The major swing in profit was due primarily to big gains in premiums and other revenue sources, such as its Medicare Part D business, coupled with lower medical expenses. Cigna’s total revenue in the third quarter increased 31.2 percent year-over-year, from $5.61 billion last year to $7.36 billion this year.
For the first nine months of 2012, Cigna’s profit was $1.22 billion, a 23 percent jump from the first nine months last year. Total revenue in the first nine months stood at $21.6 billion, an increase of 30.7 percent.
Despite the high profit total in the third quarter, Cigna announced it would cut the size of its global workforce by 4 percent, according to a Wall Street Journal/Dow Jones report. Roughly 1,300 employees will be affected through both layoffs and decreased hiring.
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