Cigna reported $2.8 billion in third quarter 2022 earnings because of the sale of the corporate’s life … [+]
Cigna Thursday reported $2.8 billion in quarterly earnings because of the sale of the corporate’s life advantages business, rising well being plan membership and continued development of the corporate’s Evernorth well being companies.
In July, Cigna accomplished the sale of its life, accident and supplemental advantages companies to Chubb for greater than $5 billion in money. The divestiture of the companies, that are situated throughout a half dozen Asia-Pacific markets, will permit Cigna to deal with its U.S. healthcare companies.
Fueled by an “after-tax special item gain” of $1.4 billion from the sale of the companies to Chubb, third quarter internet earnings jumped to $2.8 billion, or $8.97 per share, in contrast with $1.6 billion, or $4.80 per share, for third quarter of final 12 months. Revenues, in the meantime, rose 2% to just about $45.3 billion in comparison with $44.3 billion within the year-ago interval.
“We built on our momentum from the first half of 2022 with strong execution in the third quarter across our businesses and a continued focus on serving customers and clients with our differentiated health and well-being solutions,” Cigna chairman and chief government David Cordani stated. “We’re leveraging capabilities across Evernorth and Cigna Healthcare as we innovate to further improve affordability, guide patients to the most effective treatments and improve the vitality of the customers we serve.”
Cigna’s earnings and rising buyer base contributed to the corporate’s resolution to boost 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 least $7.23 billion, or at least $23.10 per share,” which is 20 cents greater than an earlier projection, the corporate stated Thursday
Cigna stated its whole medical buyer base grew by 873,000 clients to 18 million “driven by growth in U.S. commercial fee-based client relationships, partially offset by a decrease in U.S. Government inclusive of the divestiture of the Medicaid business,” the well being insurer stated in its earnings report launched Thursday.
Meanwhile, the portfolio of operations beneath Evernorth, which incorporates the pharmacy profit administration firm Express Scripts that Cigna purchased in 2018, continues to carry out effectively. Third quarter adjusted revenues elevated 6% to $35.7 billion “reflecting strong organic growth in specialty pharmacy services,” the corporate stated.
