Cigna posts $1.2B profit in fourth quarter

Cigna beat investor expectations and reported $1.2 billion in profit for the fourth quarter, according to its year-end earnings report published Feb. 3.

Total revenues in 2022 were $180.5 billion, up 4 percent year over year. In the fourth quarter, revenues were $45.8 billion.

Evernorth revenues rose 6 percent year over year to $140.3 billion in 2022. The insurance side of the business reported year-end revenues of $44.9 billion, up 1 percent from the year prior.

Net income in 2022 was nearly $6.7 billion, up 24 percent year over year. In the fourth quarter, net earnings were $1.2 billion.

The company's medical loss ratio was 81.7 percent for 2022 and 84 percent for the latest quarter. 

As of Dec. 31, Cigna had 18 million total medical members, up 5 percent year over year. The pharmacy segment had nearly 106 million members in 2022, down 2 percent since 2021.

For 2023, the company projects revenues of at least $187 billion. Adjusted income is projected to be at least $7.33 billion, or at least $24.60 per share.

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