Cigna Thursday reported $1.6 billion in quarterly income due to rising well being plan membership … [+]
Cigna Thursday reported almost $1.6 billion in quarterly income due to rising well being plan membership and continued development of the corporate’s Evernorth well being providers enterprise.
Web earnings rose 6% to $1.56 billion, or $4.90 per share, within the second quarter in contrast with $1.46 billion, or $4.25 per share, for second quarter of final 12 months, the company’s earnings report said. Revenues, in the meantime, rose 5% to $45.5 billion in comparison with $43.1 billion within the year-ago interval.
Cigna’s income and rising buyer base contributed to the corporate’s choice to lift its monetary outlook for the remainder of 2022 but once more. Cigna now says full 12 months 2022 consolidated adjusted earnings from operations “is projected to be at the least $7.165 billion, or at the least $22.90 per share,” which is 30 cents greater than an earlier projection, the company disclosed Thursday.
“Our concentrate on our prospects, sufferers and shoppers continues to resonate available in the market as our robust outcomes and optimistic momentum reinforce the worth we’re delivering,” stated David Cordani, chairman and chief govt officer. “Evernorth and Cigna Healthcare proceed driving our robust efficiency, and our concentrate on ongoing innovation positions us for sustained, differentiated development.”
Cigna stated its complete medical buyer base grew by 725,000 prospects to 17.8 million “pushed by development in U.S. business fee-based shopper relationships,” the well being insurer said. The expansion within the business enterprise helped offset a decline in U.S. authorities well being prospects, “inclusive of the divestiture of the Medicaid enterprise.”
In the meantime, the portfolio of operations below Evernorth, which incorporates the pharmacy profit administration firm Cigna purchased with its 2018 acquisition of Specific Scripts, continues to carry out properly. Second quarter adjusted revenues elevated 7% to $34.8 billion as a result of development in pharmacy providers and specialty pharmacy specifically, the corporate stated.
