CENTENE Business Summary

Centene Corporation (CNC) is a leading healthcare enterprise that generates revenue primarily through premium collections and service fees from government-sponsored and commercial insurance programs. As of February 2026, the company’s business is structured across three primary segments: Medicare, which has emerged as its largest revenue driver at approximately $88 billion; Medicaid, where it remains a dominant managed care provider despite recent membership attrition; and the Health Insurance Marketplace (Commercial), where it maintains its position as the nation’s largest carrier. Centene is currently executing a strategic pivot toward Medicare Advantage and Prescription Drug Plans (PDP) while divesting non-core assets, such as the remaining Magellan Health business, to optimize its portfolio and improve medical benefit ratios. In the competitive landscape, Centene contends with major managed care organizations including UnitedHealth Group, Elevance Health, Humana, and Molina Healthcare, distinguishing itself through its massive scale in the ACA Marketplace and its specialized focus on government-subsidized populations. The company was founded in 1984 by Elizabeth "Betty" Brinn as a non-profit Medicaid plan in Milwaukee before evolving into a multi-national Fortune 50 corporation. Today, Centene is led by Chief Executive Officer Sarah M. London, who previously served as a partner at Optum Ventures and has spearheaded the firm’s technology modernization and value-creation initiatives since March 2022. The senior leadership team includes President Ken Fasola, formerly CEO of Magellan Health; Chief Financial Officer Drew Asher, who joined via the WellCare acquisition; and Chief Information Officer Brian LeClaire, a veteran of Humana and private equity. The board is chaired by Frederick H. Eppinger and includes notable figures such as former Deloitte Vice Chairman Jessica L. Blume and former Medtronic CIO H. James Dallas. This leadership group is currently focused on a multi-year transformation plan aimed at stabilizing Medicaid margins and achieving a projected 2026 adjusted EPS exceeding $3.00.