Cigna's 16.7% income growth since Q3 2020 comes with raised outlook

Cigna saw strong profits, a bump in revenue and subsidiary development in its third quarter results, announced Nov. 4. 

Here are five things to know:

1. Cigna reported $44.3 billion in revenue this quarter, up about 8.6 percent year-over-year. 

2. The company achieved $1.6 billion in profits, an increase of 16.7 percent over its $1.4 billion in profits in 2020's third quarter. Profits are up 10.5 percent from 2021's second quarter. 

3. Evernorth, the insurer's pharmacy benefits manager subsidiary, reported 12.7 percent year-over-year revenue growth, representing an increase of about $3.8 million. This quarter, it reported $33.6 million in revenue.

4. Cigna's pharmacy customer base had the strongest growth, up 4.8 million members year to date to a total of 103.6 million customers at the end of the third quarter. Its medical customer base increased 368,000 customers over the past year to 17 million total. 

5. On the heels of optimistic results, Cigna boosted its 2021 outlook. The company increased its revenue outlook by $2 billion to a year-end total of $172 billion.

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