Share this article:
Print

Insurer Cigna's 3Q profit grows 92 percent

Posted on November 5, 2009 at 8:22 AM

******

INDIANAPOLIS (AP) — Managed care company Cigna Corp. says its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year.

Philadelphia-based Cigna says it earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compares to $171 million, or 62 cents per share, in the same quarter of 2008.

Revenue fell 8 percent to $4.5 billion.

Analysts polled by Thomson Reuters forecast earnings of $1.03 per share on $4.59 billion in revenue.

Cigna says variable annuity products in a segment it maintains but no longer sells or markets generated $16 million in income. They lost $133 million last year.

Share this article:
Print

To add a comment, please register or login.

Leave your comment
1000 characters remaining

Submit

We welcome your comments on this story's topic. Off-topic comments, personal attacks, and inappropriate language may be flagged and removed, and comment privileges blocked, per our Terms of Service. Thanks for keeping the comments space respectful.

Privacy Policy

HTML is not allowed.