The Bloomingfield, Connecticut–based insurer's adjusted net income also rose during Q2 2020, hitting $2.2 billion compared to $1.6 billion in Q2 2019.
Cigna Corp.'s recorded a net income of $1.8 billion during Q2 2020, a $400 million year-over-year increase that came amid the ongoing coronavirus disease 2019 (COVID-19) pandemic, according to the company's latest earnings report released Thursday morning.
The Bloomingfield, Connecticut–based insurer's adjusted net income also rose during Q2 2020, hitting $2.2 billion compared to $1.6 billion in Q2 2019. Cigna's total revenues were $39.3 billion while adjusted revenues were $39.2 billion.
The company's net income per share was $4.73 for the quarter, up just over $1 year-over-year, while its adjusted net income from operations per share was $5.81, well above the $4.30 reported in Q2 2019.
According to its earnings release, Cigna attributed its quarterly metrics to, "strong fundamental performance and lower medical costs from deferred care" related to the pandemic.
"Cigna's mission to improve the health, well-being and peace of mind of those we serve continues to guide us as we remain relentlessly focused on supporting the needs of our customers, clients, and communities," David Cordani, CEO of Cigna, said in a statement. "Our stakeholders are facing unprecedented challenges from the pandemic, uncertainty of a disrupted economy, and pain of racial tensions and inequality. We are proud of the actions we have taken
to provide innovative programs and services and expanded financial support, all while delivering sustained, attractive financial performance and generating substantial cash flows that fuel our offerings for the benefit of all we serve."
By the end of Q2, Cigna's total medical customers topped 17 million, down quarter-to-quarter but up year-over-year.
Similarly, the insurer's total customer relationships jumped from near 169 million this time last year to just over 188 million in Q2.
Year-to-date, Cigna has repurchased 8.3 million shares of common stock for $1.5 billion.
Cigna maintained its full year outlook, with projections for adjusted revenues between $154 billion to $156 billion and an adjusted income from operations in a range of $18 to $18.60 per share.
Additionally, the insurer expects to close the sale of its Group Disability and Life segment in Q3 2020.
For complete financial information, review Cigna's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: KONSKIE, POLAND - AUGUST 11, 2018: Cigna logo displayed on a modern smartphone - Image / Editorial credit: Piotr Swat / Shutterstock.com