The Cigna Group beat investor expectations and reported a 10 percent growth in membership year over year, according to the company's first quarter earnings published May 5.
"Our strong results in the first quarter demonstrate how our company continues to execute well, while also introducing innovative, market-leading solutions that improve clinical outcomes, affordability and transparency for the benefit of those we serve," Chair and CEO David Cordani said.
Total revenues in the first quarter were $46.5 billion, up 6 percent year over year.
Evernorth revenues rose 8 percent year over year to $36.2 billion. The insurance side of the business, Cigna Healthcare, reported first-quarter revenues of $12.8 billion, up 13 percent from the previous year.
In the first quarter, net income was $1.3 billion, up 6 percent year over year.
The company's medical loss ratio was 81.3 percent in the first quarter, compared to 81.5 percent during the same period last year.
As of March 31, Cigna had 19.5 million total medical members, up 10 percent year over year.
For 2023, the company projects revenues of at least $188 billion. Full-year adjusted income from operations is projected to be at least $7.36 billion, or at least $24.70 per share.