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CIGNA Reports Better 3Q Results, 15% Gain In Life Revenue

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NU Online News Service, Oct. 31, 2003, 1:06 p.m. EST – CIGNA Corp., Philadelphia, says streamlining helped it improve its third quarter results.

The company is reporting $1.4 million in net income for the latest quarter on $4.8 billion in revenue, compared with a net loss of $6.3 million on $5.1 billion in revenue for the third quarter of 2002.

“The business improvement and expense control initiatives implemented in CIGNA HealthCare are having a positive impact,” says CIGNA Chairman H. Edward Hanway.

The managed care unit ended the quarter providing or administering health coverage for 12 million people, down from 13 million people a year earlier. But average premium and premium equivalent revenue per managed care member increased 12%, to $628.

CIGNA’s disability and life unit generated $51 million in operating income on $528 million in revenue, up from $18 million in operating income on $444 million in revenue for the third quarter of 2002.

Revenue increased 11% for disability insurance, to $134 million, and 15% for life insurance, to $232 million.