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Insurer Cigna reports 2nd-quarter profit increase of 39 percent, raises 2011 earnings forecast
INDIANAPOLIS (AP) ' Cigna says its second-quarter net income jumped 39 percent compared to last year's quarter, when a hit from a discontinued business affected the managed care company's performance.
The Philadelphia health insurer earned $408 million, or $1.50 per share, in the three months that ended June 30. That's up from the $294 million, or $1.06 per share, in last year's quarter, when Cigna took a charge of 37 cents per share. Revenue climbed 3 percent to $5.51 billion.
Adjusted net income totaled $1.53 per share.
Analyst forecast earnings of $1.29 per share on $5.36 billion in revenue.
Cigna also hiked its earnings forecast for 2011. It now expects adjusted earnings per share of $4.95 to $5.25 per share, up from its previous forecast of $4.65 to $5 per share.