Elevance Health, the country’s second-biggest health insurer, said it plans to further shrink its Medicaid portfolio in the coming year, just as states roll out work requirements.

Elevance Health reported second quarter net income of $1.45 billion as medical costs fell in some health plans, triggering an improved outlook for the rest of the year.

Elevance Health is kicking off another round of quarterly earnings results for major insurers, posting $1.5 billion in profit for Q2. | Elevance Health is kicking off another…