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July 30, 2020

Cigna’s 2Q profits jump 25%

Photo | Cigna Cigna's headquarters in Bloomfield.
By Matt Pilon

Cigna reported a 25% increase in profits for its second quarter, as the Bloomfield-based health insurer grew its revenue while holding benefits and expenses flat.

Cigna said Thursday that it booked a profit of $1.5 billion, or $4.73 per diluted share, for the three-month period ended June 30, up from $1.41 billion, or $3.70, in the second quarter of 2019.
That beat analyst estimates compiled by Zacks Investment Research.

Revenue grew 1.2% year over year, from $38.82 billion to $39.27 billion.

Cigna said its higher earnings came amid “significantly lower” medical utilization in both its commercial and government business segments due to COVID-19. Cost sharing waivers and other customer pandemic relief programs partially offset that, the company said.

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