Bloomfield insurer Cigna said Thursday its third quarter profits climbed 23 percent, driven by strong performance in its commercial business.
In the quarter ended Sept. 30, the insurer reported net income of $560 million, or $2.21 a diluted share, compared to $456 million, or $1.76 a diluted share, in the year-ago period.
Total revenues also rose 5 percent in the quarter to $10.4 billion from $9.8 billion, the company said.
On the commercial side, third quarter premiums and fees increased 6 percent, driven by enrollment growth and lower costs. That increase was partially offset by lower enrollment in Cigna’s Medicare business, the company said.
The company’s supplemental business also saw higher profits.
Cigna said its earnings outlook for full year 2017 is in the range of $10.20 to $10.40 per share, up from its previous estimate of $9.75 to $10.05.
