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Cigna's 3Q profit falls 35 pct on charge

Fri, 10/28/2011 - 2:45am
The Associated Press

Cigna says its third-quarter profit tumbled 35 percent due to a big hit from some businesses the managed care company discontinued years ago.

The Bloomfield, Conn., health insurer reported net income of $200 million, or 74 cents per share, in the three months that ended Sept. 30. That's down from $307 million, or $1.13 per share, last year.

Adjusted income totaled $1.20 per share. Analysts expected earnings of $1.23 per share.

Revenue climbed nearly 7 percent to $5.61 billion. Analyst forecast $5.45 billion in revenue.

Cigna says it now expects 2011 adjusted earnings of $5.05 to $5.30 per share, which is up from its previous forecast of $4.95 to $5.25. Analysts had expected annual earnings of $5.29 per share.

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