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Cigna’s Profit Rises On Overseas BusinessPHILADELPHIA (AP) — The Cigna Corporation, a health insurer, said on Wednesday that fourth-quarter profit rose 13 percent as growth in its overseas business and in its group disability and life operations helped to offset a slight decline in health care earnings. The company also raised its 2008 earnings forecast in anticipation of strong growth in its international and group businesses. Cigna reported a profit of $263 million, or 93 cents a share, up from $232 million, or 76 cents a share, a year earlier. Excluding investments and special items, adjusted profit totaled 98 cents a share in the latest period. Revenue climbed to $4.46 billion from $4.21 billion a year earlier, primarily as a result of higher premiums and fees from specialty insurance and Medicare Part D. Cigna’s core health care business, which accounts for more than half of revenue, posted adjusted earnings of $170 million, a 3.4 percent decline. Premiums and fees rose 3 percent. The number of medical members rose in the quarter to 10.17 million, up 8 percent from a year ago, but it was down from 10.22 million in the third quarter. Earnings from the rest of Cigna’s operations were $107 million in adjusted profits, up by 19 percent from the previous year. They were led by group disability and life insurance operations, which had a 24 percent increase in profit while its international division posted a 32 percent gain. Stock in Cigna, which is based in Philadelphia, rose 97 cents, to $48.78 a share. Tag CloudExternal InformationAdditional InformationExpedia Reduces Its Buyback Plan...Who Controls Paradise?... When a Greeting Card Becomes a Photo Album... Slipstream: First, Cure Malaria. Next, Global Warming.... Where Am I?News Main Page - Business - Cigna’s Profit Rises On Overseas Business |
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