2015
Annual Review
TRANSFORMING THE HEALTH OF THE COMMUNITY, ONE PERSON AT A TIME
Our collective experience, collaborative spirit and distinctive purpose
firmly position us as an undeniable leader in today’s rapidly evolving
healthcare environment.
CENTENE CORPORATION
Centene Corporation is a diversified, multi-national healthcare enterprise
that provides a portfolio of services to government-sponsored healthcare
programs, focusing on under-insured and uninsured individuals. Centene
offers unique, cost-effective coverage solutions for low-income populations
through locally based health plans and a wide range of specialty services.
TABLE OF CONTENTS
Letter from the Chairman
Selected Awards & Recognition
Company & Financial Summary
1 2015 at a Glance
2
5
6
8 2015 Highlights
10 Our Portfolio of Healthcare Solutions
16 Transforming the Health of Our Community
17 One Person at a Time
18 Quarterly Financial Information
19 Selected Financial Information
20 Corporate Information
AT A GLANCE
$21.3 BILLION
in premium and service revenues
4,800 JOBS
added in 2015
5.1 MILLION
managed care membership
$2.89*
diluted earnings per share
(EPS)
$3.03*
diluted EPS
(excluding $0.14 of Health Net
merger related costs)
* From continuing operations
TRANSFORMING THE HEALTH OF THE COMMUNITY, ONE PERSON AT A TIMEOur collective experience, collaborative spirit and distinctive purpose firmly position us as an undeniable leader in today’s rapidly evolving healthcare environment. 2 CENTENE CORPORATION
Letter From The Chairman
3
MICHAEL F. NEIDORFF
Chairman, President &
Chief Executive Officer
LETTER FROM THE CHAIRMAN
As we look back on 2015, Centene finds itself at a transformative juncture in its history.
Our success continues to be driven by strong, balanced results in each of our business
segments and reflects the strength of our foundational diversification strategy.
Investments in people, capabilities and technology have led us to consistently deliver
strong performance with an industry-leading growth rate. Our subsidiaries and suite of
products continue to generate great opportunities. We have added and expanded
contracts in existing markets, grown geographically, acquired new business, and added
new capabilities and offerings. By being relentless in sustaining and enhancing the
discipline and agility that has shaped—and continues to shape— our success, Centene is
poised to become the largest Medicaid managed care organization in the country.
Centene’s membership grew 26% to 5.1 million managed care members in 2015. Premium
and service revenues and adjusted earnings per share both increased 36% over 2014.
We also saw total shareholder return of 27%, resulting in a five-year compound annual
growth rate of 39%. This success has been achieved in a year in which geo-political and
macro-economic challenges resulted in a flat equity market.
GROWTH AND EXPANSION:
We saw notable growth in existing markets such as Florida, Illinois, Indiana, Louisiana,
Mississippi, Ohio and Texas. We entered the state of Michigan with the close of our
acquisition of Fidelis. We also entered the state of Oregon through the acquisition of
Agate Resources, the parent company of Trillium Health Plan, marking Centene’s 23rd
state of operations. Our life and health management capabilities were expanded through
our acquisition of LiveHealthier.
Our health plans across the country continue to reflect our commitment to providing
local, culturally sensitive care in the communities we serve. The number of awards
recognizing Centene over the past year illustrates our dedication. And, our Health Care
Enterprise and Specialty companies continue to integrate and innovate in exciting ways
to better serve our members, help control costs, and provide an additional platform for
growth. In 2015, we continued to build on our successful Health Insurance Marketplace
business by expanding our participation in certain regions of Illinois, Oregon and
Wisconsin. In addition, Centurion began providing comprehensive correctional
healthcare services in two new states, Mississippi and Vermont, bringing the total
number of states served to five.
#4
FORTUNE MAGAZINE IDENTIFIED
CENTENE AS NO. 4 ON ITS LIST OF THE
100 FASTEST GROWING COMPANIES IN
ITS SEPTEMBER ISSUE.
HEALTH PLANS BY
PREMIUM SIZE
Less than $300 Million
$300 Million - $1 Billion
Greater than $1 Billion
2010
2015
3
3
1
7
7
6
We also provide correctional healthcare services in
Minnesota, Tennessee and Vermont, not included in
the table above, for a total of 23 states in 2015.
Internationally, our strategic investments in Ribera Salud in Spain and The Practice
Group in the United Kingdom generated new opportunities and add to the diversification
and expertise of our overall portfolio. Together, these international businesses provide
services to more than 850,000 individuals. We are now of a size and scale to explore
targeted international opportunities further without hindering our ability to pursue and
integrate growth opportunities in the U.S.
We continue to design and invest in information systems and innovative care
management programs that give us greater access and speed to data. This enables
us to make real time decisions and better manage healthcare costs. To expand our
capabilities, in 2016, Centene invested in a data analytics business, Interpreta.
Combining Centene’s expertise in managing large, diverse and medically complex
populations with Interpreta’s experience using real-time clinical and genomic analytics
will enable us to develop an integrated patient care platform in an effort to streamline
workflow, customize care and mitigate adverse events.
HEALTH NET ACQUISITION:
Centene’s biggest news in 2015 was our announcement of the transformative acquisition
of California-based Health Net. This acquisition will result in significant membership
growth and expanded capabilities in Arizona, California, Oregon and Washington.
Bringing Health Net into our portfolio will increase and enhance our presence in the
California Medicaid program, which is the nation’s largest with more than 12 million
beneficiaries. When combined with our current market leadership in Florida and Texas,
Centene will be a leader in three of the largest Medicaid markets in the country. In
addition, Centene will significantly expand its managed long-term support services,
one of the largest and fastest growing segments of the market.
The Health Net acquisition is an important step in our strategy to increase scale, as well
as drive further diversification across markets and products—specifically with the
addition of government-sponsored programs including Medicare, TRICARE and Veterans
Affairs, along with the commercial market in California. Health Net will provide the
capabilities, scale and quality profile needed to expand our opportunities in the Medicare
space beyond the duals. Health Net’s Medicare experience is complementary to Centene’s
commitment to low income and high acuity populations. The addition of Health Net’s
Medicare Advantage expertise, including its 4 STAR quality rating, will also create
significant opportunities across our markets.
