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Article: Insurer Cigna's 3Q profit grows 92 percent
- Article from:
- AP Online
- Article date:
- November 5, 2009
- Author:
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Managed care company Cigna Corp.'s third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a discontinued business that hurt the insurer last year.
Philadelphia-based Cigna said Thursday it generated $16 million in income during the quarter from variable annuity products in a segment the insurer maintains but no longer sells or markets. Those products lost $133 million in the same quarter last year.
Overall, the insurer earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compared to $171 million, or 62 cents per share, in the same quarter of 2008.
Revenue fell 8 percent to $4.5 billion.
That ...