Bloomfield, Conn.-based Cigna reported net income of $813 million in the second quarter of fiscal year 2017, representing a year-over-year 59.4 percent increase from $510 million in the same period last year.
The payer attributed the net income growth to cost management strategies and increased earnings across its commercial plans. In addition, Cigna reported a $47 million after-tax benefit resulting from its terminated merger with Indianapolis-based Anthem.
Cigna recorded revenues of $10.3 billion in the three months ended June 30, compared to $10 billion in the same period of 2016. The roughly 4 percent year-over-year increase reflects growth in the payer's targeted customer segments.
Expenses in the second quarter of 2017 totaled $9.2 billion for Cigna, up slightly from $9.15 billion recorded in the second quarter of 2016. Year-to-date, Cigna reported net income of $1.4 billion compared to $1 billion during the first six months of 2016.