Health Insurance Exchanges- Cigna has clear position « Health Insurance Advisory

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Health Insurance Exchanges- Cigna has clear position

Author: Pete S - Sr. Staff Writer | Aug 30 2011 | Cigna Health Insurance, Insurance Exchanges - New Healthcare Law, New Healthcare Law

Cigna Corp. is prepared for the implementation of the health insurance exchanges in 2014, President and Chief Executive Officer David Cordani said in a conference call announcing strong second-quarter results.

Many details of the medical insurance exchanges are still to be developed, including fundamental operations, which states will participate and subsidy levels, Cordani said. “But based on what we know today, our team has a clear position on which markets we would participate in and the design of the products and programs we would offer,” he said.

Cigna Corp. reported second-quarter net income of $408 million, a 39% increase from the same period in 2010, boosted by its main health insurance business. Quarterly revenue edged higher 2.9%, to $5.51 billion.

Net income from international operations, which includes supplemental health, life and accident insurance and expatriate benefits, rose 15.6% to $74 million. Cigna operates in 30 countries and maintains hubs in Belgium and Hong Kong for its growing international business.

Cordani attributed the quarterly success to a continued focus on the health insurer’s growth strategy and diversification efforts. In Cigna’s U.S. business, the health insurer saw a 3% growth in its medical customer base for clients with 251 to 5,000 employees. Its select segment, with employers with 51 to 250 workers, the growth was 10%. Disability insurance coverage rose 12%.

Areas for further expansion include senior citizen programs, individual retail and global opportunities, Cordani said. “From our point of view, nothing that we have seen causes us to diverge from our current strategic path,” he said.

Premiums and fees grew 36% quarter-over-quarter, due to strong customer retention and solid new sales of medical insurance, and life and accident policies, particularly in Korea and Taiwan, as well as the expatriate business, Chief Financial Officer Ralph Nicoletti said. Cigna is now forecasting that health care earnings for the year will come to $903 million to $960 million, $60 million to $70 million higher than earlier expectations.

In May, Cigna Health Insurance announced its first-quarter 2011 results, which included consolidated revenue growth and strong earnings growth from each of its ongoing businesses. Consolidated revenues increased 8%. Shareholders net income was $429 million, compared with $283 million for the first quarter of 2010. Adjusted income from operations for the 2011 first quarter was $375 million, compared with $281 million in 2010.

Cigna Health Insurance recently shifted its headquarters designation from Philadelphia to Bloomfield, Conn. It currently employees 3,900 people in Connecticut and is looking to upgrade its facilities there.

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Source: BestWire

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