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October 30, 2014

Cigna profits dip, but beat estimates

Bloomfield health insurer Cigna said its third-quarter profits dipped by $19 million, or 3.4 percent, partly due to the exit of its limited-benefits business, which is no longer allowed under Obamacare rules.

The insurer booked net income of $553 million, or $2.01 per diluted share, down from $534 million, or $1.95, in the third quarter of 2013.

The dip came despite a nearly 8 percent increase in total revenue, driven by premium and fee growth.

Per-share results beat the expectation of analysts polled by Zack’s Investment Research, who predicted $1.81 per share.

The company also raised its full-year profit outlook to a range of $7.25 to $7.45 per share. That’s up from a previous range of $7.20 to $7.40.

Cigna shares were trading up 70 cents at $94 just before the market opened this morning.

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