Cigna ( (CI) ) has released its Q3 earnings. Here is a breakdown of the information Cigna presented to its investors.
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The Cigna Group is a global health company that provides comprehensive health services through its Evernorth Health Services and Cigna Healthcare segments, catering to a wide range of health needs including pharmacy benefits, specialty care, and international health coverage.
In its third quarter 2024 earnings report, Cigna reported a robust performance with total revenues reaching $63.7 billion, a 30% increase compared to the same period last year. The company also reaffirmed its 2024 adjusted earnings per share outlook, emphasizing strong execution across its strategic plans.
Key financial metrics highlighted in the report include a shareholders’ net income of $0.7 billion, or $2.63 per share, and an adjusted income from operations of $2.1 billion, or $7.51 per share. The significant revenue growth was primarily driven by Evernorth Health Services, which saw a 36% increase in adjusted revenues due to client wins and strong specialty volume growth. The segment’s Pharmacy Benefit Services also saw a 50% increase in adjusted revenues.
Despite a decrease in net investment income, Cigna’s operational efficiency improved as reflected in a lower SG&A expense ratio. The report also noted a 12% increase in total customer relationships, reaching 183.5 million by the end of September 2024.
Looking ahead, Cigna’s management remains optimistic about sustaining growth, supported by strategic initiatives and a strong market position in health services. The company is well-positioned to achieve its financial targets for the year, driven by continued client expansion and service enhancements.