4 CENTENE CORPORATION
Letter From The Chairman / Selected Awards & Recognition
5
LETTER FROM THE CHAIRMAN (continued)
The transaction will also increase Centene’s scale and geographic and product diversity,
positioning it as one of the largest providers of Medicaid, Medicare Advantage and other
government-sponsored programs in the country. Historically, we have successfully
leveraged our pipeline and captured additional revenue through diversification, and we
plan to continue this strategy. With additional products and capabilities from Health Net,
our growth pipeline is bigger than ever before.
OUR PEOPLE:
I have long maintained that it is our people that set Centene apart and continue to drive
our success. We are committed to investing in our employees, as well as bringing on
new talent and expertise. In 2015, we added 4,800 new employees including expanding
our senior leadership team with the appointment of Dr. Ken Yamaguchi as Chief Medical
Officer and Marcela Manjarrez Hawn as Chief Communications Officer for Centene.
Also in 2015, Centene announced William Scheffel’s intention to retire as Chief Financial
Officer in early 2016. The Board designated Jeffrey Schwaneke as Chief Financial Officer
going forward. Jeff joined Centene in 2008 and has held primary responsibilities for
the accounting, treasury and financial reporting functions and has proven to be a solid
financial leader for our company. Therefore, he was a natural choice for this role.
In closing, Centene’s collective experience, collaborative spirit and distinctive purpose
firmly position us as an undeniable leader in today’s rapidly evolving healthcare
environment. Whether through government-sponsored managed care plans or newly
emerging avenues, our discipline, agility and versatility continue to allow us to develop
the best solutions for the right opportunities.
Sincerely,
MICHAEL F. NEIDORFF
Chairman, President & Chief Executive Officer
2015 SELECTED
AWARDS &
RECOGNITION
CASE IN POINT
PLATINUM AWARDS
• Asthma
Management
Program
• Integrated Case
Management
• Pregnancy Specialty
Care Management
Program
• Emergency
Department's
Diversion Program
• Nurse Call
Center Program
HERMES CREATIVE AWARD, PLATINUM
“My Care Planner” Book Series
HERMES CREATIVE AWARD, GOLD
“Darby Boingg Meets Chrys and the Mums” Book Series
HERMES CREATIVE AWARD, GOLD
“The Gunky Bacteria Brothers” Book Series
AUBURN UNIVERSITY ANTI-BULLYING
CORPORATE HERO AWARD
“No Bullying Zone” Campaign
MODERN HEALTHCARE MARKETING IMPACT AWARD,
COMMUNITY OUTREACH CAMPAIGN OF THE YEAR
“No Bullying Zone” Campaign
MEDICAID HEALTH PLANS OF AMERICA BEST PRACTICES
COMPENDIUM, LONG TERM SERVICES AND SUPPORTS AWARD
Home-Based Primary Care Program
MEDICAID HEALTH PLANS OF AMERICA BEST PRACTICES
COMPENDIUM, MATERNAL HEALTH AWARD
“Addiction in Pregnancy” Program
INCREASING SCALE & DIVERSIFICATION
2-YEAR MEMBERSHIP GROWTH - 77%
(2013 - 2015)
HEALTH PLANS & PROGRAM PARTICIPATION
(per state, as of December 31)
2015
16
15
10
6
9
1
5
11
12
TANF/CHIP
ABD
D-SNP/MMP
LTSS/IDD
Medicaid Expansion
Medicare Advantage
Correctional Care
Foster Care
Health Insurance
Marketplace
5.1M
2015
4.1M
2014
2.9M
2013
KEY DRIVERS OF 2015 MEMBERSHIP GROWTH
• Product and geographic expansions in Arizona,
Florida, Louisiana, Mississippi, South Carolina
and Texas
• The acquisition of Agate Resources, Inc.,
the parent company of Trillium, our Oregon
health plan
• The commencement of The Healthy Indiana Plan
(HIP 2.0) in Indiana
• The commencement of Health Insurance
Marketplaces in certain regions of Illinois,
Oregon and Wisconsin
• Organic growth in Illinois
• The commencement of correctional healthcare
service contracts in Mississippi and Vermont
8631000102010 6 CENTENE CORPORATION
Company & Financial Summary
7
FINANCIAL HIGHLIGHTS FROM
CONTINUING OPERATIONS
(in millions)
2015
2014
2013
Premium & Service Revenues
$ 21,265
$ 15,667
$ 10,526
Net Earnings (1)
Total Assets
356
7,339
268
5,824
161
3,519
2012
$ 7,682
89
2,764
2011
$ 5,052
120
2,182
(1) Attributable to Centene Corporation
PREMIUM & SERVICE REVENUES
(in millions)
NET EARNINGS (1)
(in millions)
MANAGED CARE MEMBERSHIP
(in thousands)
21,265
15,667
10,526
7,682
5,052
$25,000
$20,000
$15,000
$10,000
$5,000
$0
356
268
$400
$320
$240
161
$160
120
89
$80
$0
6,000
4,800
3,600
2,400
1,809
1,200
0
5,108
4,061
2,880
2,582
'11
'12
'13
'14
'15
'11
'12
'13
'14
'15
'11
'12
'13
'14
'15
(1) Attributable to Centene Corporation
CURRENT MARKETS AND IMPLEMENTATIONS
(by state and solution)
CENTENE AND HEALTH NET
In July 2015, Centene announced an
agreement to acquire Health Net to create
one of the largest government-sponsored
healthcare providers in the country.
The addition of Health Net’s business
will increase our capabilities and broaden
the diversity of our offerings — including
TRICARE, Veterans Affairs and Commercial
— and geographic reach, particularly in
the western region which, includes the
California Medicaid program — the largest
in the country.
States with expanded operations
upon completion of the merger
with Health Net
GROUP & PRODUCT SOLUTIONS BY STATE (upon completion of the Health Net merger)
MEDICAID/CHIP
Arizona, Arkansas (Private Option), California,
Florida, Georgia, Illinois, Indiana, Kansas,
Louisiana, Massachusetts, Mississippi, Missouri,
Nebraska*, New Hampshire, Ohio, Oregon,
South Carolina, Texas, Washington, Wisconsin
ABD NON-DUAL
Arizona, California, Florida, Illinois, Indiana,
Kansas, Louisiana, Mississippi, Nebraska*,
New Hampshire, Ohio, Oregon, South Carolina,
Texas, Washington, Wisconsin
ABD DUAL-ELIGIBLE
Arizona, California, Florida, Kansas, Nebraska*,
New Hampshire, Ohio, Oregon, Texas, Wisconsin
LONG-TERM SERVICES AND SUPPORTS
Arizona, California, Florida, Illinois, Kansas,
New Hampshire*, Ohio, Texas
FOSTER CARE
California, Florida, Indiana, Kansas, Louisiana,
Mississippi, Missouri, Nebraska*, New Hampshire,
Oregon, Texas, Washington
MEDICARE SNP
Arizona, California, Florida, Georgia, Ohio,
Oregon, Texas, Wisconsin
MEDICAID-MEDICARE PLANS
California, Illinois, Michigan, Ohio,
South Carolina, Texas
* Correctional Care contract in Florida expected to commence in Q2 2016. Managed Care Contract in Nebraska
expected to commence in Q1 2017. Long-term Services and Supports for New Hampshire scheduled to commence
in Q3 2016.
