April 28, 2020 / 10:19 AM / a month ago

Centene's first-quarter profit dives 91% on higher medical costs

April 28 (Reuters) - U.S. health insurer Centene Corp on Tuesday reported a 91.2% slump in first-quarter profit, dented by higher medical costs and expenses related to the closing of its acquisition of smaller rival WellCare Health Plans earlier this year.

Net earnings attributable in the quarter ended March 31 came in at $46 million, or 8 cents per share, compared with $522 million, or $1.24 per share, last year. (Reporting by Trisha Roy and Manojna Maddipatla in Bengaluru, Editing by Sherry Jacob-Phillips)

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