January 10, 2017

Cigna expects Medicare Advantage decline of 50,000 customers

HBJ File Photo
HBJ File Photo
Cigna headquarters in Bloomfield.

Bloomfield-based Cigna Corp. said it expects to add 300,000 to 500,000 total medical customers in 2017, but will face a decline of 50,000 Medicare Advantage customers, according to a Securities and Exchange Commission report filed Tuesday.

The insurer said it expects growth in all of its commercial employer markets in 2017 as well as 100,000 new customers in its individual business segment.

The filing provides information Cigna President and CEO David M. Cordani expects to share with analysts Wednesday.

Cigna was banned from marketing its Medicare products to new customers after the U.S. government found problems with how the health insurer ran its plans.

Cigna officials also plan to disclose preliminary expectations that shareholders' net income for full year 2016 is projected to be in the range of $1.87 billion to $1.94 billion. They also expect to reaffirm projected full year 2016 consolidated adjusted income from operations, which remains in the range of $2.03 billion to $2.1 billion, according to the filing.

Cigna also announced that it spent $146 million in 2016 on merger-related costs, as the company continues to pursue its combination with Anthem. That merger faces opposition from the Department of Justice.

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