Feb 7 (Reuters) - Centene Corp (CNC.N) on Tuesday said profit at its fast-growing Medicare Advantage (MA) business will take a beating in 2024 due to a sharp cut in its rating by a U.S. federal agency and likely lower-than-expected government payouts to health insurers. Centene does not expect its MA business to grow next year and it will likely "shrink a little", Chief Financial Officer Andrew Asher said in a post-earnings conference call. Asher said the company expects negative profit margins in the business in 2024 temporarily, after CMS cut star rating for Centene's MA plans in October. MA plans are government-supported insurance plans that private companies offer people over 65 years of age. Revenue from Centene's Medicare health insurance business rose about 24% to $5.45 billion from a year earlier.

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