UPDATE 1-Elevance beats first-quarter profit estimates on higher premiums

Elevance Health beat Wall Street estimates for first-quarter profit on Thursday, as higher premiums in its commercial insurance business helped keep medical costs for the insurer in check. On an adjusted basis, the company made a profit of $10.64 per share, above analysts' estimates of $10.53 per share, according to LSEG data. Health insurers have struggled in recent quarters with high medical costs, and a cyberattack at industry bellwether UnitedHealth's technology unit Change Healthcare has raised uncertainty around insurance claims processing.