Cigna loses ground in 3Q
Citing decreasing enrollment and premiums, Cigna Corporation reported a loss of nearly $50 million in the third quarter of 2005 when compared to the same quarter last year.
The Philadelphia-based insurer said net income fell to $259 million, or $2 per share, from $308 million, or $2.26 per share, in the year-earlier period.
Last year’s third-quarter results reflected a one-time gain due to the sale of the corporation’s retirement benefits business.
Premiums and associated fees fell to $3.4 billion from $3.6 billion and enrollment to 9 million from 9.1 million members compared to the year-ago period.
Compared to the second quarter, enrollment rose 1 percent and adjusted income from operations rose to $251 million, or $1.94 a share, from $230 million, or $1.69 per share, a year ago. – NHBR STAFF