Healthcare insurance provider Centene Corporation has released its results report for the third quarter of 2024 – a period marked by earnings growth.
Here’s how Centene performed in the quarter:
|
Metric |
Q3 2024 |
Q3 2023 |
|---|---|---|
|
Premium and service revenues |
$37 billion |
$35 billion |
|
Total revenues |
$42 billion |
$38 billion |
|
Earnings from operations |
$665 million |
$735 million |
|
Investment and other income |
$432 million |
$214 million |
|
Net earnings |
$710 million |
$475 million |
|
Net earnings attributable to Centene |
$713 million |
$469 million |
The healthcare enterprise noted: “For the third quarter of 2024, premium and service revenues increased 6% to $36.9 billion from $35.0 billion in the comparable period of 2023. The increase was primarily driven by Medicaid rate increases and membership growth in the Marketplace business due to strong product positioning as well as overall market growth, partially offset by lower Medicaid membership primarily due to redeterminations and recent divestitures in the Other segment.
“Health benefits ratio of 89.2% for the third quarter of 2024 represents an increase from 87.0% in the comparable period in 2023. The increase was primarily driven by higher acuity in Medicaid resulting from the redetermination process as we continue to work with states to match rates with acuity. The increase was also driven by Medicare Star rating impacts.”
Meanwhile, according to chief executive Sarah M. London (pictured), Centene’s diversified portfolio allowed it to successfully navigate what she called a dynamic landscape in the quarter.
“At the same time, we delivered on fundamentals that carry positive implications for Centene’s multi-year earnings trajectory, including notable RFP wins, Medicare Stars improvements, and ongoing operational efficiencies,” London said.
“We remain confident in our full-year outlook for adjusted diluted EPS of greater than $6.80 and are well positioned to capture the powerful, long-term growth opportunities we see in government-sponsored healthcare.”
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