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Florida Gov. Rick Scott's administration awarded new Medicaid contracts to insurers. Photo: Joe Raedle/Getty Images

Florida has awarded new five-year Medicaid contracts collectively worth more than $15 billion annually to a handful of health insurance companies, most of which already had contracts with the state.

The big picture: Florida runs one of the largest Medicaid programs in the country, making these contracts that start in 2019 extremely important to the insurers that get them as well as the 3.1 million low-income people who get care through the plans.

The winners: Incumbent insurers Humana, WellCare Health Plans and Centene gained hundreds of thousands of new Medicaid members. Gary Taylor of J.P. Morgan Securities estimates that translates into $1.3 billion in new revenue for Humana, $500 million in new revenue for WellCare and $264 million in new revenue for Centene.

  • Aetna, Anthem and UnitedHealth Group also retained contracts, although they didn't gain market share.

The losers: Magellan Health and Molina Healthcare, both of which had contracts with Florida, were completely shut out. Magellan already plans on appealing the state's decision. Wall Street investors hammered Magellan's stock, which fell 17% Wednesday, on the prospect of the company losing more than $600 million, or a third of its annual revenue.

Some context: Most health insurers have a 2% profit margin on these kinds of Medicaid contracts.

Go deeper

Rohingya refugees sue Facebook over Myanmar hate speech

Internally displaced Rohingya peoples at a market area in the Baw Du Pha IDP Camp in Sittwe in Myanmar's western Rakhine state. Photo: STR/AFP via Getty Images

Rohingya refugees accused Facebook in a $150 million lawsuit filed Monday of amplifying hate speech against the persecuted minority Muslims in Myanmar via algorithms and failing to take down inflammatory posts.

Why it matters: Thousands of Rohingya adults and children have been killed in what the United Nations deemed a genocidal campaign against the Muslim minority. Tens of thousands of Rohingya have been displaced, notably following a massacre by Myanmar's military in 2017.

Former D.C. Guard alleges Army generals lied about Jan. 6 response

Members of the National Guard and Capitol police keep a small group of pro-Trump demonstrators away from the Capitol following the insurrection on Jan. 6. Photo: Spencer Platt/Getty Images

A former D.C. National Guard official has alleged that top Army generals "lied" to Congress in their testimony on the U.S. Capitol riot, Politico first reported Monday.

The big picture: Col. Earl Matthews, who was serving on Jan. 6, alleges in a memo that the official version on the military response is "worthy of the best Stalinist or North Korea propagandist" and that the Pentagon inspector general's November report on it features "myriad inaccuracies, false or misleading statements, or examples of faulty analysis."

Toyota to build $1.3 billion U.S. battery plant in North Carolina

The all-electric Toyota bZ4X, the company's first battery-electric vehicle, at the Los Angeles Auto Show in Los Angeles, California on Nov. 17. Photo: Frederic J. Brown/AFP via Getty Images

Toyota announced Monday it's investing $1.3 billion to construct an electric vehicle battery "megasite" near Greensboro, North Carolina, set to open in 2025.

Why it matters: Toyota's Prius hybrid won environmental plaudits when it launched in 1997, but it has since lost ground to electric vehicle world leader Tesla, per Axios' Joann Muller. This battery plant will be the first to produce automotive batteries for Toyota in North America.