed the class certification decision. On September 26, 2002, Anthem, Inc. was added as a defendant to a Multi District Litigation ("MDL") class action lawsuit pending in Miami, Florida brought on 78 Anthem, Inc. 2002 Annual Report

  • Page 84
    ... defendants include Humana, Aetna, Cigna, Coventry, Health Net, PacifiCare, Prudential, United and WellPoint. The managed care litigation around the country has been consolidated to the U.S. District Court ... would be given to The Ohio State University Hospital for Anthem, Inc. 2002 Annual Report 79

  • Page 85
    ...Cross and Blue Shield, and United Health Care, Inc., No. 02-CI-903 was filed on June 27, 2002 in the Boone County, Kentucky Circuit Court. Both suits allege that the four companies acted in combination and collusion ... benefits from the patient. The Company filed 80 Anthem, Inc. 2002 Annual Report

  • Page 86
    ... appeal of the class certification order in the Indiana Court of Appeals. On May 20, 2002 the Indiana Court of Appeals granted the Company's motion seeking an interlocutory appeal of the class... financial contingencies of its subsidiary, Anthem Alliance Health Anthem, Inc. 2002 Annual Report 81

  • Page 87
    ...2000. The Southeast region was added with the July 31, 2002 acquisition of Trigon. In addition to its four principal reportable geographic segments, the Company operates a Specialty segment, which ... and are not the responsibility of segment operating management. 82 Anthem, Inc. 2002 Annual Report

  • Page 88
    ...interest included in the consolidated statements of income for 2002, 2001 and 2000 is as follows: 2002 Reportable segments operating gain Net investment income Net realized ... 60.8 25.0 (60.2) (31.5) (27.6) $524.6 2000 $184.1 201.6 25.9 - (54.7) (27.1) - $329.8 Anthem, Inc. 2002 Annual Report 83

  • Page 89
    ...Data (Unaudited) Selected quarterly financial data is as follows: For the Quarter Ended March 31 2002 Total revenues Operating gain Net income Basic net income per share Diluted net income per share 2001...pro forma earnings per share for all 2001 periods presented. 84 Anthem, Inc. 2002 Annual Report

  • Page 90
    ...integrity and accuracy of the Company's consolidated financial statements included in this Annual Report. Our consolidated financial statements have been prepared in accordance with accounting ... Executive Vice President and Chief Financial and Accounting Officer Anthem, Inc. 2002 Annual Report 85

  • Page 91
    ... financial statements, in 2002 the Company adopted Statement of Financial Accounting Standards No. 141, Business Combinations, and Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets. Indianapolis, Indiana January 27, 2003 86 Anthem, Inc. 2002 Annual Report

  • Page 92
    ... are also available on Anthem's Investor Relations website at www.anthem.com. To request an Annual Report to Shareholders, Form 10-K or additional information, please choose from one of the following: ... 985-0999 (toll-free) E-mail: [email protected] Anthem, Inc. 2002 Annual Report 87

  • Page 93
    ... Medical Officer Michael L. Smith Executive Vice President and Chief Financial and Accounting Officer Jane E. Niederberger Senior Vice President and Chief Information Officer 88 Anthem, Inc. 2002 Annual Report

  • Page 94
    Anthem ா 120 Monument Circle Indianapolis, Indiana 46204 www.anthem.com 2320-AR-03