Cigna Q3 Profit Climbs; Boosts Annual Forecast - Quick Facts

(RTTNews) - Health insurer Cigna Corp. (CI) reported higher shareholders' net income of $553 million, or $1.95 per share in the 2013 third quarter, versus $466 million, or $1.61 per share, a year ago.

For the quarter, adjusted income from operations was $536 million, or $1.89 per share, up compared with $489 million, or $1.69 per share, for the third quarter of 2012, reflecting strong revenue growth, continued effective medical cost management, and a lower operating expense ratio, partially offset by pressure in Medicare Advantage results. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $1.63 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly consolidated revenues were $8.1 billion, up 10% over the prior year's $7.32 billion. Ten analysts estimated revenues of $7.24 billion for the quarter. Revenues reflect growth in premiums and fees of 7% in Global Health Care, 29% in Global Supplemental Benefits and 9% in Group Disability and Life, driven by continued growth in Cigna's targeted customer divisions.

For full year 2013, Cigna currently sees adjusted income from operations to be in the range of $1.9 billion - $1.96 billion, or $6.70 - $6.90 per share, an increase from the prior estimate of $1.8 billion - $1.9 billion, or $6.25 - $6.65 per share. Analysts project earnings of $6.65 per share in 2013.