July 17 (Reuters) - Elevance Health beat Wall Street estimates for quarterly profit on Wednesday, as the health insurer spent less than expected on the medical costs of its members.

Health insurers have had to pay out more in claims over recent quarters, especially towards the end of late last year, as older adults sought procedures that were delayed during the pandemic.

Unlike rivals UnitedHealth and Humana, Elevance is less exposed to government-backed Medicare Advantage (MA) plans for people aged 65 and older and banks more on commercial and Medicaid health plans.

That has helped the Indianapolis-based insurer keep its costs under control, according to analysts.

Government-backed Medicaid insurance plans help cover medical care costs for people with limited income.

For the second quarter, the company's medical loss ratio - the percentage of premiums spent on medical care - was 86.3%. Analysts had expected a ratio of 86.42%, according to LSEG data.

On an adjusted basis, the company reported a profit of $10.12 per share, compared with estimates of $10.01. (Reporting by Puyaan Singh and Sriparna Roy in Bengaluru; Editing by Devika Syamnath)