The Cigna Group is projecting $235 billion in revenue by the end of 2024 and recorded double-digit growth in the fourth quarter across its core lines of business at Evernorth Health Services and Cigna Healthcare, according to the company's year-end earnings report published Feb. 2.
Total revenues in the fourth quarter were $51.1 billion, up 12% year over year. Total revenues in 2023 were $195.3 billion, up 8%.
In the fourth quarter, net income was more than $1 billion, down 14% from nearly $1.2 billion year over year. Year-end net income was nearly $5.2 billion, down 23% year over year.
Evernorth revenues rose 12% year over year to $40.5 billion in the fourth quarter. Operational earnings in the fourth quarter were nearly $1.5 billion, and $4.8 billion in 2023.
The insurance side of the business, Cigna Healthcare, reported fourth-quarter revenues of nearly $13 billion, up 16% from the previous year. Operational income in the fourth quarter was $925 million, and $4.2 billion in 2023.
The company's medical loss ratio was 82.2% in the fourth quarter, compared to 83.8% during the same period last year. In 2023, the company's MLR was 81.3%.
As of Dec. 31, Cigna had 19.9 million total medical members, up 10% year over year. There are 601,000 Medicare Advantage members, which are being sold to Health Care Service Corp.
The company's projected 2024 revenue is at least $235 billion. Full-year adjusted income from operations is projected to be at least $8 billion, or at least $28.25 per share.