First-quarter net income at health insurer Cigna rose more than 800 percent, from $57 million in 2013 to $528 million this year.
Cigna reported total revenue of approximately $8.5 billion for the three months ended March 31, up 3.8 percent from $8.18 billion the previous year. The increase in revenue was driven by growth in premiums and fees.
During the first quarter of 2013, Cigna reported a major drop in earnings due to its $781 million transaction with Berkshire Hathaway to exit its reinsurance business, which it had been running in run-off mode seeking no new business since 2000. The insurer posted $488 million in losses in 2013 because of run-off reinsurance.
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