© Reuters. FILE PHOTO: A person walks by a Wellcare and Fidelis Care location, part of the Centene Corporation, in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – Health insurer Centene (NYSE:) Corp beat fourth-quarter profit estimates on Tuesday, boosted by its government-backed Medicare health insurance business and lower medical costs.
The company said its quarterly health benefits ratio, which measures medical costs in relation to premiums collected, was 88.7%, better than analysts’ expectations of 88.80%.
COVID-related medical costs have eased over the past few quarters due to a decline in hospitalizations and number of cases, thanks to a nationwide vaccination program.
Excluding items, the company reported a profit of 86 cents per share, compared with Wall Street estimates of 85 cents per share, according to Refinitiv IBES data.
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