Centene Corp.'s revenue and profit soared in the second quarter of 2020 thanks in part to a decrease in medical claims as members deferred care amid the COVID-19 pandemic.
"Looking ahead, while we expect the national economic trajectory to remain choppy as we move through the second half of the year, we believe that the return of utilization by our members seeking treatments will be regionally driven," Michael Neidorff, chairman, president and CEO of Centene, said.
The insurer's earnings from operations tripled to more than $2 billion in the most recent quarter, compared to $643 million in the same period a year before. Centene's second-quarter profit rose to $1.2 billion, more than double the $495 million the insurer posted in the same period a year before.
Centene's total operating expenses grew to $25.7 billion in the second quarter of this year, up 45.1 percent from $17.7 billion in the same period a year prior. Revenues grew to $27.7 billion, up 51 percent year over year. The insurer's managed care membership also grew to 24.6 million, up 9.6 million year over year.