Cigna reported $1.2 billion in Q1 2022 earnings as CEO David Cordani diversified … [+]
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Cigna posted nearly $1.2 billion in quarterly profits on the back of increased commercial health plan enrollment and continued growth in the company’s Evernorth health services business.
Evernorth, which includes the pharmacy benefits management company that Cigna bought with its acquisition of Express Scripts in 2018, helped boost the company’s total first-quarter revenue by more than 7% to $44 billion. dollars, up from $40.9 billion a year ago, the company said in its earnings report on Friday. Meanwhile, Cigna’s net income was $1.18 billion, or $3.68 per share, compared to $1.16 billion, or $3.30 per share, for the first quarter of 2022.
Cigna’s diversified portfolio, which includes commercial and government health insurance lines as well as healthcare services, including the pharmacy benefits management company under the Evernorth umbrella, is helping to drive growth in the company, as was the intention when the health insurer purchased Express Scripts.
“We’ve had a strong start to the year as we advance our growth strategy and support the health and well-being of our customers and customers,” Cigna Chairman and CEO David Cordani said in a statement. press release accompanying the results report. “We are taking decisive steps forward with innovation, new partnerships and reinvestment in our business so that we can have a greater impact for the customers and communities we are privileged to serve.”
Cigna’s earnings and customer growth contributed to the company’s decision to raise its financial outlook for the remainder of 2022.
The total number of medical customers in Cigna’s health plans rose to nearly 17.8 million, an increase of 698,000 customers year-to-date, driven by an increase in the number of commercially insured customers. At the same time, Cigna said the number of drugstore customers increased 6% to 107.4 million from 101 million in the year-ago quarter, driven by strong business retention as well as to new sales, the company said.
