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CIGNA Reports 1st Quarter Net Income

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NU Online News Service, May 2, 2003, 6:44 p.m. EDT – CIGNA Corp., Philadelphia, is reporting $188 million in net income for the first quarter on $4.9 billion in revenue, compared with $218 million in net income on $4.8 billion in revenue for the first quarter of 2002.

The retirement services and international benefits units generated higher operating income, but the unit that sells employee health, life and disability benefits earned less than it earned in the first quarter of 2002.

The benefits unit ended the quarter providing or administering major medical coverage for 12 million people, 6% fewer than it covered a year earlier.

Average premium and fee revenue increased 22% for members of CIGNA’s health maintenance organizations, to $1,051, and 4% for members of its preferred provider plans, to $231.