Cigna posts $1.4B profit in Q3

The Cigna Group raised its year-end revenue projections to $192 billion, according to the company's third quarter earnings published Nov 2.

Total revenues in the third quarter were $49 billion, up 8.3% year over year.

In the third quarter, net income was $1.4 billion, down 49% from nearly $2.8 billion year over year. 

Evernorth revenues rose 8.1% year over year to $38.6 billion. The insurance side of the business, Cigna Healthcare, reported third-quarter revenues of $12.8 billion, up 14.2% from the previous year.

The company's medical loss ratio was 80.5% in the third quarter, compared to 80.8% during the same period last year.

As of Sept. 30, Cigna had 19.6 million total medical members, up 9.2% year over year.

The company increased its projected year-end revenues to at least $192 billion. Full-year adjusted income from operations is projected to be at least $7.36 billion, or at least $24.75 per share.

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