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Thursday, November 05, 2009
Cigna Reports 92% Increase in 3Q Profit
FOXBusiness
Cigna Corp. (CI) Thursday reported a 92% jump in third-quarter profit, thanks to improvements in its reinsurance business.
However, the company also projected flat earnings in 2010 due to medical costs and unemployment woes in the managed-care industry. In 2009, the company announced 1,100 layoffs, or 4% of its workforce.
Net income totaled $329 million, or $1.19 a share, compared with $171 million, or 62 cents a share in the year prior.
Revenue totaled $4.52 billion, which missed the Street estimate of $4.59 billion.
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