Centene lost more than 1.5 million Medicaid members through redeterminations year over year, but posted 88% enrollment growth in its marketplace segment, according to the company's earnings report published Feb. 6.
Total revenues in the fourth quarter were $39.5 billion, up 11% year over year. Total revenues in 2023 were $154 billion, up 6.5%.
In the fourth quarter, net income was $45 million, compared to a loss of $219 million year over year. Year-end net income was $2.7 billion, up 124% year over year.
The company's medical loss ratio was 89.5% in the fourth quarter, compared to 88.7% during the same period last year.
As of Dec. 31, Centene had 27.5 million total medical members, up 1.5% year over year. There are 14.5 million Medicaid members, 4.3 million commercial (3.9 million marketplace), and a combined 1.3 million Medicare Advantage and supplement plans.
Centene increased its 2024 premium and revenues guidance by $2.5 billion to a range of $134.5 billion to $137.5 billion, reflecting stronger than expected marketplace enrollment. The company's 2024 adjusted earnings per share guidance is at least $6.70.