{"id":4789,"date":"2023-05-05T19:27:53","date_gmt":"2023-05-05T23:27:53","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cignas-health-insurance-strength-drives-profit-forecast-raise\/"},"modified":"2023-05-05T19:27:53","modified_gmt":"2023-05-05T23:27:53","slug":"cignas-health-insurance-strength-drives-profit-forecast-raise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4789","title":{"rendered":"Cigna’s health insurance strength drives profit forecast raise"},"content":{"rendered":"
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\u00a9 Reuters. Signage for Cigna is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS\/Andrew Kelly<\/span>
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By Leroy Leo and Khushi Mandowara<\/p>\n

(Reuters) -Cigna Group on Friday raised its annual profit forecast after lower medical costs at the company’s health insurance business helped it beat estimates in the first quarter, lifting shares 7.5% in morning trade. <\/p>\n

The health insurer also cut the midpoint of its 2023 medical cost ratio – or spending on claims as a percentage of premiums – by 10 basis points to between 81.5% and 82.3%. <\/p>\n

Peers including UnitedHealth (NYSE:) and Humana (NYSE:) also beat profit estimates and raised forecasts this quarter thanks to strength in their government-backed plans and low medical costs.<\/p>\n

Still, that has largely failed to allay investor concerns around 2024, when regulatory pressure on insurers and drug middlemen is seen ramping up in light of the U.S. elections.<\/p>\n

Investors have also fretted over insurers recording softer medical costs even as hospitals and medical device makers saw a recovery in non-urgent procedures. <\/p>\n

“Should we not see economic weakness transpire later in the year or should we pick up some unexpected customers from the Medicaid re-determinations, we may have some upside in our Cigna (NYSE:) Healthcare customer accounts,” Cigna CFO Brian Evanko said in an investor conference call.<\/p>\n

Insurers are hoping to re-absorb members who may be deemed ineligible for Medicaid as U.S. states resume dropping beneficiaries from the health insurance for low-income people, a process that was halted during the pandemic.<\/p>\n

Revenue from Cigna’s Evernorth unit – home to its pharmacy benefit management business – rose nearly 8% to $36.18 billion.<\/p>\n

While revenue across segments was stronger than expected, the forecast increase primarily reflected strength in the insurance business, J.P. Morgan analyst Lisa Gill said in a note.<\/p>\n

Excluding one-off items, Cigna reported profit of $5.41 per share, beating estimates of $5.22, and raised its profit forecast by 10 cents to at least $24.70 per share.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Signage for Cigna is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS\/Andrew Kelly By Leroy Leo and Khushi Mandowara (Reuters) -Cigna Group on Friday raised its annual profit forecast after lower medical costs at the company’s health insurance business helped it beat estimates in the first […]<\/p>\n","protected":false},"author":1,"featured_media":2828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-4789","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCigna's health insurance strength drives profit forecast raise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Signage for Cigna is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. 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