First quarter net income at health insurer Cigna (pdf) dropped 10 percent, from $413 million in 2011 to $371 million in 2012.
Cigna boosted its first quarter revenue by more than 25 percent to a total of $6.79 billion, but for the second straight quarter, the Connecticut-based health insurer had to absorb a $28 million after-tax charge related to its $3.8 billion acquisition of HealthSpring in January. Cigna also recorded an after-tax loss of $13 million related to an unnamed litigation matter.
Cigna raised its full-year 2012 earnings outlook, as it added 1.2 million people to its insurance rolls in the quarter ended March 31, 2012.
Cigna boosted its first quarter revenue by more than 25 percent to a total of $6.79 billion, but for the second straight quarter, the Connecticut-based health insurer had to absorb a $28 million after-tax charge related to its $3.8 billion acquisition of HealthSpring in January. Cigna also recorded an after-tax loss of $13 million related to an unnamed litigation matter.
Cigna raised its full-year 2012 earnings outlook, as it added 1.2 million people to its insurance rolls in the quarter ended March 31, 2012.
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