Cigna reports $2.8 billion gain from sale of company life in third quarter 2022 … [+]
Cigna on Thursday reported a quarterly profit of $2.8 billion, thanks to the sale of its life insurance business, an increase in health insurance subscribers and continued growth in the company’s Evernorth health services.
In July, Cigna completed the sale of its life insurance, accident and supplemental benefits businesses to Chubb for more than $5 billion in cash. The sale of businesses across half a dozen Asia-Pacific markets will allow Cigna to focus on its U.S. healthcare business.
Net income jumped to $2.8 billion, or $8.97 per share, in the third quarter due to a $1.4 billion after-tax special item gain from the sale of the business to Chubb. last year’s. Meanwhile, revenue increased to nearly $45.3 billion from his $44.3 billion in the same period last year.
Cigna Chairman and Chief Executive Officer David Cordani said: “We will leverage the capabilities across Evernorth and Cigna Healthcare to further improve affordability, guide patients to the most effective treatments, and improve the vitality of the customers we serve. We are innovating for
Cigna said total medical insurer customer numbers increased by 873,000 to reach 18 million. Its earnings report was released on Thursday.
Meanwhile, Evernorth’s portfolio of businesses, including pharmacy benefits management company Express Scripts, acquired by Cigna in 2018, continues to perform well. Adjusted revenue in the third quarter increased 6% to $35.7 billion, “reflecting strong organic growth in specialty pharmacy services,” the company said.
.
