Health insurer Cigna's net income totaled $290 million in the fourth quarter of fiscal year 2011, down 37 percent from $461 million in the same quarter of 2010, according to a Cigna news release.
Total revenue remained steady at $5.46 billion, compared with $5.43 billion in the fourth quarter of 2010.
For the entire 2011 fiscal year, Cigna recorded a profit of $1.33 billion, slightly down from the $1.35 billion in FY 2010. Total revenue reached $22 billion in 2011, up about 4 percent from last year.
Cigna also recorded an after-tax loss of $28 million in the fourth quarter of 2011, which was related to the costs of its HealthSpring acquisition. Cigna closed on the HealthSpring transaction earlier this week.
Total revenue remained steady at $5.46 billion, compared with $5.43 billion in the fourth quarter of 2010.
For the entire 2011 fiscal year, Cigna recorded a profit of $1.33 billion, slightly down from the $1.35 billion in FY 2010. Total revenue reached $22 billion in 2011, up about 4 percent from last year.
Cigna also recorded an after-tax loss of $28 million in the fourth quarter of 2011, which was related to the costs of its HealthSpring acquisition. Cigna closed on the HealthSpring transaction earlier this week.
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