Bloomfield-based Cigna Corp.’s third-quarter profits fell by 16.6 percent, related in part to millions of dollars the insurer spent on its pending merger with Anthem, the company reported Thursday.
The insurer, which is fighting a U.S. government effort to block its Anthem deal, reported net income of $456 million, or $1.76 per share, in the third quarter, compared with $547 million, or $2.10 a share, a year ago. That quarterly profit included after-tax charges of $71 million, which are connected with the proposed combination with Anthem, the company said.
Total revenues in the quarter were $9.9 billion, an increase of 5 percent over third quarter 2015, and driven by continued growth in Cigna’s targeted customer segments, the company said.
“Cigna’s third quarter financial results are driven by our focus on affordable solutions and quality health outcomes for our customers and clients,” said David M. Cordani, president and chief executive officer. “As we look to 2017, our commitment to delivering sustained value through innovative programs provides us with attractive growth opportunities in each of our businesses.”
Cigna stated its outlook for the full year 2016 consolidated adjusted income from operations is in the range of $2.03 billion to $2.10 billion, or $7.80 to $8.05 per share. That excludes any impact from the proposed combination with Anthem, the company said.
