Second-quarter profit at health insurer Cigna increased by 33 percent, from $380 million in 2012 to $505 million this year.
Cigna reported total revenues of nearly $8 billion in the second quarter, a 7.5 percent increase from about $7.4 billion in the second quarter of 2012. The increase was driven partly by Cigna's global medical business, which grew by 2 percent or 241,000 customers in the first six months of 2013.
For the six months ended June 30, 2013, Cigna reported revenues of about $16.1 billion, a 14 percent increase from about $14.2 billion in 2012. However, for the first six months of this year, Cigna also reported net income of $562 million, a 25 percent decrease from $751 million in the first six months of 2012.
Although the company's global health care segment income increased about 25 percent to $806 million, run-off reinsurance losses went up by 1,419 percent, from only $32 million in the first six months of 2012 to $486 million this year. Additionally, profit from the group disability and life segment decreased by nearly 36 percent, from $159 million in the first six months of 2012 to $102 in 2013.
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