BLOOMFIELD, Conn. – Cigna's second-quarter profit rose 13 percent to top Wall Street expectations as the health insurer collected more in fees and premiums.
The Bloomfield company also boosted its outlook though shares slumped 6 percent in early trading Thursday as markets sold off sharply.
Net income reached $573 million, or $2.12 per share, up from $505 million, or $1.76 per share, in the same quarter a year ago.
Earnings, adjusted for investment gains, were $1.96 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share.
Revenue was $8.73 billion compared with $7.98 billion in the same quarter a year earlier and also topped Wall Street estimates. Analysts expected $8.25 billion, according to Zacks.
Premiums and fees revenue climbed more than 8 percent to $7.76 billion.
Cigna lifted its adjusted earnings projections for the year to between $7.20 and $7.40, up from a range of $7.05 to $7.35 a share earlier this year.
Shares of Cigna Corp. fell $5.79 to $87.71 in morning trading Thursday.