CORRECTIONAL HEALTHCARE
California, Florida*, Massachusetts, Minnesota,
Mississippi, Tennessee, Vermont
HEALTH INSURANCE MARKETPLACE
Arizona, Arkansas, California, Florida, Georgia,
Illinois, Indiana, Massachusetts, Mississippi,
New Hampshire, Ohio, Oregon, Texas,
Washington, Wisconsin
8 CENTENE CORPORATION
2015 Highlights
9
Q1
Q2
Q3
Q4
Centene announced that its health and
wellness subsidiary received a three-year
Wellness and Health Promotion
Accreditation renewal from the National
Committee for Quality Assurance (NCQA).
MARCH
Superior HealthPlan began operating
under an expanded STAR+PLUS contract
with the Texas Health and Human Services
Commission (HHSC) to include nursing
facility benefits. The company also began
operating under a new contract with the
Texas HHSC and the Centers for Medicare
and Medicaid Services to serve dual-eligible
members in three counties as part of the
state's dual demonstration program.
Centene’s national multilingual nurse triage
and health education subsidiary received full
Health Call Center Accreditation from URAC.
APRIL
Centene announced the appointment of
Marcela Manjarrez Hawn to Senior Vice
President and Chief Communications Officer,
and the appointment of Ken Yamaguchi,
M.D., to Executive Vice President and Chief
Medical Officer.
Centene’s health and wellness subsidiary,
Nurtur, received full Disease Management
Accreditation renewal from URAC.
MAY
Centene's Florida subsidiary was awarded
a new contract by the Florida Healthy Kids
Corporation to manage healthcare services
for children ages 5 through 18 in all 11 regions
of Florida, commencing in the fourth quarter
of 2015.
Centene completed the acquisition of Fidelis
SecureCare of Michigan Inc. Fidelis began
operating under a new contract with the
Michigan Department of Community Health
and the Centers for Medicare and Medicaid
Services to provide integrated healthcare
services to members who are dually eligible
for Medicare and Medicaid in Macomb and
Wayne counties.
JANUARY
Centene signed a definitive agreement to
acquire Agate Resources Inc., a diversified
holding company that offers an array of
healthcare products and services to
Oregon residents.
Centene acquired the remaining 79% of
LiveHealthier, Inc. – a provider of technology
and service-based health management
solutions.
Centene expanded its participation in Health
Insurance Marketplaces to include members
in certain regions of Illinois and Wisconsin.
FEBRUARY
Centurion began operating under a new
contract with the Vermont Department of
Corrections to provide comprehensive
correctional healthcare services.
Centene’s Indiana subsidiary began
operating under an expanded contract to
provide Medicaid services under the state's
Healthy Indiana Plan 2.0 program.
Centene’s South Carolina subsidiary began
operating under a new contract to serve
dual-eligible members as part of the state's
dual demonstration program.
Louisiana Healthcare Connections began
operating under a new contract to serve
Bayou Health (Medicaid) beneficiaries.
Superior HealthPlan was awarded a contract
to continue to serve STAR Health (Foster
Care) Medicaid recipients.
JULY
Centene's Mississippi subsidiary, Magnolia
Health, began operating under a two-year
CHIP contract with the state of Mississippi.
Centurion began operating under a new
contract with the Mississippi Department of
Corrections to provide comprehensive
correctional healthcare services.
Centene announced a definitive merger
agreement with Health Net under which
Centene will acquire all of the issued and
outstanding shares of Health Net, subject
to regulatory approval.
AUGUST
Centene's subsidiary was selected by the
Washington State Health Care Authority as
the sole provider for the Apple Health Foster
Care contract, expected to commence in
2016, pending regulatory approvals.
SEPTEMBER
Centene completed the acquisition of Agate
Resources Inc., a diversified holding
company that offers primarily Medicaid and
other healthcare products and services to
Oregon residents through Trillium
Community Health Plan.
Peach State Health Plan was selected to
serve Medicaid recipients through a contract
renewal expected to start in July 2016,
pending regulatory approvals.
OCTOBER
Sunshine Health began operating under a
two-year, statewide contract to manage
healthcare services for children ages 5
through 18 in all 11 regions of Florida.
Centene's subsidiary, Cenpatico Integrated
Care, in partnership with University of
Arizona Health n operating under a contract
to be the Regional Behavioral Health
Authority for the new southern geographic
service area.
Superior HealthPlan was awarded a contract,
expected to start in the second half of 2016,
by the Texas Health and Human Services
Commission to serve seven delivery areas for
STAR Kids Medicaid recipients, more than
any other successful bidder.
Centene announced that shareholders voted
overwhelmingly to approve Centene's
pending merger with Health Net.
NOVEMBER
Centene announced national recognition by
Modern Healthcare and Advertising Age for
its anti-bullying campaign, “No Bullying
Zone,” receiving the Gold Award for
Community Outreach Campaign of the Year
at Modern Healthcare's Marketing Impact
Awards.
DECEMBER
Centene announced that two of its
programs, the Home-Based Primary Care
Program and the Addiction in Pregnancy
Program, were recognized by Medicaid
Health Plans of America with Best Practices
Awards which honor Medicaid health plans
for exemplary programs that have improved
the health of Medicaid enrollees by ensuring
high-quality care.
10 CENTENE CORPORATION
OUR PORTFOLIO OF HEALTHCARE SOLUTIONS
Centene's experience has taught us that every individual and every
community faces unique challenges. In our ongoing effort to transform
the health of our communities, one person at a time, we continue to
broaden our service offerings to address areas that we believe have
been traditionally underserved. Our multi-line approach allows us
to improve quality of care and health outcomes, while helping to
manage medical costs and diversify our revenues.
