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.
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.