Cigna’s profit for the three months ended Sept. 30 is down from a net income of $1.4 billion posted over the same period last year.
The company’s Evernorth subsidiary holds a minority stake in primary care disruptor VillageMD. Walgreens Boots Alliance is the majority owner of VillageMD. Walgreens saw a $5.8 billion loss in the second quarter of 2024 due to an investment devaluation in VillageMD and said in an Aug. 7 regulatory filing that it could sell off its entire stake in the company.
The Cigna Group reported a $2.1 billion adjusted income from operations in the third quarter, up from $2 billion over the same period last year. Cigna said the increase reflected “strong contributions from Evernorth Health Services, particularly within specialty and care services.”
The company reported total revenues of $63.7 billion in the third quarter, up from $49 billion in the same period in 2023. Cigna said the 30% increase was driven by significant growth in Evernorth Health Services, “reflecting large client wins and strong specialty volume growth.”
The insurance side of the business, Cigna Healthcare, reported third-quarter revenues of $13.2 billion, up from $12.8 billion over the same period last year. Cigna said the 3% increase reflected premium rate increases to cover expected rises in underlying medical costs, partially offset by a decrease in individual and family plan customers.
The company’s medical loss ratio was 82.8% in the third quarter, compared to 80.5% in the same period last year.
Evernorth’s posted revenues of $52.6 billion in the third quarter, up from $38.6 billion in the same quarter in 2023. Pharmacy benefit service revenues were $28.8 billion in the quarter, up from $19.2 billion over the same period last year.
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