Health insurer Cigna reported shareholders' net income of $408m, or $1.50 per share, for the second quarter of 2010, compared to $294m, or $1.06 per share, for the second quarter of 2010.
The adjusted income from operations for the second quarter of 2011 was $418m, or $1.53 per share, compared to adjusted income from operations of $384m, or $1.38 per share, for the second quarter of 2010.
Total revenues for the quarter increased to $5.5bn, with an increase of 7% over the same period last year, excluding the effect from exiting the Medicare Advantage Individual Private Fee for Service business.
Shareholders’ net income included a loss of $0.07 per share in the second quarter of 2011 and a loss of $0.37 per share for the same period last year related to the Guaranteed Minimum Income Benefits business.
Adjusted income from operations in the second quarter of 2011 included prior year favorable claim development in the Health Care business of $25m after-tax, or $0.09 per share, compared to $14m after-tax, or $0.05 per share, in the second quarter of 2010.
Cigna Corporation president and CEO David Cordani said that the company’s second quarter results are strong and driven by the continued focus on growing in targeted geographies and customer segments through diversified, global portfolio of businesses.
"We are confident we will continue to leverage our differentiated portfolio of solutions to deliver long-term value and sustainable growth for our customers and shareholders in this very dynamic marketplace," Cordani said.