(Reuters) -Elevance Health on Thursday posted quarterly profit slightly above Wall Street expectations, helped by lower-than-expected spending on medical care for its members. The results lifted Elevance's shares more than 5% before the bell and also boosted peers such as Cigna and CVS Health.

Medicaid managed care organizations, including Elevance Health, Centene and UnitedHealth Group, are working with states to secure rates that account for sicker patients.

Centers for Medicare and Medicaid Services has abruptly withdrawn from a legal battle with UnitedHealth (UNH) Group, the nation’s largest