INSURANCE

Cigna’s Earnings Drop in Wake of Los Angeles Riots: The insurance giant said its earnings declined 26.5% in the second quarter, largely because of losses stemming from the Los Angeles riots this spring. Cigna reported net income of $125 million, or $1.74 a share, compared to $170 million, or $2.38 a share, for the same period last year. Revenue was $4.7 billion for the second quarter of both years. “The company’s employee benefits, pension and life operations continued to perform well in the quarter,” said Chairman and Chief Executive Wilson H. Taylor. “The earnings decline primarily reflects continued weak worldwide property and casualty market conditions and high catastrophe losses, notably from the Los Angeles riots.”