Centene said it will lay off about 2,000 of its employees, or slightly more than 3% of its workforce.
"We routinely assess our workforce to ensure we have the talent and expertise necessary to support our members and the evolving needs of the business," a spokesperson said Tuesday. "Our decision was not made lightly."
Centene declined to provide specifics about the positions, location or reasons behind the layoffs. Health Payer Specialist first reported the news.
The company said it had 74,300 employees in its annual report filed with the Securities and Exchange Commission in February.
Centene has focused this year on shedding assets not related to its core health plan business. The carrier on its first-quarter earnings call in April reduced its 2024 profit guidance because of the potential impact of Medicaid redeterminations on its member mix. The company also said in April it anticipates losing money on its Medicare Advantage business this year after its 2023 star ratings came in worse than anticipated.
Centene is in the midst of a value-creation plan, which the insurer began two years ago after its comparatively low margins led activist investor Politan Capital Management to purchase a $900 million stake in the company.