- Cigna Corporation's CI Q4 sales remained almost flat at $45.7 billion, in line with the consensus estimate. Adjusted revenues decreased by 1% Y/Y.
- Excluding the divested Medicaid business, adjusted revenues grew 1%, reflecting increased specialty contributions, premium increases to cover underlying cost trends, and U.S. Commercial and International Health customer growth, partially offset by lower U.S. Government medical customers and lower net investment income.
- The Bloomfield, Connecticut-based company reported an adjusted operating income of $4.96/share compared to $4.44 a year ago, reflecting growth in Evernorth and Cigna Healthcare more than outweighing the absence of income from divested businesses. Analysts estimated $4.86 per share.
- Related: How Medicare Advantage Insurers Will Be Affected By Proposed 2024 Payment Cut.
- The medical care ratio, a measure of medical expenses against premiums collected, improved to 84% from 87% a year ago, reflecting lower direct COVID-19 costs and improved stop-loss results.
- Guidance: Cigna now expects FY23 adjusted income from operations of at least $24.60/share compared to the analyst forecast of $24.84.
- It projects FY22 revenues of at least $187 billion versus a consensus of $189.75 billion.
- For FY23, the company expects total Medical Customer Growth (lives) of at least 1,200,000.
- Price Action: CI shares are up 0.16% at $302.00 during the premarket session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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