Three things to know:
1. Cigna saw its medical care ratio, or the portion of premium revenue insurers spend on medical care, grow to 85.8 percent in the fourth quarter of 2020, compared to 82.3 percent in the same period a year prior. The change reflected an increase in costs for COVID-19 testing and treatment.
2. Cigna posted fourth-quarter revenues of $41.7 billion, up from $38.2 billion in the same quarter of 2019.
3. Cigna ended the quarter with a $4.1 billion profit, up from $977 million reported in the last quarter of 2019. For the full year 2020, Cigna’s profits totaled $8.5 billion, compared to $5.1 billion in 2019.
More articles on payers:
Blue Shield of California to oversee state’s COVID-19 vaccine distribution
Cigna ends prior authorization for some CT exams
UnitedHealth must redo 67K claims, judge rules
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