BLOOMFIELD, Conn. (AP)—Cigna easily topped Wall Street expectations for the third quarter and the insurer raised its outlook for the full year.
Profits more than doubled, partially due to the acquisition of HealthSpring Inc., but also because earnings last year were weighed down by discontinued business.
Cigna earned $466 million, or $1.61 per share, in the three months that ended Sept. 30. That compares with earnings of $183 million, or 67 cents per share, in the previous quarter.
Adjusted earnings, which exclude some one-time items, were $1.69 per share.
Revenue climbed 31 percent to $7.36 billion.
Analysts surveyed by FactSet expected, on average, earnings of $1.37 per share on $7.34 billion in revenue.
The insurer now expects 2012 adjusted earnings to range between $5.70 and $5.90 per share, topping Wall Street expectations of $5.56 per share. The company had previously said it would earn between $5.25 and $5.60.