Cigna Net Income Rises on Cost Cuts, Unit Sale
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Cigna Corp., the fifth- biggest U.S. health insurer, said third-quarter earnings rose 64% because of cost cutting and a gain from the sale of a retirement unit. The company raised its 2004 profit forecast.
Net income increased to $320 million, or $2.34 a share, from $195 million, or $1.39, a year earlier, the Philadelphia-based company said. Revenue from continuing operations declined 6.2% to $4.48 billion as membership in Cigna’s health plans slid to 9.9 million from 11.8 million.
Cigna raised its forecast for 2004 profit from continuing operations, excluding certain expenses, to $925 million to $950 million, or $6.65 to $6.85 a share, from an August forecast of $835 million to $875 million.
Shares of Cigna rose $1.84 to $65.29 on the New York Stock Exchange.
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