Cigna posted strong results in its commercial and specialty businesses, causing the insurer’s revenue to increase to 4.9 percent year over year to $9.96 billion in the second quarter. The insurer’s medical membership totaled 15.1 million as of June 30, up from 14.8 million a year earlier.
However, lower earnings in its group life and disability businesses caused a drop in Cigna’s net income.
“We are taking a series of corrective actions to stabilize and improve group disability and life results while we continue to focus on driving innovation and enhancing value for our customers and clients around the globe, and remain fully committed to our long-term growth objective,” Cigna CEO David Cordani said.
The insurer also incurred $26 million in costs related to its pending combination with Indianapolis-based Anthem.
Earnings, excluding certain items, were $1.98 a share, falling short of the $2.37 average of analysts’ estimates, according to Bloomberg.
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