Centene Corporation

Intrinsic pricing power is structurally constrained by government rate setting and competitive RFPs. Marketplace premiums can be repriced annually, but risk adjustment can overwhelm pricing assumptions, as seen in 2025 when Centene withdrew guidance after a projected $1.8 billion net risk-adjustment shortfall.

The company has begun refiling 2026 rates to reflect higher morbidity, but this is corrective rather than discretionary pricing authority. Medicaid rate corridors and MLR constructs limit margin capture. Overall, pricing power is modest and primarily realized via actuarial precision, cost control, and benefit design, not brand-based pricing.