23
IN 2015, WE SERVED MANAGED CARE
MEMBERS IN 23 STATES THROUGH OVER
200 LOCALIZED PRODUCT SOLUTIONS.
THROUGH OUR EXTENSIVE PORTFOLIO
OF CUSTOMIZED SOLUTIONS, CENTENE IS
ADDRESSING THE HEALTHCARE CHALLENGES
OF TODAY AND TOMORROW.
MEDICAID/CHIP
LONG-TERM SERVICES AND SUPPORTS
MEDICARE SNP
HEALTH INSURANCE MARKETPLACE
MEDICAID-MEDICARE
ABD NON-DUAL ELIGIBLE
ABD DUAL ELIGIBLE
FOSTER CARE
CORRECTIONAL HEALTHCARE
PHARMACY SOLUTIONS
BEHAVIORAL AND
SPECIALTY THERAPIES
LIFE & HEALTH MANAGEMENT
MANAGED VISION
DENTAL BENEFITS
CARE MANAGEMENT SOFTWARE
IN-HOME HEALTH SERVICES
I/DD SUPPORT SERVICES
AND THERAPIES
TELEHEALTH
12 CENTENE CORPORATION
Our Portfolio of Healthcare Solutions
13
MEDICAID/CHIP
Since 1984, our expertise has helped maximize the effectiveness of
state Medicaid programs by managing care of chronic illnesses and
reducing inappropriate emergency room visits, inpatient days and
high-cost interventions. In 2015, Centene health plans continued to
integrate case management, education, outreach and incentives
through targeted programs such as Start Smart for Your Baby®.
Additional programming included health education and outreach
specifically for children and teens, as well as helping members
manage conditions such as sickle cell or diabetes.
FOSTER CARE
Centene has almost a decade of experience providing comprehensive
services for children and youth in foster care. Centene health plans
hold the contracts for three of the four exclusive statewide managed
care programs for children in foster care in the United States —
in Texas, Florida and Washington. In addition, our subsidiary in
Mississippi is the state health plan of choice for its fully integrated,
statewide foster care managed care program. We also provide
specialized managed care services to support adoption populations
in Indiana, Missouri and Kansas.
MEDICARE
Whether due to age, disability or income, individuals who are
eligible for Medicare often require additional care and support
services. Centene currently offers dual-eligible special needs plans
(D-SNP) to these individuals in eight states. We are also
participating in the Dual Demonstration programs in five states.
With the addition of Health Net, we are well-positioned for growth
opportunities in the Medicare landscape.
150,000
MEMBERS WERE ENROLLED IN OUR AWARD-
WINNING START SMART FOR YOUR BABY PROGRAM
IN 2015, HELPING TO GIVE MORE MOTHERS AND
BABIES A HEALTHY START IN THEIR LIFE TOGETHER.
75,000
INDIVIDUALS RECEIVED MANAGED
CARE THROUGH LONG-TERM CARE OR
INTELLECTUALLY AND DEVELOPMENTALLY
DISABLED PROGRAMS IN 2015.
83,000
FOSTER CARE AND ADOPTION ASSISTANCE
ENROLLEES WERE SERVED BY CENTENE
HEALTH PLANS IN 2015.
LTSS AND I/DD
Centene’s experience and integrated approach to care management
are helping states address the increasingly complex needs of
individuals requiring long-term services and supports (LTSS).
Centene currently manages LTSS in seven states for individuals
diverse in age and disability, including elders with chronic conditions
and individuals with physical disabilities, intellectual/developmental
disabilities and brain injuries. Our comprehensive approach includes
24-hour telephone clinical support, integrated behavioral health
programs, home modifications, attendant care, emergency alert
systems and equipment to help with mobility.
HEALTH INSURANCE MARKETPLACE
Our Ambetter plans are designed to be affordable, comprehensive
solutions for lower-income individuals and families who may not
qualify for Medicaid or other government coverage. Initially launched
in 2014, we nearly doubled our marketplace membership in 2015,
offering coverage and benefits through health insurance marketplaces
in 13 states as of January 2016.
CORRECTIONAL HEALTHCARE
Our proven managed care principles are helping states deliver new
levels of clinical efficacy and cost efficiency for correctional systems
through Centurion — a joint venture between Centene and MHM
Services Inc. In 2015, Centurion expanded its services via new
contracts with the Vermont Department of Corrections and the
Mississippi Department of Corrections. A new contract with the
state of Florida is also expected to commence in the second quarter
of 2016.
14 CENTENE CORPORATION
SOPHISTICATED INNOVATIONS FOR
TODAY'S HEALTHCARE CHALLENGES
In 2015, our Health Care Enterprise
companies continued to demonstrate
value to an expansive external client
base—including payors, providers and state
partners—as well as Centene’s own health
plans, by focusing on solutions for a myriad
of distinct healthcare challenges. Such
solutions include improving adherence to
Hepatitis C medications, providing rapid
crisis response services to members with
behavioral health needs and intellectual
and developmental disabilities, reducing
preventable hospital readmissions, and
improving integrated case management.
Our Health Care Enterprise companies
focus on addressing critical areas within
the healthcare system.
IN-HOME PRIMARY CARE & SERVICES
I/DD SUPPORT SERVICES & THERAPIES
SPECIALTY PHARMACY SOLUTIONS
SOFTWARE FOR INTEGRATED
CASE MANAGEMENT
DATA ANALYTICS
BETTER CARE THROUGH INTEGRATED SPECIALTY SOLUTIONS
In 2015, we launched Envolve, a new brand that
brings together our extensive portfolio of
specialty healthcare solutions and achieve
a level of integration that’s unparalleled in
healthcare. Envolve represents our family of
health solutions working together to make
healthcare simpler, more effective and more
accessible for everyone.
Envolve leverages our collective expertise in
behavioral health management, telehealth
services, life and health management, pharmacy
benefits management, specialty pharmacy,
dental benefits management, managed
vision, and more, to provide integrated and
comprehensive healthcare for members.
We’ve made it our mission to provide healthcare
that’s more accessible, and as a united brand,
we are able to provide services that are more
effective and more efficient for clients and
members alike.
Envolve Pharmacy Solutions services will
transform the traditional pharmacy benefit
delivery model through innovative, flexible
solutions and customized care management.
We will improve outcomes for patients living
with complex conditions by focusing on
comprehensive solutions for patients.
Envolve PeopleCare services will focus on
individual health management through
education and empowerment. Through
behavioral health, nurse triage, telehealth,
and health, wellness and disease guidance
programs, we will help transform lives.
