June 12, 2020 / 12:47 PM / a month ago

Health insurer Centene raises full-year profit forecast, shares rise

June 12 (Reuters) - Centene Corp raised its full-year adjusted profit forecast on Friday, one-and-a-half month after warning that medical costs would rise later in the year, sending the health insurer’s shares up nearly 4%.

The company maintained its 2020 profit target in April, but warned of higher costs in the second half of the year on expectations of members resuming their non-urgent medical procedures postponed due to the COVID-19 pandemic.

Analysts in the past have pointed to a boost in membership for government-sponsored health insurance plans as people lose jobs amid a global recession.

The company said it now expects a profit of $4.76 to $4.96 per share, compared with its earlier forecast of between $4.56 and $4.76 per share. (Reporting by Manas Mishra in Bengaluru; Editing by Vinay Dwivedi)

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