Cigna's 2011 4Q Profit Drops 37%

Tags: Cigna | health insurer | health insurer profit | health profit | Healthspring | profit | revenue

Health insurer Cigna's net income totaled $290 million in the fourth quarter of fiscal year 2011, down 37 percent from $461 million in the same quarter of 2010, according to a Cigna news release.

Total revenue remained steady at $5.46 billion, compared with $5.43 billion in the fourth quarter of 2010.

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For the entire 2011 fiscal year, Cigna recorded a profit of $1.33 billion, slightly down from the $1.35 billion in FY 2010. Total revenue reached $22 billion in 2011, up about 4 percent from last year.

Cigna also recorded an after-tax loss of $28 million in the fourth quarter of 2011, which was related to the costs of its HealthSpring acquisition. Cigna closed on the HealthSpring transaction earlier this week.

Related Articles on Cigna:

Cigna Launches Accountable Care Program With Weill Cornell Physicians

Medicare, Medicaid Plans Have Boosted Health Insurers' Revenues by 6% Over Past Three Years

Cigna's Net Income Falls 35% in 3Q

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