Envolve Benefit Options services will extend the
reach of dental and vision benefits. These fully
integrated health services are customizable
to govern costs while offering the highest care
to the communities we serve.
16 CENTENE CORPORATION
Transforming the Health of Our Community / One Person at a Time
17
TRANSFORMING THE HEALTH OF OUR COMMUNITY
ONE PERSON AT A TIME
We take our commitment to the local communities
we serve seriously. The expansion of our operations
in Texas exemplifies Centene’s ability to address a full
range of issues as states seek to maximize the quality
and effectiveness of healthcare coverage – especially
for some of their most vulnerable citizens.
Launched in 1999 under a single Medicaid
contract, our subsidiary, Superior HealthPlan,
partners with the state to care for the unique
needs of people as diverse as adults and
children with disabilities, children within
the foster care system, and low-income
families. Some chronically ill, elderly or
disabled people qualify for both Medicaid
and Medicare and are served through a Dual
Eligible Special Need Plan. And, in 2014,
we began offering affordable coverage with
our Ambetter plan through the Texas Health
Insurance Marketplace for individuals and
families who may not qualify for Medicaid.
Of course, a comprehensive spectrum of
healthcare solutions is needed to effectively
address all our members’ health needs,
improve outcomes and control medical costs.
As in each of our states, through integration
with Envolve and our Health Care Enterprises,
we can offer our members in Texas cost-
effective access to prescription drugs,
behavioral healthcare, case management,
vision care and much more. In addition,
our clinical and health education programs
and services help members manage certain
illnesses or health issues.
Whether through an in-person home visit
or over the phone, our dedicated team in
Texas helps members get healthy and stay
healthy. Superior’s MemberConnections™
representatives empower members to take
better care of their health by assisting with
challenges like transportation, or even
helping members obtain food, housing,
clothing and utility services.
At Centene, being local isn’t just about
where we have offices. It’s about being active
within our community. To serve this mission,
Superior has established Superior Community
Ambassadors who are liaisons between
Superior and the Texas communities it
serves. These ambassadors attend health
fairs, work with local schools and agencies,
and champion important health initiatives.
Another way Superior actively participates in
the communities it serves is by offering grants
to providers and community organizations
that promote the health and well-being of
Texans. In these ways and more, Superior
HealthPlan demonstrates our commitment to
transforming the health of our communities.
1 MILLION
SUPERIOR HEALTHPLAN SERVED
75,000 MEMBERS IN TEXAS IN
2001. TODAY, WE SERVE NEARLY
1 MILLION TEXANS.
INTEGRATED CASE MANAGEMENT
FOR PERSONALIZED PHYSICAL
AND BEHAVIORAL CARE
Doug, a California Health & Wellness member,
was referred to our behavioral health case
management team by a hospital emergency
department diversion program. Doug was
having a tough time with depression, PTSD
(post-traumatic stress disorder) and alcohol
abuse. He was also stressed out about an
enlarged prostate and said his chronic
breathing problems made life very difficult.
Because we believe in addressing each
person’s unique health needs, we tailored
our approach to Doug’s situation. After he
was enrolled in personal case management
programs to help him with his physical and
behavioral health needs, Doug successfully
quit drinking, attended regular counseling
appointments to reduce depression and
PTSD symptoms, and got a power wheelchair.
He has also made great progress with his
breathing issues and is now off oxygen.
Our case manager continues to help Doug
manage his ongoing physical and behavioral
health needs. Grateful for his California Health
& Wellness coverage and care team, Doug says
that without the regular support he receives
from his health plan, he would not be sober
or doing as well as he is.
HELPING A MEMBER NAVIGATE THE
AMERICAN HEALTHCARE SYSTEM DESPITE
LANGUAGE BARRIERS
Zeya immigrated to the United States from
Burma. She did not speak English and was
cared for by her daughter, who also did not
speak English. Neither of them understood
the American healthcare system or how
health insurance works. Zeya suffered from
depression, heart disease and chronic pain,
but language and cultural barriers challenged
access to the medical and behavioral health
services she needed.
Laura, a program coordinator at MHS Health
Wisconsin, persisted in helping Zeya, even
though she struggled to follow directions for
care and appointments at first. Laura enrolled
Zeya with U.S. Medical Management for
doctor house calls, scheduled appointments
and arranged for a translator at the home visit.
Despite frequent reminders, Zeya continued
to miss appointments. MHS Health Wisconsin
understands the value of connecting with
our members and providing the care they
need, so Laura continued her efforts –
rescheduling visits and trying to connect with
Zeya, each time using a translator. Zeya and
her daughter were invited to come to one of
our weekly Care Day events, where Laura was
able to fill out a health assessment for Zeya.
Today, Zeya has scheduled visits with her
new primary care doctor, behavioral health
specialist and a dentist. She also has a
personal care worker who helps her with
daily tasks.
