The Cigna Group has reported strong financial results for the third quarter of 2024, showcasing significant growth in both revenue and operational income.
Total revenues rose to $63.7 billion, marking a substantial 30% increase from $49.0 billion during the same period in 2023. This growth underscores Cigna’s robust performance, particularly in its Evernorth Health Services division, driven by client acquisitions and increased specialty service volumes.
Chairman and CEO David M. Cordani said: "Our strong performance this quarter is a testament to the leadership, stability, and expertise of our team. Our disciplined execution of our strategic plan and our comprehensive health services ensure we remain well-positioned in a highly dynamic environment, while sustaining business growth in both the near- and long-term."
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 income from operations 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, covering US and international health services, recorded a modest 3% increase in adjusted revenues to $13.2 billion, driven by higher premium rates. However, adjusted income from operations slightly declined by 4% due to increased medical care costs and lower net investment returns.
Cigna reaffirmed its full-year 2024 guidance, projecting adjusted income from operations of at least $28.40 per share. The company’s forecast continues to account for share repurchases and dividend distributions.
