Cigna’s Evernorth And Health Plan Growth Push Profits To $1.6 Billion

Healthcare Cigna’s Evernorth And Health Plan Growth Push Profits To $1. 6 Billion Bruce Japsen Senior Contributor Opinions expressed by Forbes Contributors are their own. I write about healthcare business and policy New! Follow this author to improve your content experience.

Got it! Aug 4, 2022, 06:15am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Cigna Thursday reported $1. 6 billion in quarterly profits thanks to rising health plan membership . .

. [+] and continued growth of the company’s Evernorth health services business, the company said Aug. 3, 2022.

In this photo, an American flag flies above a Cigna Corp. flag at the company’s headquarters in Bloomfield, Connecticut, U. S.

, on Tuesday, Nov. 22, 2016. Photographer: Michael Nagle/bloomberg © 2016 Bloomberg Finance LP Cigna Thursday reported nearly $1.

6 billion in quarterly profits thanks to rising health plan membership and continued growth of the company’s Evernorth health services business. Net income rose 6% to $1. 56 billion, or $4.

90 per share, in the second quarter compared with $1. 46 billion, or $4. 25 per share, for second quarter of last year, the company’s earnings report said .

Revenues, meanwhile, rose 5% to $45. 5 billion compared to $43. 1 billion in the year-ago period.

Cigna’s profits and growing customer base contributed to the company’s decision to raise its financial outlook for the rest of 2022 yet again. Cigna now says full year 2022 consolidated adjusted income from operations “is projected to be at least $7. 165 billion, or at least $22.

90 per share,” which is 30 cents more than an earlier projection, the company disclosed Thursday. “Our focus on our customers, patients and clients continues to resonate in the market as our strong results and positive momentum reinforce the value we are delivering,” said David Cordani, chairman and chief executive officer. “Evernorth and Cigna Healthcare continue driving our strong performance, and our focus on ongoing innovation positions us for sustained, differentiated growth.

” Cigna said its total medical customer base grew by 725,000 customers to 17. 8 million “driven by growth in U. S.

commercial fee-based client relationships,” the health insurer said . The growth in the commercial business helped offset a decline in U. S.

government health customers, “inclusive of the divestiture of the Medicaid business. ” Meanwhile, the portfolio of operations under Evernorth, which includes the pharmacy benefit management company Cigna bought with its 2018 acquisition of Express Scripts, continues to perform well. Second quarter adjusted revenues increased 7% to $34.

8 billion due to growth in pharmacy services and specialty pharmacy in particular, the company said. MORE FOR YOU CDC: Salmonella Outbreak Has Left 279 Ill, 26 Hospitalized In 29 States Canadians End Up In ICU After Attending ‘Covid Party’ White House Mandates Pfizer Vaccines for Millions of Citizens . .

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