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By Dave Sebastian
Cigna Corp. (CI) reported better-than-expected adjusted profit and sales for the fourth quarter.
The insurer posted net income of $977 million, or $2.60 a share, compared with $144 million, or 55 cents a share, in the same quarter last year. Adjusted earnings were $4.31 a share.
Analysts polled by FactSet were expecting $3.26 a share, or $4.20 a share on an adjusted basis.
In December 2018, Cigna completed its $54 billion acquisition of Express Scripts Holding Co., bringing together a health insurer with a strong employer focus and a pharmacy-benefit manager.
Revenue for the quarter rose to $38.25 billion from $14.3 billion in the prior year. Analysts were looking for $35.3 billion.
Adjusted revenue was $36.54 billion, compared with $13.75 billion a year earlier.
Its medical customer base at the end of 2019 grew to 17.15 million from 16.96 million in the prior year.
New York Life Insurance Co. in December 2019 agreed to pay $6.3 billion in cash for a Cigna unit that sells nonmedical insurance to employers.
Write to Dave Sebastian at firstname.lastname@example.org
(END) Dow Jones Newswires
February 06, 2020 06:32 ET (11:32 GMT)
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