Cigna Profits Hit $1.2 Billion On New Health Plan Customers And Evernorth Growth

Cigna reported nearly $1.2 billion in quarterly income because of rising business well being plan enrollment and continued development of the corporate’s Evernorth well being providers enterprise.

Evernorth, which incorporates the pharmacy profit administration firm Cigna purchased with its 2018 acquisition of Categorical Scripts, helped enhance the corporate’s complete income within the first quarter by greater than 7% to $44 billion in comparison with $40.9 billion within the year-ago interval, the company said Friday in its earnings report. In the meantime, Cigna’s web revenue was $1.18 billion, or $3.68 per share, in contrast with $1.16 billion, or $3.30 per share, for first quarter 2021.

Cigna’s diversified portfolio, which incorporates business and authorities traces of medical health insurance in addition to healthcare providers together with the pharmacy profit administration firm underneath the Evernorth umbrella, are serving to to develop the corporate as was the intention when the well being insurer purchased Categorical Scripts.

“We’ve had a powerful begin to the 12 months as we advance our development technique and help the well being and well-being of our purchasers and clients,” Cigna chairman and chief govt David Cordani said in a statement accompanying the earnings report. “We’re taking decisive steps ahead with innovation, new partnerships and re-investing in our firm so we will obtain better impression for the purchasers and communities we’re privileged to serve.”

Cigna’s income and rising buyer base contributed to the corporate’s determination to boost its monetary outlook for the remainder of 2022.

Whole medical clients in Cigna’s well being plans grew to almost 17.8 million, a rise of 698,000 12 months so far pushed by a bounce in commercially insured clients. In the meantime, Cigna mentioned complete pharmacy clients grew 6% to 107.4 million in comparison with 101 million within the year-ago quarter, pushed by robust retention of enterprise in addition to new gross sales, the corporate mentioned.