Centene Corporation reported a profit of $568 million for the third quarter, nearly six times more than its net earnings in the prior-year’s third quarter. The increase was in large part due to the acquisition of WellCare which closed in January. In addition, Centene’s third quarter results were aided by a one-time settlement of $398 million related to the Affordable Care Act risk corridors. The company said it will use the proceeds to strengthen its Medicare and Marketplace business.
Read the full earnings release.
Third Quarter 2020 Highlights:
- Total Managed care membership of 25.2 million, an increase of 9.9 million members, or 65% year-over-year
- Centene Total revenues of $29.1 billion, a 53% growth year-over-year
- The table below shows Centene Medicare membership by quarter since 2017
Source: Company press release
(1) Includes Medicare Advantage, Medicare Supplement, Special Needs Plans, and Medicare- Medicaid Plans (MMP).
Centene’s acquisition of WellCare closed on January 23, 2020. Wellcare Medicare membership included beginning March 31, 2020.