Cigna 2Q Profit Jumps 37 Percent

August 1, 2008 6:52:45 AM PDT
Philadelphia-based health insurer Cigna says its second-quarter profit rose 37 percent on a jump in premiums and fees as the company's acquisition of Great West Healthcare boosted membership. Profit rose to $272 million, or 97 cents per share, from profit of $198 million, or 68 cents per share, during the same period a year ago. Excluding one-time gains and charges, the company earned $1.08 per share in the latest quarter.

Revenue rose 11 percent to $4.86 billion from $4.38 billion.

The results easily beat the average estimates of analysts polled by Thomson Financial, who forecast profit of 97 cents per share on revenue of $4.76 billion.

Cigna expects adjusted profit between $4.05 and $4.25 for the full year, while analysts expect $4.17 per share.