Cigna Q3 profits up 70%

Cigna raised its annual earnings outlook and reported a 70 percent boost in third quarter profits compared to the same period last year, according to the company’s earnings report published Nov. 3.

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“We built on our momentum from the first half of 2022 with strong execution in the third quarter across our businesses and a continued focus on serving customers and clients with our differentiated health and well-being solutions,” CEO David Cordani said.

Total revenues in the third quarter are $45.3 billion, a 2.2 percent increase from the same period last year. In 2022, total revenues are $134.8 billion.

The company reported nearly $2.8 billion in profits, an increase of 70 percent year over year. Total profit in 2022 is $5.5 billion.

Cigna has nearly 18 million members and added 873,000 in the third quarter alone. Commercial plans cover 14.8 million people.

Evernorth revenues in the third quarter were $35.7 billion, an increase of 6.2 percent since the same period last year. 

The company raised its EPS to $23.10 for 2022 and it expects full year revenues of at least $179 billion.

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