Cigna Corp. said Thursday its second-quarter net income jumped 39 percent compared to last year’s quarter, when a hit from a discontinued business weighed on the managed care company’s performance, The Associated Press reports.
The health insurer, which said last month it was moving its headquarters from Philadelphia to Bloomfield, also hiked its earnings forecast for 2011.
In doing so, Cigna became the fifth major health insurer to beat analyst expectations for the second quarter and raise its earnings forecast for 2011. Humana Inc., Aetna Inc. and UnitedHealth Group Inc. also have recently reported earnings growth, while WellPoint Inc. saw its net income fall 3 percent due mainly to problems with its Medicare Advantage enrollment in California.
In the second quarter, Cigna earned $408 million, or $1.50 per share. That’s up from the $294 million, or $1.06 per share, in last year’s quarter. Revenue climbed 3 percent to $5.51 billion.
Adjusted net income totaled $1.53 per share.
Analyst surveyed by FactSet expected, on average, earnings of $1.29 per share on $5.36 billion in revenue.
