It reiterated its outlook for adjusted EPS in 2024.
The Cigna Group reported solid financial results for the third quarter of 2024, with considerable increases in both revenue and operational profits.
Total revenues increased to $63.7 billion, up 30% from $49.0 billion in 2023. This expansion demonstrates Cigna’s strong performance, notably in its Evernorth Health Services subsidiary, which is fuelled by client acquisitions and higher speciality service volumes.
Chairman and CEO David M. Cordani stated: “Our great success this quarter reflects our team’s leadership, stability, and experience. Our meticulous execution of our strategy plan, as well as our complete health services, ensuring that we stay well-positioned in a rapidly changing environment while sustaining short- and long-term business growth.”
In the third quarter of 2024, shareholders’ net income was $0.7 billion, or $2.63 per share, which includes a non-cash after-tax investment loss of $1.0 billion, or $3.69 per share, related to VillageMD. This compares with $1.4 billion, or $4.74 per share, for the third quarter of 2023
Cigna’s adjusted operating income for Q3 2024 was $2.1 billion, or $7.51 per share, up from $2.0 billion, or $6.77 per share, in Q3 2023.
Cigna Healthcare, which provides health services in the United States and around the world, reported a modest 3% gain in adjusted revenues to $13.2 billion, driven by increased premium rates. However, adjusted income from operations fell by 4% due to higher medical care costs and decreased net investment returns.
Cigna reiterated its full-year 2024 outlook, estimating adjusted earnings from operations of at least $28.40 per share. The company’s projection continues to include share repurchases and dividend distributions.
What are your thoughts on this Cigna Group finiancial results? Please feel free to share your comments below.
