Cigna Q1 Adj. Profit Tops View; Lifts FY17 Forecast - Quick Facts

(RTTNews) - Health insurer Cigna Corp. (CI) reported Friday that its first-quarter shareholders' net income was $598 million or $2.30 per share, higher than last year's $519 million, or $2.00 per share.

Cigna's adjusted income from operations for first quarter was $719 million or $2.77 per share, compared with $601 million, or $2.32 per share a year ago.

Total revenues increased 5% to $10.4 billion from $9.88 billion last year.

On average, analysts polled by Thomson Reuters expected earnings of $2.45 per share on revenues of $10.08 billion for the quarter. Analysts' estimates typically exclude special items.

The revenues were driven by continued strong business growth in Cigna's Commercial Healthcare and Global Supplemental Benefits segments, partially offset by contraction, as expected, in Seniors business.

For fiscal 2017, the company now expects adjusted income from operations to grow in the range of 15% to 20%, to $2.41 billion to $2.53 billion in 2017, or $9.25 to $9.75 per share.

Analysts expect earnings of $9.53 per share for the year.

The company previously expected adjusted income from operations in the range of $2.35 billion to $2.48 billion, or $9.00 to $9.50 per share. Adjusted income from operations was projected to grow in the range of 12% to 18% from the prior year.

For full year 2016, Cigna's adjusted income from operations was $2.1 billion, or $8.10 per share.

Total revenue growth for the year is now expected to be in the range of 3% to 4%, compared to previously expected 2% to 3% from $39.7 billion reported in 2016.