Cigna 1Q profit more than triples

[April 30, 2009]  PHILADELPHIA (AP) -- Health insurer Cigna Corp. says its profit more than tripled in the first quarter, taking a smaller hit from a discontinued business than a year ago.

Cigna says it earned $208 million, or 76 cents per share. But profit from continuing operations declined to 69 cents per share. Revenue rose 4 percent, to $4.77 billion from $4.57 billion.

Profit from continuing operations excludes losses from reinsurance units, which no longer book new business.

Thomson Reuters says analysts forecast 89 cents per share and $4.83 billion in revenue. Cigna says some analysts do not adjust for the discontinued businesses.

The company now expects a smaller profit from operations for the year.

Cigna earned $58 million, or 20 cents per share, in the first quarter of 2008.

[Associated Press]

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