Health insurer Cigna's (pdf) second quarter profit was down 3 percent, from $391 million last year to $380 million this year, but the figures still beat analysts' estimates.
The main contributor to Cigna's better-than-expected earnings was its HealthSpring purchase. Earlier this year, Cigna completed its acquisition of HealthSpring, one of the largest Medicare Advantage plans in the country, which added roughly 1 million people to Cigna's enrollment.
Total revenue in the second quarter skyrocketed more than 35 percent to $7.46 billion compared with $5.51 billion in the second quarter of fiscal year 2011. For the first six months of FY 2012, Cigna's revenue totaled $14.25 billion compared with $10.92 billion in the first six months last year.
Cigna's year-to-date profit stands at $751 million, down roughly 6.6 percent from last year's six-month total of $804 million.
The main contributor to Cigna's better-than-expected earnings was its HealthSpring purchase. Earlier this year, Cigna completed its acquisition of HealthSpring, one of the largest Medicare Advantage plans in the country, which added roughly 1 million people to Cigna's enrollment.
Total revenue in the second quarter skyrocketed more than 35 percent to $7.46 billion compared with $5.51 billion in the second quarter of fiscal year 2011. For the first six months of FY 2012, Cigna's revenue totaled $14.25 billion compared with $10.92 billion in the first six months last year.
Cigna's year-to-date profit stands at $751 million, down roughly 6.6 percent from last year's six-month total of $804 million.
More Articles on Cigna:
Tenet to Build ACOs Using Cigna Model
Cigna Launches Two New ACOs in Ohio, Maine
Cigna's 1Q Net Earnings Drop 10%