Cigna Group has reported a strong profit of $739 million for the third quarter, despite facing a significant investment loss related to its stake in VillageMD.
The company's revenue for the quarter reached $63.7 billion, a substantial increase from the same period last year. This performance exceeded analysts' expectations and demonstrated the resilience of Cigna's business model.
The company's financial health has improved compared to the previous year, with a profit of $2 billion over the first nine months of 2023. Cigna attributes this success to its strategic plan and comprehensive health services.
While Cigna's medical membership declined, its pharmacy benefit management segment experienced significant growth. Earnings from Cigna's health services segment also increased, driven by revenue growth in the pharmacy benefit management and specialty and care services units.
Cigna's medical loss ratio for the third quarter increased slightly, reflecting industry-wide trends. The company anticipates a stable outlook for its insurance operations and has set an earnings per share target for the year. Cigna remains optimistic about sustaining business growth in the healthcare landscape.