April 26 (Reuters) - Centene Corp ( CNC ) raised annual

profit forecast and beat Wall Street estimates for first-quarter

profit on Friday, helped by higher premiums from its commercial

insurance business.

The health insurer banks more on commercial plans and state

government-backed Medicaid health plans, which cover medical

care costs for people with limited income and resources.

Commercial plan memberships grew to 4.77 million at the end

of the first quarter from 3.53 million from a year earlier, and

helped partially cushion impact from a drop in Medicaid plan

members.

On an adjusted basis, the health insurer now expects annual

profit of more than $6.80 per share, compared with its previous

forecast of more than $6.70.

Analysts were expecting a profit of $6.78 per share,

according to LSEG data.

On an adjusted basis, Centene ( CNC ) earned $2.26 per share in the

three months ended March 31, compared with analysts' average

estimate of $2.08 per share.