18 CENTENE CORPORATION
Selected Financial Information
19
QUARTERLY SELECTED FINANCIAL INFORMATION
SELECTED FINANCIAL INFORMATION
AMOUNTS ATTRIBUTABLE
TO CENTENE CORPORATION
COMMON SHAREHOLDERS
NET EARNINGS (LOSS) PER COMMON SHARE
ATTRIBUTABLE TO CENTENE CORPORATION
AMOUNTS ATTRIBUTABLE
TO CENTENE CORPORATION
COMMON SHAREHOLDERS
NET EARNINGS (LOSS) PER COMMON SHARE
ATTRIBUTABLE TO CENTENE CORPORATION
Total revenues
Earnings from continuing operations,
net of income tax expense
Discontinued operations,
net of income tax expense (benefit)
Net earnings
Basic:
Continuing operations
Discontinued operations
Basic earnings per common share
Diluted:
Continuing operations
Discontinued operations
Diluted earnings per common share
Total revenues
Earnings from continuing operations,
net of income tax expense
Discontinued operations,
net of income tax expense (benefit)
Net earnings
Basic:
Continuing operations
Discontinued operations
Basic earnings per common share
Diluted:
Continuing operations
Discontinued operations
Diluted earnings per common share
For the Quarter Ended, 2015
(in millions, except share data) (unaudited)
March 31
$5,131
June 30
$5,506
September 30
$5,821
December 31
$6,302
$64
(1)
$63
$0.54
(0.01)
$0.53
$0.52
(0.01)
$0.51
$88
—
$88
$0.74
—
$0.74
$0.72
—
$0.72
$92
1
$93
$0.77
0.01
$0.78
$0.75
0.01
$0.76
$112
(1)
$111
$0.94
(0.01)
$0.93
$0.91
(0.01)
$0.90
For the Quarter Ended, 2014
(in millions, except share data) (unaudited)
March 31
June 30
September 30
December 31
$3,460
$4,023
$4,352
$4,725
$34
(1)
$33
$0.30
(0.01)
$0.29
$0.29
(0.01)
$0.28
$47
2
$49
$0.41
0.01
$0.42
$0.39
0.02
$0.41
$81
1
$82
$0.69
0.01
$0.70
$0.67
0.01
$0.68
$106
1
$107
$0.90
0.01
$0.91
$0.87
0.01
$ 0.88
REVENUES
EXPENSES
OTHER INCOME (EXPENSE)
AMOUNTS ATTRIBUTABLE TO CENTENE
CORPORATION COMMON SHAREHOLDERS
NET EARNINGS (LOSS) PER COMMON SHARE
ATTRIBUTABLE TO CENTENE CORPORATION
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
CONSOLIDATED BALANCE SHEET DATA
Premium
Service
Premium and service revenues
Premium tax and health insurer fee
Total Revenues
Medical costs
Cost of services
General and administrative expenses
Premium tax expense
Health insurer fee expense
Total operating expenses
Earnings from operations
Investment and other income
Debt extinguishment costs
Interest expense
Earnings from continuing
operations, before income
tax expense
Income tax expense
Earnings from continuing operations,
net of income tax expense
Discontinued operations, net of income
tax expense (benefit) of $(1), $1, $2, $(48)
and $(4) respectively
Net earnings (loss)
(Earnings) loss attributable
to noncontrolling interests
Net earnings attributable
to Centene Corporation
Earnings from continuing operations,
net of income tax expense
Discontinued operations, net of
income tax expense (benefit)
Net earnings
Basic:
Continuing operations
Discontinued operations
Basic earnings per common share
Diluted:
Continuing operations
Discontinued operations
Diluted earnings per common share
Basic
Diluted
Year Ended December 31
(in millions, except share data)
2015
$19,389
1,876
21,265
1,495
22,760
17,242
1,621
1,826
1,151
215
22,055
705
35
—
(43)
2014
$14,198
1,469
15,667
893
16,560
12,678
1,280
1,314
698
126
16,096
464
28
—
(35)
697
339
457
196
358
261
2013
$10,153
373
10,526
337
10,863
8,995
327
931
333
—
10,586
277
19
—
(27)
269
107
162
4
166
2012
$7,569
113
7,682
428
8,110
6,781
88
705
428
—
8,002
108
35
—
(20)
123
47
76
(87)
(11)
13
$2
2011
$4,948
104
5,052
159
5,211
4,191
78
578
161
—
5,008
203
13
(8)
(20)
188
71
117
(9)
108
3
$111
3
264
(1)
357
(2)
7
(1)
$355
$271
$165
$356
$268
$161
$89
$120
(1)
$355
3
$271
$2.99
(0.01)
$2.98
$2.30
0.03
$2.33
4
$165
$1.49
0.03
$1.52
(87)
$2
$0.86
(0.84)
$0.02
(9)
$111
$1.20
(0.09)
$1.11
$2.89
(0.01)
$2.88
$1.15
(0.09)
$1.06
119,100,744 116,345,764 108,253,090 103,018,732 100,397,908
123,066,370 120,360,212 112,494,346 107,428,750 104,948,476
$0.83
(0.81)
$0.02
$2.23
0.02
$2.25
$1.43
0.04
$1.47
Cash and cash equivalents (1)
Investments and restricted deposits (1)
Total assets
Medical claims liability (1)
Long term debt (1)
Total stockholders’ equity
$1,760
2,218
7,339
2,298
1,216
2,168
$1,610
1,557
5,824
1,723
874
1,743
$974
941
3,519
1,112
655
1,243
$746
727
2,764
815
526
954
$494
653
2,182
519
341
936
(1) From continuing operations
20 CENTENE CORPORATION
CORPORATE INFORMATION
The graph below compares the cumulative total stockholder return
on our common stock for the period from December 31, 2010, to
December 31, 2015, with the cumulative total return of the New York
Stock Exchange Composite Index and the Standard & Poor’s
Supercomposite Managed Healthcare Index over the same period.
The graph assumes an investment of $100 on December 31, 2010,
in our common stock (at the last reported sale price on such day),
the New York Stock Exchange Composite Index and the Standard
& Poor’s Supercomposite Managed Healthcare Index and assumes
the reinvestment of any dividends.
STOCK PERFORMANCE GRAPH
(in dollars)
$600
$500
$400
$300
$200
$100
$0
'10
'11
'12
'13
'14
'15
Centene Corporation
S&P Supercomposite Managed Healthcare Index
New York Stock Exchange Composite Index
BOARD OF DIRECTORS
MICHAEL F. NEIDORFF
Chairman, President and CEO,
Centene Corporation
ORLANDO AYALA
Chairman and Corporate Vice President of
Emerging Businesses for Microsoft Corporation
ROBERT K. DITMORE
Former President and COO,
United Healthcare Corporation
FREDERICK H. EPPINGER
Director, President and CEO,
The Hanover Insurance Group, Inc.
RICHARD A. GEPHARDT
CEO and President of Gephardt Group LLC;
Former Majority Leader of the U.S. House
of Representatives
PAMELA A. JOSEPH
Retired Vice Chairman, Payment Services
of U.S. Bancorp, Chairman and CEO,
Elavon, Inc.
JOHN R. ROBERTS
Retired Regional Managing Partner,
Arthur Andersen LLP
DAVID L. STEWARD
Founder and Chairman,
World Wide Technology, Inc.
