Nov 4 (Reuters) – Cigna Corp reported a close to 17% leap in third-quarter revenue on Thursday and modestly raised its full-year adjusted revenue forecast, on the again of progress in its well being providers unit that features the pharmacy advantages administration enterprise.
Cigna’s well being providers unit, rebranded to Evernorth final September, has been driving progress amid unstable medical prices at its medical health insurance enterprise as a result of COVID-19 pandemic.
Evernorth’s adjusted income for the quarter ended Sept. 30 rose 12.7% to $33.61 billion, from $29.83 billion a 12 months earlier.
Shareholders’ internet revenue for the third quarter was $1.62 billion, or $4.80 per share, in contrast with $1.39 billion, or $3.78 per share, a 12 months earlier.
Cigna reasonably raised its outlook for 2021 adjusted revenue from operations to no less than $20.35 per share, from its prior estimate of a minimal of $20.20 per share.
Cigna’s medical care ratio (MCR), the quantity spent on medical claims versus revenue from premiums, worsened to 84.4% within the third quarter, from 82.6% a 12 months earlier, in contrast with an estimate of 83.93%, based on 4 analysts polled by Refinitiv.
The corporate now expects 2021 MCR to be between 84.0% and 84.5%, up from its prior forecast of 83.0% to 84.0%. (Reporting by Manojna Maddipatla and Amruta Khandekar in Bengaluru; Enhancing by Krishna Chandra Eluri)