Centene also reported a loss per share of $0.02 for the quarter but had a GAAP diluted earnings per share of $3.12 for the full year.
Centene Corp. added 10.3 million managed care members in 2020 and reported full year revenues of $111.1 billion, according to the company's latest earnings report released Tuesday morning.
The St. Louis-based insurer's total revenues for Q4 2020 were $28.3 billion, representing 50% year-over-year growth. The company's total cash flow provided by operations was nearly $3 billion for Q4 and just above $5.5 billion for 2020 as a whole.
Centene finished 2020 with more than 25.5 million members, benefiting from increases across its Medicaid, commercial, Medicare, and Medicare PDP segments. The company again saw increases in membership across its dual-eligible, Health Insurance Marketplace, and Medicaid Expansion populations.
Centene also reported a loss per share of $0.02 for the quarter but had a GAAP diluted earnings per share (EPS) of $3.12 for the full year. The insurer's adjusted diluted EPS was $0.46 for the quarter and $5 for the year.
"2020 was a year when Centene demonstrated the strength of our diversified enterprise and our operational excellence as we delivered strong top- and bottom line growth while supporting all our stakeholders," Michael Neidorff, CEO of Centene, said in a statement. "Building on our leadership position in government-sponsored healthcare, we are focused on delivering the next phase of growth through product and geographic expansion, advancing our technology strategy and further integrating our diverse capabilities. We are pleased to have been selected for two statewide managed care contracts in Oklahoma, and through the recently announced acquisition of Magellan, our goal is to enhance our ability to provide comprehensive care to the most vulnerable populations. Looking ahead, we have great confidence in our ability to pursue our growth strategy in 2021 and beyond."
Forward looking, Centene projected total revenues between $116.1 billion to $118.1 billion, a GAAP diluted EPS between $3.69 to $3.91, and a health benefits ratio in the range of 86.6% to 87.2%.
To start 2021, Centene announced that it had entered into a definitive agreement to acquire Magellan Health, the Scottsdale–based for-profit managed care company, for $2.2 billion.
The announcement came days after Centene completed its acquisition of PANTHERx, a specialty pharmacy.
For complete financial information, review Centene's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: KIEV, UKRAINE - Dec 11, 2018: Centene Corporation Insurance company logo seen displayed on smart phone. - Image / Editorial credit: IgorGolovniov / Shutterstock.com