Bloomfield, Conn.-based Cigna will ditch plans to expand its federal exchange presence into 10 states from seven, following the likes of UnitedHealthcare and Aetna in limiting ACA marketplace footprints, St. Louis Post-Dispatch reports.
CEO David Cordani said in a conference call with analysts the payer is "continuing to plan for a loss in the [individual ACA] business," but there will be "some revenue growth," according to the report. Profit in the third quarter of fiscal year 2016 for Cigna sank 16.6 percent from the same period last year to a total of $456 million, the payer reported.
The payer will leave Georgia and Texas exchanges next year, but will enter Chicago and Raleigh, N.C., exchanges.
Another insurer, Anthem, said it is considering a pullback of its 2018 ACA exchange footprint if it continues to financially underperform in the program next year.
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