Centene Corp. saw its revenue and profit increase in the third quarter of 2020, thanks in part to its acquisition of WellCare Health Plans.
Four things to know:
1. The insurer posted $29.1 billion in revenue for the quarter ended Sept. 30, up 53 percent year over year. Centene President and CEO Michael Neidorff attributed the increase to its WellCare deal and expansions in many states.
2. Centene saw its health benefits ratio fall to 86.4 percent in the third quarter of this year, down from 88.2 percent in the same period last year. The insurer said the decrease represents its ACA risk corridor settlement and the effects of the COVID-19 pandemic.
3. Centene's managed care membership grew to 25.2 million in the third quarter of this year, up 9.9 million members year over year.
4. The insurer's third-quarter profit ballooned to $568 million, compared to $95 million in the same period a year prior.
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