(Reuters) – Centene Corp on Tuesday increased its 2024 adjusted profit forecast, partly aided by lower costs.
The company now expects full-year profit of greater than $6.70 per share compared with its previous projection of greater than $6.60 per share.
The health insurer’s board also authorized a $4 billion increase to stock repurchase program, which is an addition to about $1.2 billion remaining under the previously announced program.
Centene expects 2024 medical loss ratio, or the percentage of premiums paid out for medical services, between 87.3% and 87.9%, compared with LSEG estimates of 87.81%.
(Reporting by Khushi Mandowara in Bengaluru; Editing by Mrigank Dhaniwala)
