Cigna reports 53 percent drop in 3Q profit

[October 30, 2008]  PHILADELPHIA (AP) -- Managed care company Cigna Corp. says its third-quarter profit fell 53 percent due largely to losses from equity markets and unfavorable interest rate movements.

The Philadelphia-based insurer Thursday also lowered its adjusted operating income guidance for 2008 to a range of $3.40 to $3.50 per share. The company said in the second quarter it expected $4.05 to $4.25 per share.

Cigna says net income in the third quarter was $171 million, or 62 cents per share, down from $365 million, or $1.28 per share, a year earlier.

Revenue rose 10 percent to $4.85 billion from $4.41 billion.

Thomson Reuters says analysts expected the company to earn $1.06 per share in the quarter on $4.86 billion in revenue.

[Associated Press]

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