TOMMY G. THOMPSON
Chairman and CEO of Thompson Holdings;
Former Health and Human Services Secretary;
Former Governor of Wisconsin
FORM 10-K Centene has filed an Annual Report on Form 10-K for the year ended December 31, 2015, with the Securities and Exchange Commission. Stockholders may obtain a copy of this report, without charge, by writing:Investor Relations Centene Corporation 7700 Forsyth Boulevard St. Louis, MO 63105www.centene.comTRANSFER AGENTBroadridge Corporate Issuer Solutions, Inc. Broadridge Corporate Issuer SolutionsP.O. Box 1342Brentwood, NY 11717 855-627-5087 www.broadridge.com/TransferAgentANNUAL MEETINGThe Annual Meeting of Stockholders will be held on Tuesday, April 26, 2016, at 10 a.m. at Centene Corporation, 7700 Forsyth Blvd., St. Louis, MO 63105 in the Auditorium, 314-725-4477. CASH DIVIDEND POLICYCentene has not paid any dividends on its common stock and expects that its earnings will continue to be retained for use in the operation and expansion of its business.OTHER INFORMATIONIncluded in this 2015 Annual Review are financial and operating highlights and summary financial statements. For complete financial statements, including notes, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission (the “2015 Form 10-K”), which also includes Management’s Discussion and Analysis of Financial Condition and Results of Operations. This 2015 Annual Review, together with our 2015 Form 10-K, constitute our annual report to security holders for purposes of Rule 14a-3(b) of the Securities Exchange Act of 1934, as amended. Our 2015 Form 10-K may be obtained by accessing the investor section of our company’s website at www.centene.com, or by going to the SEC’s website at www.sec.gov.NON-GAAP FINANCIAL PRESENTATIONThe Company is providing certain non-GAAP financial measures in this report as the Company believes that these figures are helpful in allowing individuals to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently. The Company uses the presented non-GAAP financial measures internally to allow management to focus on period-to-period changes in the Company's core business operations. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.COMMON STOCK INFORMATIONCentene common stock is traded and quoted on the New York Stock Exchange under the symbol “CNC.” All share, per share and stock price information presented in this Annual Review has been adjusted for Centene’s two-for-one stock split on February 2, 2015.CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS All statements, other than statements of current or historical fact, contained in this 2015 Annual Review are forward-looking statements. We have attempted to identify these statements by terminology including “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “seek,” “target,” “goal,” “may,” “will,” “would,” “could,” “should,” “can,” “continue” and other similar words or expressions in connection with, among other things, any discussion of future operating or financial performance. In particular, these statements include statements about our market opportunity, our growth strategy, competition, expected activities and future acquisitions, including our proposed merger with Health Net, Inc. (Health Net) (Proposed Merger), investments and the adequacy of our available cash resources. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this 2015 Annual Review are based on information available to us on the date of this 2015 Annual Review and we undertake no obligation to update or revise the forward- looking statements included in this filing, whether as a result of new information, future events or otherwise, after the date of this filing. Actual results may differ from projections or estimates due to a variety of important factors applicable to both us and Health Net, including but not limited to (i) our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves; (ii) competition; (iii) membership and revenue projections; (iv) timing of regulatory contract approval; (v) changes in healthcare practices; (vi) changes in federal or state laws or regulations, including the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act and any regulations enacted thereunder; (vii) changes in expected contract start dates; (viii) changes in expected closing dates, estimated purchase price and accretion for acquisitions; (ix) inflation; (x) foreign currency fluctuations; (xi) provider and state contract changes; (xii) new technologies; (xiii) advances in medicine; (xiv) reduction in provider payments by governmental payors; (xv) major epidemics; (xvi) disasters and numerous other factors affecting the delivery and cost of healthcare; (xvii) the expiration, cancellation or suspension of our or Health Net's managed care contracts by federal or state governments (including but not limited to Medicare and Medicaid); (xviii) the outcome of our or Health Net's pending legal proceedings; (xix) availability of debt and equity financing, on terms that are favorable to us; (xx) our ability to adequately price products on federally-facilitated and state-based Health Insurance Marketplaces; (xxi) changes in economic, political and market conditions; (xxii) the ultimate closing date of the Proposed Merger; (xxiii) the possibility that the expected synergies and value creation from the Proposed Merger will not be realized, or will not be realized within the expected time period; (xxiv) the risk that acquired businesses will not be integrated successfully; (xxv) disruption from the Proposed Merger making it more difficult to maintain business and operational relationships; (xxvi) the risk that unexpected costs related to the Proposed Merger will be incurred; and (xxvii) the possibility that the Proposed Merger does not close, including, but not limited to, due to the failure to satisfy the closing conditions thereto. We disclaim any current intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Due to these important factors and risks, we cannot give assurances with respect to our future premium levels or our ability to control our future medical costs. Please refer to Item A “Risk Factors” of Part I of the Company's Annual Report on Form 10-K filed with the SEC on February 22, 2016 for a further discussion of these and other important factors that could cause actual results to differ from expectations.STOCK PRICE2016*20152014HighLowHighLowHighLowFirst Quarter$ 68.42$ 47.36$ 71.66$ 51.73$ 33.18$ 28.44Second Quarter$ 82.18$ 61.85$38.84$ 27.56Third Quarter$ 83.00$ 50.93$ 41.99$ 35.49Fourth Quarter$ 67.53$ 51.75$54.24$37.53*Stock price through February 17, 2016 23
COMMON STOCK INFORMATION
Centene common stock is traded and quoted on
the New York Stock Exchange under the symbol
“CNC.” All share, per share and stock price
information presented in this Annual Review has
been adjusted for Centene’s two-for-one stock
split on February 2, 2015.
STOCK
PRICE
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2016*
2015
2014
High
Low
High
Low
High
Low
$ 68.42 $ 47.36 $ 71.66 $ 51.73
$ 33.18 $ 28.44
$ 82.18 $ 61.85 $38.84 $ 27.56
$ 83.00 $ 50.93 $ 41.99 $ 35.49
$ 67.53 $ 51.75 $54.24 $37.53
*Stock price through February 17, 2016
FORM 10-K
Centene has filed an Annual Report on Form 10-K
for the year ended December 31, 2015, with the
Securities and Exchange Commission. Stockholders
may obtain a copy of this report, without charge,
by writing:
Investor Relations
Centene Corporation
7700 Forsyth Boulevard
St. Louis, MO 63105
www.centene.com
TRANSFER AGENT
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
855-627-5087
www.broadridge.com/TransferAgent
ANNUAL MEETING
The Annual Meeting of Stockholders will be
held on Tuesday, April 26, 2016, at 10 a.m.
at Centene Corporation, 7700 Forsyth Blvd.,
St. Louis, MO 63105 in the Auditorium,
314-725-4477.
CASH DIVIDEND POLICY
Centene has not paid any dividends on its common
stock and expects that its earnings will continue to
be retained for use in the operation and expansion
of its business.
