Cigna reported over $44 billion in total revenues in the first quarter, with the strongest growth in the company's Evernorth business. Projected revenues at year end stand at $177 billion, according to the company's earnings report released May 6.
"We've had a strong start to the year as we advance our growth strategy and support the health and well-being of our clients and customers," Chair and CEO David Cordani said. "We're taking decisive steps forward with innovation, new partnerships and re-investing in our company so we can achieve greater impact for the customers and communities we're privileged to serve."
Seven things to know:
- Total revenue in 2022 was $44 billion, increasing from nearly $41 billion year over year, or a 7.4 percent increase.
- Shareholders' net income for the first quarter of 2022 was $1.2 billion, the same as the first quarter of 2021.
- The company reported over 190 million customer relationships in 2022, which includes over 107 million pharmacy customers and nearly 17.8 million policyholders.
- The increase of 698,000 medical customers year to date was driven by growth in commercial plans and was partially offset by a decrease in government plans after Cigna's divestiture of its Medicaid business.
- Evernorth's adjusted revenues grew 9.7 percent year over year, rising from $30.6 billion in 2021 to $33.6 billion in 2022.
- Cigna Healthcare's adjusted revenues grew 2.9 percent year over year, rising from $11.1 billion in 2021 to $11.4 billion in 2022.
- The company's outlook for full-year 2022 adjusted revenues is projected to be at least $177 billion.