Cigna's 2Q profit climbs 39 percent

By the Associated Press | August 4, 2011 | 6:45 AM EDT

INDIANAPOLIS (AP) — Cigna says its second-quarter net income jumped 39 percent compared to last year's quarter, when a hit from a discontinued business affected the managed care company's performance.

The Philadelphia health insurer earned $408 million, or $1.50 per share, in the three months that ended June 30. That's up from the $294 million, or $1.06 per share, in last year's quarter, when Cigna took a charge of 37 cents per share. Revenue climbed 3 percent to $5.51 billion.

Adjusted net income totaled $1.53 per share.

Analyst forecast earnings of $1.29 per share on $5.36 billion in revenue.

Cigna also hiked its earnings forecast for 2011. It now expects adjusted earnings per share of $4.95 to $5.25 per share, up from its previous forecast of $4.65 to $5 per share.