Thursday, Nov. 5, 2009

Insurer Cigna's 3Q profit grows 92 percent

INDIANAPOLIS (AP) - Managed care company Cigna Corp. says its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year.

Philadelphia-based Cigna says it earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compares to $171 million, or 62 cents per share, in the same quarter of 2008.

Revenue fell 8 percent to $4.5 billion.

Analysts polled by Thomson Reuters forecast earnings of $1.03 per share on $4.59 billion in revenue.

Cigna says variable annuity products in a segment it maintains but no longer sells or markets generated $16 million in income. They lost $133 million last year.

2009-11-05     11:12:25 GMT

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