OTHER INFORMATION
Included in this 2015 Annual Review are financial
and operating highlights and summary financial
statements. For complete financial statements,
including notes, please refer to the Company’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2015, filed with the Securities
and Exchange Commission (the “2015 Form 10-K”),
which also includes Management’s Discussion
and Analysis of Financial Condition and Results of
Operations. This 2015 Annual Review, together with
our 2015 Form 10-K, constitute our annual report
to security holders for purposes of Rule 14a-3(b) of
the Securities Exchange Act of 1934, as amended.
Our 2015 Form 10-K may be obtained by accessing
the investor section of our company’s website at
www.centene.com, or by going to the SEC’s website
at www.sec.gov.
NON-GAAP FINANCIAL PRESENTATION
The Company is providing certain non-GAAP
financial measures in this report as the Company
believes that these figures are helpful in allowing
individuals to more accurately assess the ongoing
nature of the Company's operations and measure
the Company's performance more consistently.
The Company uses the presented non-GAAP
financial measures internally to allow management
to focus on period-to-period changes in the
Company's core business operations. Therefore,
the Company believes that this information
is meaningful in addition to the information
contained in the GAAP presentation of financial
information. The presentation of this additional
non-GAAP financial information is not intended to
be considered in isolation or as a substitute for the
financial information prepared and presented in
accordance with GAAP.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS All statements,
other than statements of current or historical fact, contained in this 2015 Annual Review
are forward-looking statements. We have attempted to identify these statements by
terminology including “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,”
“seek,” “target,” “goal,” “may,” “will,” “would,” “could,” “should,” “can,” “continue”
and other similar words or expressions in connection with, among other things, any
discussion of future operating or financial performance. In particular, these statements
include statements about our market opportunity, our growth strategy, competition,
expected activities and future acquisitions, including our proposed merger with Health Net,
Inc. (Health Net) (Proposed Merger), investments and the adequacy of our available cash
resources. Readers are cautioned that matters subject to forward-looking statements
involve known and unknown risks and uncertainties, including economic, regulatory,
competitive and other factors that may cause our or our industry's actual results, levels
of activity, performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these forward-
looking statements. These statements are not guarantees of future performance and are
subject to risks, uncertainties and assumptions. All forward-looking statements included
in this 2015 Annual Review are based on information available to us on the date of this
2015 Annual Review and we undertake no obligation to update or revise the forward-
looking statements included in this filing, whether as a result of new information, future
events or otherwise, after the date of this filing. Actual results may differ from projections
or estimates due to a variety of important factors applicable to both us and Health
Net, including but not limited to (i) our ability to accurately predict and effectively
manage health benefits and other operating expenses and reserves; (ii) competition;
(iii) membership and revenue projections; (iv) timing of regulatory contract approval;
(v) changes in healthcare practices; (vi) changes in federal or state laws or regulations,
including the Patient Protection and Affordable Care Act and the Health Care and
Education Affordability Reconciliation Act and any regulations enacted thereunder;
(vii) changes in expected contract start dates; (viii) changes in expected closing dates,
estimated purchase price and accretion for acquisitions; (ix) inflation; (x) foreign currency
fluctuations; (xi) provider and state contract changes; (xii) new technologies; (xiii) advances
in medicine; (xiv) reduction in provider payments by governmental payors; (xv) major
epidemics; (xvi) disasters and numerous other factors affecting the delivery and cost of
healthcare; (xvii) the expiration, cancellation or suspension of our or Health Net's managed
care contracts by federal or state governments (including but not limited to Medicare
and Medicaid); (xviii) the outcome of our or Health Net's pending legal proceedings; (xix)
availability of debt and equity financing, on terms that are favorable to us; (xx) our ability
to adequately price products on federally-facilitated and state-based Health Insurance
Marketplaces; (xxi) changes in economic, political and market conditions; (xxii) the ultimate
closing date of the Proposed Merger; (xxiii) the possibility that the expected synergies and
value creation from the Proposed Merger will not be realized, or will not be realized within
the expected time period; (xxiv) the risk that acquired businesses will not be integrated
successfully; (xxv) disruption from the Proposed Merger making it more difficult to maintain
business and operational relationships; (xxvi) the risk that unexpected costs related to the
Proposed Merger will be incurred; and (xxvii) the possibility that the Proposed Merger does
not close, including, but not limited to, due to the failure to satisfy the closing conditions
thereto. We disclaim any current intention or obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
Due to these important factors and risks, we cannot give assurances with respect to our
future premium levels or our ability to control our future medical costs. Please refer to Item
A “Risk Factors” of Part I of the Company's Annual Report on Form 10-K filed with the SEC
on February 22, 2016 for a further discussion of these and other important factors that
could cause actual results to differ from expectations.
22 CENTENE CORPORATIONBOARD OF DIRECTORSMICHAEL F. NEIDORFF Chairman, President and CEO, Centene CorporationORLANDO AYALA Chairman and Corporate Vice President of Emerging Businesses for Microsoft CorporationROBERT K. DITMORE Former President and COO, United Healthcare CorporationFREDERICK H. EPPINGER Director, President and CEO, The Hanover Insurance Group, Inc.RICHARD A. GEPHARDT CEO and President of Gephardt Group LLC; Former Majority Leader of the U.S. House of RepresentativesPAMELA A. JOSEPH Retired Vice Chairman, Payment Services of U.S. Bancorp, Chairman and CEO, Elavon, Inc.JOHN R. ROBERTS Retired Regional Managing Partner, Arthur Andersen LLPDAVID L. STEWARD Founder and Chairman, World Wide Technology, Inc.TOMMY G. THOMPSON Chairman and CEO of Thompson Holdings; Former Health and Human Services Secretary; Former Governor of WisconsinThe graph below compares the cumulative total stockholder return on our common stock for the period from December 31, 2010, to December 31, 2015, with the cumulative total return of the New York Stock Exchange Composite Index and the Standard & Poor’s Supercomposite Managed Healthcare Index over the same period. The graph assumes an investment of $100 on December 31, 2010, in our common stock (at the last reported sale price on such day), the New York Stock Exchange Composite Index and the Standard & Poor’s Supercomposite Managed Healthcare Index and assumes the reinvestment of any dividends.CORPORATE INFORMATION$0STOCK PERFORMANCE GRAPH (in dollars)$600$500$400$300$200$100'10'12'11'13'14'15 Centene Corporation S&P Supercomposite Managed Healthcare Index New York Stock Exchange Composite Index 7700 Forsyth Boulevard
St. Louis, MO 63105, U.S.A.
1-314-725-4477
www.centene.com