Cigna Q3 profits up 70%

Cigna raised its annual earnings outlook and reported a 70 percent boost in third quarter profits compared to the same period last year, according to the company's earnings report published Nov. 3.

"We built on our momentum from the first half of 2022 with strong execution in the third quarter across our businesses and a continued focus on serving customers and clients with our differentiated health and well-being solutions," CEO David Cordani said.

Total revenues in the third quarter are $45.3 billion, a 2.2 percent increase from the same period last year. In 2022, total revenues are $134.8 billion.

The company reported nearly $2.8 billion in profits, an increase of 70 percent year over year. Total profit in 2022 is $5.5 billion.

Cigna has nearly 18 million members and added 873,000 in the third quarter alone. Commercial plans cover 14.8 million people.

Evernorth revenues in the third quarter were $35.7 billion, an increase of 6.2 percent since the same period last year. 

The company raised its EPS to $23.10 for 2022 and it expects full year revenues of at least $179 billion.

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