Molina Healthcare on Monday cut its annual profit forecast and warned of weaker-than-expected quarterly earnings, joining a growing list of health insurers grappling with a spike in medical costs.

Molina Healthcare reduced its full-year profit expectations as CEO Joseph Zubretsky pointed to rising costs that have outpaced insurance premiums.

Molina Healthcare Inc. on Monday became the latest health insurer to issue a profit warning, citing rising medical costs and “off-cycle disclosures” from other companies in the managed-healthcare sector.