Cigna Profits Hit $1.2 Billion On New Health Plan Customers And Evernorth Growth

Cigna reported nearly $1.2 billion in quarterly earnings due to rising business well being plan enrollment and continued development of the corporate’s Evernorth well being companies enterprise.

Evernorth, which incorporates the pharmacy profit administration firm Cigna purchased with its 2018 acquisition of Categorical Scripts, helped enhance the corporate’s whole income within the first quarter by greater than 7% to $44 billion in comparison with $40.9 billion within the year-ago interval, the company said Friday in its earnings report. In the meantime, Cigna’s internet revenue was $1.18 billion, or $3.68 per share, in contrast with $1.16 billion, or $3.30 per share, for first quarter 2021.

Cigna’s diversified portfolio, which incorporates business and authorities strains of medical insurance in addition to healthcare companies together with the pharmacy profit administration firm below the Evernorth umbrella, are serving to to develop the corporate as was the intention when the well being insurer purchased Categorical Scripts.

“We’ve had a powerful begin to the 12 months as we advance our development technique and assist the well being and well-being of our shoppers and prospects,” Cigna chairman and chief govt David Cordani said in a statement accompanying the earnings report. “We’re taking decisive steps ahead with innovation, new partnerships and re-investing in our firm so we will obtain better impression for the purchasers and communities we’re privileged to serve.”

Cigna’s earnings and rising buyer base contributed to the corporate’s determination to lift its monetary outlook for the remainder of 2022.

Complete medical prospects in Cigna’s well being plans grew to almost 17.8 million, a rise of 698,000 12 months so far pushed by a leap in commercially insured prospects. In the meantime, Cigna mentioned whole pharmacy prospects grew 6% to 107.4 million in comparison with 101 million within the year-ago quarter, pushed by robust retention of enterprise in addition to new gross sales, the corporate mentioned.