Cigna Closes 4Q With 49% Boom in Net Income

Share on Facebook
Bloomfield, Conn.-based health insurer Cigna ended fiscal year 2012 with 28.8 percent more net income than 2011 for a total of $1.62 billion, largely attributable to a 38.1 percent hike in premium revenue from rate and membership increases and the company's acquisition of Medicare Advantage plan HealthSpring in January 2012.

Year-end total revenue increased more than $7.25 billion from FY 2011 to nearly $29.12 billion in FY 2012, a 33.2 percent leap. Fourth-quarter revenue results were also favorable, as Cigna raked in $7.62 billion, 40.5 percent higher than fourth quarter 2011. The company closed the fourth quarter with a 48.7 percent jump over last year inĀ  net income at $406 million.

Last year, Cigna announced it had completed its acquisition of HealthSpring, based in Franklin, Tenn., adding more than 1 million members to Cigna's plan in an estimated $3.8 billion deal.

More Articles on Cigna:

Insurers Fund Free Online EFT Enrollment Tool for Providers
Humana Income Down 13.9% in 2012
Government-Sponsored Health Plan Enrollment Picks Up Steam

© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


New From Becker's Hospital CFO

New Jersey hospital's tax ruling could have ripple effect

Read Now

Top 40 Articles from the Past 6 Months