Cigna Closes 4Q With 49% Boom in Net Income
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 in 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.
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