Health insurer Centene’s profit surges due to new contracts

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Health News Headlines – Yahoo News
Health insurer Centene’s profit surges due to new contracts
(Reuters) – Health insurer Centene Corp reported a nearly six-fold rise in quarterly profit, helped by new contract wins and expansion of existing contracts. Net earnings attributable to Centene rose to $53.2 million, or 93 cents per share, in the fourth quarter, from $9.1 million, or 17 cents per share, a year earlier. Excluding discontinued operations, profit was 84 cents per share in the quarter ended December 31, ahead of analysts’ estimates of 83 cents per share, according to Thomson Reuters I/B/E/S. Premium and services revenue rose about 31 percent to $2.86 billion as Centene won new contracts in Kansas, California and New Hampshire, and expanded existing contracts in Mississippi, Ohio and Florida. Centene raised its full-year premium and service revenue forecast due to the health insurer fee under the Affordable Care Act and to account for the benefit from its acquisition of a majority stake in home health services provider U.S. Medical Management LLC. The company now expects full-year premium and service revenue of $13.8-$14.3 billion, compared with the $13.5-$14.0 billion it forecast in December.

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