Cigna Posts $1.4B Profit, Raises Revenue Guidance

The Bloomingfield, Connecticut–based insurer's total quarterly revenues were $41 billion.

Cigna Corp. posted a net income of $1.4 billion during Q3 and raised its full year adjusted revenues guidance, according to the company's latest earnings report released Thursday morning.

The Bloomingfield, Connecticut–based insurer's total quarterly revenues were $41 billion and adjusted revenues were $40.8 billion.

Related: Cigna's Net Income Grew to $1.8B During Q2, Despite Pandemic Challenges

Meanwhile, adjusted income from operations reached $1.6 billion, down slightly year-over-year due in part to "COVID-19 related impacts."

Forward looking, Cigna projects full year adjusted revenues of $158 billion and consolidated adjusted income from operations on a per share basis between $18.30 to $18.60.

C-suite perspective: 

"In these dynamic and challenging times, we at Cigna continue to act as champions for our customers, clients, and communities as we deliver on our promises to make health care more affordable, predictable and simple," David Cordani, CEO of Cigna, said in a statement. "We delivered attractive revenue growth and strong earnings, while further improving our capital position, driving strategic flexibility. Additionally, our launch of Evernorth accelerates our strategy, broadens our reach and expands our opportunities for growth, further enhancing the value we deliver to the marketplace each and every day."

By the end of Q3, Cigna's total medical customers slipped just below 17 million, down year-over-year, though total pharmacy customers rose by nearly 11 million over the same period.

Year-to-date, Cigna has repurchased 16 million shares of common stock for $2.9 billion.

Related: How Much is Cigna Corporation CEO Getting Paid

The insurer had a few major developments during Q3, both from a business and legal standpoint.

In early August, the Department of Justice sued Cigna, alleging Medicare Advantage fraud as a way to receive higher federal payments.

Related: Cigna Hit With Federal Lawsuit Alleging Medicare Advantage Fraud

In late August, a Delaware judge rebuffed both Anthem Inc. and Cigna in a case related to the failed merger between the two companies.

In mid-September, a Robert Wood Johnson Foundation study found that Cigna, among a dozen other insurers, planned to expand their Affordable Care Act options in 2021.

Related: Cigna, Other Insurers to Reach More ACA Markets in 2021

The insurer now expects to close the sale of its Group Disability and Life segment in Q4 2020.

For complete financial information, review Cigna's filing with the Securities and Exchange Commission.