St. Louis-based Centene saw profits surpass analyst predictions as revenue increased in the third quarter of fiscal year 2017, Reuters reports.
The insurer achieved revenues of $11.9 billion in the third quarter ended Sept. 30, according to recent financial documents. This is a nearly 10 percent increase compared to the same period in 2016. The uptick reflects growth in Centene's public health insurance exchange business, in addition to expansions and new programs in 2016 and 2017.
At the same time, Centene saw expenses climb in the third quarter of this year to $11.6 billion, up from $10.5 billion in the same period in 2016. The payer saw its health benefits ratio, or the amount it spends on medical claims compared to premium revenues, increase to 88 percent in the third quarter of 2017, compared to 87 percent in the same period last year.
Net earnings attributable to Centene grew to $205 million in the third quarter of 2017, up from $147 million in the third quarter of 2016.