Cigna’s Evernorth Boosts Health Insurer Profits In Pandemic
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Cigna income jumped 14% to $1.6 billion within the third quarter as the corporate’s well being companies unit Evernorth aided progress in the course of the Covid-19 pandemic.
Cigna Thursday reported internet earnings of $1.6 billion, or $4.80 per share within the quarter ended Sept. 30 in comparison with almost $1.4 billion, or $3.78 within the year-ago interval. Revenues rose 8% to $44.3 billion in comparison with $40.9 billion within the third quarter of final 12 months.
Cigna chief govt David Cordani mentioned the corporate’s diversified portfolio, which incorporates industrial and authorities strains of medical health insurance in addition to healthcare companies below the Evernorth umbrella are serving to to develop the corporate.
“Our robust outcomes from the quarter exhibit how we’re advancing our progress technique and delivering for our clients, sufferers, shoppers, and supplier companions,” Cordani mentioned. “The balanced profile of our enterprise, our sustained investments in innovation, and our capital flexibility place us nicely for continued progress the remainder of this 12 months and over the long-term.”
Evernorth, which incorporates the pharmacy profit administration firm Cigna purchased with its 2018 acquisition of Specific Scripts, reported adjusted revenues up 13% to $33.6 billion “relative to 3rd quarter 2020 pushed by robust natural progress, together with progress in retail community and specialty pharmacy companies,” Cigna mentioned in its earnings report.
Cigna mentioned Evernorth “fulfilled 411 million adjusted pharmacy scripts within the third quarter, which was up 8% in comparison with the identical interval final 12 months.
In the meantime, whole medical membership was up barely to 17 million in comparison with 16.9 million within the year-ago interval with the most important improve coming within the U.S. authorities sector, which incorporates Cigna’s Medicare Benefit enterprise and particular person protection below the Inexpensive Care Act often called Obamacare. Such in U.S. authorities well being plans administered by Cigna grew by 100,000 clients to 1.5 million from 1.4 million within the year-ago interval.
