Cigna Group posts $1.5B profit in Q2, boosts year-end earnings

The Cigna Group raised its year-end revenue projections to $190 billion and reported a 6 percent decrease in shareholders' net income, according to the company's second quarter earnings published Aug. 3.

Total revenues in the second quarter were $48.6 billion, up 7 percent year over year.

In the second quarter, net income was nearly $1.5 billion, down 6 percent from $1.6 billion year over year. The company cited an absence of income from recently divested businesses, including the sale of businesses to Chubb in six countries and divestiture from a joint venture in Turkey.

Evernorth pharmacy revenues rose 7 percent year over year to $35.2 billion. The insurance side of the business, Cigna Healthcare, reported second-quarter revenues of $12.7 billion, up 11 percent from the previous year.

The company's medical loss ratio was 81.2 percent in the second quarter, compared to 80.7 percent during the same period last year.

As of June 30, Cigna had 19.5 million total medical members, up 10 percent year over year.

The company increased its projected year-end revenues to at least $190 billion. Full-year adjusted income from operations is projected to be at least $7.36 billion, or at least $24.70 per share.

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