Third-quarter net income at health insurer Cigna increased by nearly 19 percent, from $466 million in 2012 to $553 million this year.
Cigna reported total revenue of $8 billion in the third quarter, a 10 percent increase from about $7.3 billion in the third quarter of 2012.
For the nine months ended Sept. 30, Cigna reported revenue of about $24.2 billion, a nearly 13 percent increase from about $21.5 billion in the first nine months of 2012.
However, for the first nine months of this year, the insurer also reported net income of $1.1 billion, an 8 percent decrease from $1.2 billion last year. Profit from the group disability and life segment decreased by 13 percent, from $223 million in the first nine months of 2012 to $194 million this year.
The decline in profits during the first nine months of 2013 is also partly due to Cigna's $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.
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