Cigna reported nearly $1.2 billion in quarterly earnings due to rising business well being plan enrollment and continued progress of the corporate’s Evernorth well being providers enterprise.
Evernorth, which incorporates the pharmacy profit administration firm Cigna purchased with its 2018 acquisition of Categorical Scripts, helped increase the corporate’s complete 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 health insurance in addition to healthcare providers together with the pharmacy profit administration firm beneath 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 robust begin to the yr as we advance our progress technique and help the well being and well-being of our shoppers and clients,” Cigna chairman and chief government 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 larger impression for the purchasers and communities we’re privileged to serve.”
Cigna’s earnings and rising buyer base contributed to the corporate’s choice to boost its monetary outlook for the remainder of 2022.
Complete medical clients in Cigna’s well being plans grew to almost 17.8 million, a rise of 698,000 yr so far pushed by a soar in commercially insured clients. In the meantime, Cigna stated complete pharmacy clients 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 stated.