Health insurer Cigna profit beats estimates

(AP Photo/Matt Rourke, File)

May 3 (Reuters) - Health insurer Cigna Corp reported a better-than-expected quarterly profit on Thursday and raised its full-year earnings forecast, helped by higher enrollments.

Cigna's membership rose 3 percent to 16.2 million, driven by continued growth in its Select, Individual and Middle Market businesses.

Cigna focuses on large and medium-sized corporate healthcare plans and sells international insurance as well as government-backed Medicare plans.

Cigna struck a $52 billion deal in March to buy pharmacy benefits manager Express Scripts Holding Co in a fast-consolidating industry, which faces greater scrutiny over rising healthcare costs.

Net income rose to $915 million, or $3.72 per share, in the first quarter ended March 31 from $598 million, or $2.30 per share, a year earlier.

Excluding items, Cigna earned $4.11 per share, well above the average analyst estimate of $3.39, according to Thomson Reuters I/B/E/S.

Operating revenue rose 9.5 percent to $11.42 billion.

The company now expects adjusted income of $12.85 per share to $13.25 per share in 2018, compared with its previous forecast of $12.40 to $12.90 per share.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Anil D'Silva)