Cigna 4Q Profit Lifted by Health-Services Segment
February 04 2021 - 6:51AM
Dow Jones News
By Matt Grossman
Cigna Corp. Thursday recorded higher revenue and an adjusted
profit in the latest quarter, as stronger health-services and
medical results boosted the company's earnings despite costs
incurred because of the pandemic.
The Bloomfield, Conn.-based health-care company recorded
shareholders' net income of $4.14 billion, or $11.45 a share, up
from $977 million, or $2.60 a share, in the same three-month period
a year earlier.
On an adjusted basis, the company's profit was $3.51 a share.
Analysts surveyed by FactSet were forecasting adjusted earnings of
$3.66 a share.
Revenue for the period was $41.71 billion, compared with $38.25
billion in the previous year's fourth quarter. Analysts were
expecting revenue of $39.96 billion.
Total customer relationships grew to 175,709, from 171,760 at
the end of 2019. The number of medical customers declined to
16,673, from 17,145 a year earlier.
Evernorth, Cigna's health-services segment, had adjusted revenue
of $30.53 billion, up from $25.57 billion a year earlier. The U.S.
medical segment's adjusted revenue climbed to $9.73 billion, from
$9.21 billion. International-markets adjusted revenue climbed to
$1.54 billion from $1.43 billion, while group-disability adjusted
revenue ticked down to $1.28 billion from $1.29 billion in the
prior year.
Costs from Covid-19 in the quarter included testing and
treatment for patients and support actions Cigna took for
customers, providers and employees, the company said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 04, 2021 06:36 ET (11:36 GMT)
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