An acquisition and strong disability claims management helped profits at CIGNA Corp. during the second quarter.
Here is a summary of the latest insurance industry earnings news:
CIGNA Corp., Philadelphia
2 Q 2008 Results
NET INCOME: $303 million
REVENUE: $4.9 billion
REALIZED INVESTMENT CHANGE: $19 million loss
MEDICAL MEMBERS: 12 million
2 Q 2007 Results
NET INCOME: $284 million
REVENUE: $4.4 billion
REALIZED INVESTMENT CHANGE: $11 million loss
MEDICAL MEMBERS: 9.8 million
- The health care unit is reporting $181 million in after-tax earnings for the quarter on $3 billion in revenue, compared with 168 million in after-tax earnings on $2.7 billion in revenue for the second quarter of 2007.
- The acquisition of Great-West Healthcare helped increase medical membership and added $16 million in health care earnings.
- Favorable disability insurance claims contributed to an increase in disability and life division earnings to $73 million, from $68 million.
- Excluding the effects of the Great-West acquisition, medical membership will grow about 1%.
Universal American Corp., Rye Brook, N.Y.
2 Q 2008 Results
NET INCOME: $28 million
REVENUE: $1.2 billion
NET REALIZED INVESTMENT CHANGE: $13 million loss
2 Q 2007 Results
NET INCOME: $22 million
REVENUE: $703 million