Reply #22: Your tax dollars at work: Cigna 4Q profit up on Medicare D growth [View All]

[UpInArms]

http://news.yahoo.com/s/ap/20080206/ap_on_bi_ge/earns_cigna

PHILADELPHIA - Health insurer Cigna Corp. said Wednesday its fourth-quarter profit rose 13 percent on higher premiums and fees from specialty insurance and Medicare Part D.

Net income rose to $263 million, or 93 cents per share, from $232 million, or 76 cents per share, a year ago. Excluding items, adjusted profit totaled 98 cents per share in the latest period.

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In December, the company revised its 2007 medical membership growth outlook to 5 percent, excluding 357,000 members Cigna added through the Aug. 1 acquisition of Sagamore Health Network, due to declining enrollment as a result of the soft economy.

Earlier this week, rival Humana Inc. reported its fourth-quarter earnings rose 57 percent on lower taxes and a venture capital investment gain, and raised its 2008 earnings outlook to reflect a lower tax rate.

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