Bloomfield health insurer Cigna said its first quarter profits surged 53 percent on a growing customer base.
For the quarter ended March 31, Cigna posted net income of $915 million, or $3.72 a diluted share, vs. $598 million, or $2.30 a diluted share, in the same period a year ago.
The health insurer’s revenues rose by 9 percent to $11.4 billion, compared to $10.4 billion in 2017. Cigna said growing commercial healthcare and global supplemental benefits segments helped boost revenues.
The healthy earnings report comes just a few months after Cigna announced plans to purchase pharmacy-benefit manager Express Scripts for $52 billion. The company said it hopes to complete that deal by the end of the year.
Cigna also raised its 2018 outlook. It expects net income of $12.85 to $13.25 per share.
