Cigna Net Income Jumps Sixfold on Unit Sale Gain
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From Associated Press From Bloomberg News
Cigna Corp., the fourth- largest U.S. health insurer, said first-quarter earnings jumped sixfold, helped by a gain on the sale of a retirement savings business and a slowdown in medical cost increases.
Net income rose to $436 million, or $3.28 a share, from $68 million, or 48 cents, a year earlier, the Philadelphia-based company said. Revenue fell 8% to $4.35 billion.
A $169-million gain from the sale of Cigna’s retirement savings unit boosted results in the recent quarter.
